Ondas Holdings Inc (ONDS) 2021 Q4 法說會逐字稿

Welcome to the Ondas Holdings, Inc. Fourth Quarter and Full Year 2021 Conference Call. (Operator Instructions)

歡迎參加 Ondas Holdings, Inc. 2021 年第四季和全年電話會議。 （操作員說明）

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 -- 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. Ondas undertakes no obligation to revise or update any forward-looking statements to reflect future events or circumstances, except as required by law. Please also note this event is being recorded.

在我們開始之前，本公司想提醒您，本次電話會議可能包含前瞻性陳述。雖然這些前瞻性陳述反映了昂達斯目前的最佳判斷，但它們受到風險和不確定性的影響，可能導致實際結果與這些前瞻性陳述所暗示的結果有重大差異。 Ondas 定期向 SEC 提交的文件和今天發布的收益新聞稿中討論了這些風險因素，這些文件均可在公司網站上查看。 Ondas 不承擔修改或更新任何前瞻性聲明以反映未來事件或情況的義務，除非法律要求。另請注意此事件正在被記錄。

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

現在我想將會議交給董事長兼執行長 Eric Brock。請繼續，先生。

Well, good morning, and it's a pleasure to welcome you to our conference call. I'm pleased to be joined today by our President and CFO, Derek Reisfield; Stewart Kantor, the President of Ondas Networks; and American Robotics CEO, Reese Mozer. Today, we plan to review last year's financial performance and strategic accomplishments and discuss our outlook for 2022.

早安，很高興歡迎您參加我們的電話會議。我很高興今天能與我們的總裁兼財務長德里克賴斯菲爾德 (Derek Reisfield) 一起參加會議。 Stewart Kantor，Ondas Networks 總裁；以及美國機器人公司執行長 Reese Mozer。今天，我們計劃回顧去年的財務表現和策略成就，並討論我們對 2022 年的展望。

Similar to our last call, I want to set the stage by starting with an overview of Ondas Holdings in order to provide some important context on our market opportunity and business strategy before we outline our plan to deliver on the growth opportunities ahead. Ondas Holdings has 2 complementary lines of business, Ondas Networks and American Robotics. Both companies provide platform technologies for high-value industrial markets. These are full end-to-end integrated mission-critical IoT data solutions.

與我們上次的電話會議類似，我想先從 Ondas Holdings 的概述開始，為我們的市場機會和業務策略提供一些重要背景，然後再概述我們實現未來成長機會的計劃。 Ondas Holdings 擁有 2 條互補的業務線：Ondas Networks 和 American Robotics。兩家公司都為高價值工業市場提供平台技術。這些是完整的端到端整合任務關鍵型物聯網資料解決方案。

Networks provides mission-critical private wireless networks, offering unmatched data capacity and operating flexibility for industrial and government markets. American Robotics offers the Scout System, the first and only fully autonomous grown platform approved by the FAA to fly beyond visual line of site without human operation on site. We do this in industrial, agriculture and government settings. Ondas Networks processes and transfers mission-critical industrial data via its software-based FullMAX connectivity platform and American Robotics, via the Scout System, provides automated data collection and edge processing.

Networks 提供任務關鍵型專用無線網絡，為工業和政府市場提供無與倫比的資料容量和操作靈活性。 American Robotics 提供 Scout 系統，這是第一個也是唯一一個經美國聯邦航空局 (FAA) 批准的完全自主開發的平台，可以飛出現場視線，無需人工現場操作。我們在工業、農業和政府環境中都這樣做。 Ondas Networks 透過其基於軟體的 FullMAX 連接平台處理和傳輸關鍵任務工業數據，而 American Robotics 透過 Scout System 提供自動化數據收集和邊緣處理。

We believe both companies have attractive, high-margin, capital-light and high return on investment business models. We offer these platform technologies under the Ondas Holdings umbrella, providing us with a unique opportunity to build the ecosystem around our technology platforms. We believe this allows Ondas Networks and American Robotics to invest in and develop even more valuable fuller stack solutions for our customers via partnerships like we have with Siemens, or be it investment as we have done with artificial intelligence and machine learning specialists, Dynam.AI or the strategic acquisitions like the definitive agreement we announced yesterday to acquire Ardenna, a leading rail track inspection analytics provider.

我們相信兩家公司都擁有有吸引力的、高利潤率、輕資本和高投資回報率的商業模式。我們在 Ondas Holdings 旗下提供這些平台技術，為我們提供了圍繞我們的技術平台建立生態系統的獨特機會。我們相信，這使得Ondas Networks 和American Robotics 能夠透過我們與西門子的合作夥伴關係，或者像我們與人工智慧和機器學習專家Dynam.AI 進行的投資，為我們的客戶投資和開發更有價值的全棧解決方案。或者是策略性收購，例如我們昨天宣布的收購領先鐵軌檢查分析提供商 Ardenna 的最終協議。

We believe our technology platform and business platform strategy is poised to deliver incredible value to our customers. We have argued, I think successfully, that we are at the foothills of an industrial technology investment cycle driven by next duration data solutions. We call this mission-critical IoT. Data collection, wireless broadband communications and data analytics are at the core of these MC-IoT solutions and customers need companies like Ondas Holdings to bring these complex technologies together into complete integrated end-to-end data solutions.

我們相信我們的技術平台和業務平台策略將為我們的客戶帶來難以置信的價值。我們認為，我們正處於由下一個持續時間數據解決方案驅動的工業技術投資週期的山腳下，我認為這是成功的。我們稱之為任務關鍵型物聯網。資料收集、無線寬頻通訊和資料分析是這些 MC-IoT 解決方案的核心，客戶需要像 Ondas Holdings 這樣的公司將這些複雜的技術整合到完整的整合端到端資料解決方案中。

We believe there are outsized rewards available for companies and their investors who are able to define the full stack solutions for these high ROI next-generation data services. We also believe that Ondas has a business strategy and the talent and experience to bring this value to customers for the benefit of our shareholders.

我們相信，能夠為這些高投資報酬率的下一代數據服務定義全端解決方案的公司及其投資者將獲得豐厚的回報。我們也相信 Ondas 擁有商業策略以及人才和經驗，能為客戶帶來這種價值，進而造福我們的股東。

I want to share a few words on yesterday's announcement of our definitive agreement to acquire the Ardenna assets from Industrial Technology Developer Birhle Applied Research. The Ardenna deal is a perfect example of how Ondas and AR can bring substantial value to customers and unlock bottlenecks, holding back growth in industrial MC-IoT data markets. We believe Ardenna is widely regarded as one of the most sophisticated providers of drone driven rail inspection analytics across the global rail industry. They are pioneers in the business and began developing these systems back in 2014 when they partnered with BNSF Railway as part of the FAA sponsored Pathfinder UAS program.

我想就昨天宣布的從工業技術開發商 Birhle Applied Research 收購 Ardenna 資產的最終協議說幾句話。 Ardenna 交易是 Ondas 和 AR 如何為客戶帶來巨大價值並解決阻礙工業 MC-IoT 數據市場成長的瓶頸的完美例子。我們相信 Ardenna 被廣泛認為是全球鐵路行業最先進的無人機驅動鐵路檢查分析提供者之一。他們是該行業的先驅，早在 2014 年就開始開發這些系統，當時他們與 BNSF Railway 合作，作為 FAA 贊助的探路者無人機計劃的一部分。

While Ardenna's analytics software and services are extremely valuable, market growth has been held back by a data collection bottleneck. If you're in the business of offering data analytics services, you need data to analyze. And as we know, collecting the data has been the conundrum for industrial markets. Of course, we believe the data collection problem is one that American Robotics and our Scout System can solve. Similar to other industrial sectors, the railroads need to scale their data collection abilities. They need automation and BVLOS drone operating capability to reduce the cost and complexity of data collection related to human pilots and FAA regulation.

雖然 Ardenna 的分析軟體和服務非常有價值，但資料收集瓶頸阻礙了市場成長。如果您從事提供資料分析服務的業務，則需要資料進行分析。眾所周知，收集數據一直是工業市場的難題。當然，我們相信美國機器人公司和我們的偵察系統可以解決資料收集問題。與其他工業部門類似，鐵路需要擴大其資料收集能力。他們需要自動化和超視距無人機操作能力，以降低與人類飛行員和 FAA 監管相關的資料收集的成本和複雜性。

This transaction solves the problem for rail customers by combining the leading automated industrial data collection platform in our Scout System with Ardenna's world-class analytics capabilities. This is a powerful solution for our rail customers and accelerates Ondas' ability to penetrate the rail sector, providing end-to-end data services.

這項交易將我們的 Scout 系統中領先的自動化工業數據收集平台與 Ardenna 的世界一流的分析能力相結合，為鐵路客戶解決了問題。對於我們的鐵路客戶來說，這是一個強大的解決方案，並加速了 Ondas 滲透鐵路行業、提供端到端數據服務的能力。

We expect the deal to close in the second quarter. I want to highlight that the bulk of consideration for Ardenna will be Ondas shares of common stock, suggesting that Birhle, Ardennas' owners, find this transaction to be value creating. We believe this deal is a home run for our rail customers and Ondas shareholders.

我們預計該交易將在第二季完成。我想強調的是，Ardenna 的主要考慮因素將是 Ondas 普通股，這表明 Ardenna 的所有者 Birhle 認為這筆交易能夠創造價值。我們相信這筆交易對我們的鐵路客戶和 Ondas 股東來說是一次全壘打。

With that introduction, let's shift towards outlining the agenda for today's call. First, I will highlight the progress we are making on key business priorities at Networks and American Robotics, then I will ask Derek to share our Q4 and full year 2021 financial results, then Stewart and I will provide an update on Ondas Networks' business development progress and growth plan, of course, focusing on our progress with the railroads in Siemens. Reese will then provide a similar update for American Robotics as we execute the go-to-market strategy for the Scout System. And I will then summarize the outlook before we open the floor for Q&A.

介紹完畢後，讓我們開始概述今天電話會議的議程。首先，我將重點介紹Networks 和American Robotics 在關鍵業務優先事項上的進展，然後我將請Derek 分享我們第四季度和2021 年全年的財務業績，然後Stewart 和我將提供Ondas Networks 業務發展的最新情況當然，我們的進步和成長計畫重點關注我們在西門子鐵路方面的進展。然後，當我們執行 Scout 系統的上市策略時，Reese 將為 American Robotics 提供類似的更新。然後，在我們開始問答之前，我將總結展望。

Let's now bring you up to speed on how we are executing on our key priorities. As you will learn on this call, we are on a roll, executing the growth plans with both Ondas Networks and American Robotics. In 2021, we saw our substantial investments in technology platforms and business development pay off at both networks and AR. At networks, after working with the Class I rails for several years, we received our initial launch order for the 900 megahertz platform in December. This marked the transition for Ondas from investment in technology and business development to platform delivery as FullMAX, our patented 802.16 wireless technology, begins to be adopted across the Class 1 rail networks.

現在讓我們向您介紹我們如何執行關鍵優先事項。正如您將在本次電話會議中了解到的那樣，我們正在與 Ondas Networks 和 American Robotics 一起執行成長計劃。 2021年，我們在技術平台和業務發展方面的大量投資在網路和AR領域得到了回報。在網路方面，在與 I 類導軌合作多年後，我們於 12 月收到了 900 兆赫茲平台的初始啟動訂單。隨著我們的專利 802.16 無線技術 FullMAX 開始在 1 級鐵路網路中採用，這標誌著 Ondas 從技術和業務開發投資轉向平台交付。

In addition to that initial order, we're announcing today that we received a second commercial launch order in January from a second Class I rail. We also highlight that a third Class 1 railroad has begun work in the field in preparation for a significant launch order, which we expect to receive in the second quarter. The early ordering activity from Siemens on behalf of the Class I rail signals the platform adoption of our FullMAX technology, the establishment of a federated MC-IoT Rail Lab is further -- so further evidence that our FullMAX technology is positioned at the core of railroad mission-critical network.

除了最初的訂單之外，我們今天還宣布，我們在一月份收到了第二條 I 級鐵路的第二份商業發射訂單。我們也強調，第三條一級鐵路已開始現場工作，為重大啟動訂單做準備，我們預計將在第二季收到該訂單。西門子代表 I 類鐵路的早期訂購活動標誌著我們的 FullMAX 技術的平台採用，聯合 MC-IoT 鐵路實驗室的建立進一步證明了我們的 FullMAX 技術定位於鐵路的核心關鍵任務網絡。

As Stewart will share later, the Rail Lab is a critical development, which we believe is cementing Ondas' dot16 as the railroad connectivity platform of the future across multiple mission-critical networks. In parallel with the increase in order activity and deeper engagement in our platform by the Class 1s, our relationship with Siemens continues to flourish and expand. We successfully completed the initial joint development of the next-generation advanced train control system or ATCS platform for Siemens in the fall of 2021. Recall that program called for the development of a base station, we refer to that as the BCP, in an edge remote at the system at the wayside referred to as the WCP. Siemens next-generation ATCS comes embedded with Ondas FullMAX software and edge computing capabilities inside.

正如史都華稍後將分享的那樣，鐵路實驗室是一項重要的發展，我們相信它正在鞏固 Ondas 的 dot16 作為跨多個關鍵任務網絡的未來鐵路連接平台的地位。隨著訂單活動的增加以及 1 級客戶對我​​們平台的深入參與，我們與西門子的關係不斷蓬勃發展和擴大。我們於 2021 年秋季成功完成了西門子下一代先進列車控制系統或 ATCS 平台的初步聯合開發。回想一下，該計劃要求開發基地台，我們將其稱為 BCP，在邊緣路邊的遠端系統（稱為WCP ）。西門子下一代 ATCS 內建 Ondas FullMAX 軟體和邊緣運算功能。

As Siemens has introduced ATCS in the market, it's now receiving orders, which Ondas is delivering again. In addition to selling next-generation ATCS systems, Siemens also formally launched marketing programs for Ondas FullMAX catalog products under the brand name Airlink. We also expanded with Siemens via the launch of additional product development programs, including the next-generation Head-of-Train or HOT program in the 450 megahertz network for the Class I. Again, an additional network, the 450 megahertz is an additional -- in addition to the 900 megahertz network.

隨著西門子在市場上推出ATCS，目前已經收到了Ondas 再次交付的訂單。除了銷售下一代ATCS系統外，西門子還正式啟動了Airlink品牌下的Ondas FullMAX目錄產品的行銷計畫。我們還與西門子合作，推出了額外的產品開發計劃，包括 I 類 450 兆赫網絡中的下一代車頭或 HOT 計劃。同樣，一個額外的網絡，450 兆赫是一個額外的 - - 除了900 兆赫網絡之外。

That on locomotive HOT program was expanded to include development for a version of HOT tailored towards the requirements of a large Siemens customer in Asia. We will provide more details on the Siemens product development road map on this call.

機車 HOT 專案得到了擴展，包括針對亞​​洲西門子大型客戶的需求開發 HOT 版本。我們將在本次電話會議上提供有關西門子產品開發路線圖的更多詳細資訊。

On the marketing side, Siemens has identified additional customer opportunities beyond our initial focus on the Class I rails in North America. This increases our addressable market. Those opportunities include transit markets in the U.S., where investment is expected to grow substantially with rail transportation infrastructure being a significant beneficiary of the recently announced Federal Infrastructure Investment and Jobs Act legislated by Congress. The takeaway here is that Ondas is executing for Siemens and Siemens is executing for Ondas exactly the way we envisioned when we entered the partnership in May 2020.

在行銷方面，除了我們最初關注的北美 I 級鐵路之外，西門子還發現了更多的客戶機會。這增加了我們的潛在市場。這些機會包括美國的交通市場，隨著鐵路交通基礎設施成為國會最近宣布的聯邦基礎設施投資和就業法案的重要受益者，該市場的投資預計將大幅增長。這裡的要點是，Ondas 正在為西門子執行任務，而西門子正在為 Ondas 執行任務，這正是我們 2020 年 5 月建立合作夥伴關係時所設想的方式。

Lastly, our work with AURA was successfully advanced last year as we completed the development work connected to the command and control or C2 aviation network targeted towards the navigation of uncrewed aircraft systems, or UAS.

最後，我們與 AURA 的合作去年成功推進，完成了與指揮和控製或 C2 航空網絡相關的開發工作，目標是無人駕駛飛機系統（UAS）的導航。

From here, AURA is working with regulatory authorities and aviation customers to determine the next steps for development as they work towards designing an FAA-approved C2 wireless network. In the meantime, we will continue to support AURA and their customers as needed with service and equipment related to the demonstration network that was deployed using Ondas FullMAX technology and for which we secured FCC certification for our Mercury edge remotes.

在此基礎上，AURA 正在與監管機構和航空客戶合作，確定下一步的開發步驟，並努力設計經 FAA 批准的 C2 無線網路。同時，我們將繼續根據需要為 AURA 及其客戶提供與演示網路相關的服務和設備支持，該網路是使用 Ondas FullMAX 技術部署的，為此我們的 Mercury 邊緣遙控器獲得了 FCC 認證。

Let's transition to American Robotics. It's been quite a year for AR. 2021 kicked off with the receipt of a best-in-class FAA approval for operating the Scout System BVLOS with no on-ground human intervention. Our acquisition of AR closed in August, and we have been entirely focused on building the infrastructure and team to service large blue-chip customers who we call franchise customers. Reese will be sharing details on the progress to date. What I want to highlight is the level of talent we are attracting to help scale the business at AR. American Robotics recruiting efforts have been very successful, which is further evidence that our team, the market opportunity and, of course, our market-leading Scout platform is special.

讓我們轉向美國機器人公司。對 AR 來說，這是不平凡的一年。 2021 年伊始，我們就獲得了美國聯邦航空局 (FAA) 的一流批准，可以在無需地面人工幹預的情況下操作偵察系統 BVLOS。我們對 AR 的收購已於 8 月完成，我們一直專注於建立基礎設施和團隊，為大型藍籌客戶（我們稱之為特許經營客戶）提供服務。里斯將分享迄今為止的進展細節。我想強調的是我們為幫助擴大 AR 業務而吸引的人才水平。 American Robotics 的招募工作非常成功，這進一步證明了我們的團隊、市場機會，當然還有我們市場領先的 Scout 平台的特殊性。

In addition to scaling the team, we have substantially increased production capability and begun to accelerate Scout deliveries. Customer activity is expanded beginning with installations for Stockpile Reports, ConocoPhillips and now Chevron, which had its initial installation a few weeks ago.

除了擴大團隊規模外，我們還大幅提高了生產能力，並開始加快 Scout 的交付速度。客戶活動從 Stockpile Reports、ConocoPhillips 的安裝開始擴大，現在雪佛龍 (Chevron) 在幾週前進行了首次安裝。

Demand for Scout Systems remains high, and we have the enviable position of being able to work with select customers to design drone-driven, automated data solutions that are scalable as fleets of drones. We could sell Scout Systems in many, many locations today at a faster pace. We believe the demand is there. However, the better strategy is to work hand-in-hand with franchise customers to design these scalable data solutions, which will allow for fleet deployments at Scouts in the hundreds or even thousands of installations.

對 Scout Systems 的需求仍然很高，我們擁有令人羨慕的地位，能夠與精選客戶合作設計無人機驅動的自動化數據解決方案，這些解決方案可作為無人機機隊擴展。今天，我們可以在許多地方以更快的速度銷售 Scout Systems。我們相信需求是存在的。然而，更好的策略是與特許經營客戶攜手合作，設計這些可擴展的數據解決方案，這將允許 Scouts 進行數百甚至數千個安裝的車隊部署。

On the customer side, we are focusing on high-value markets, including oil and gas, mining and now rail, which, of course, is Ondas' own turf. These markets are all large in size and offer multiple use cases for the Scout System. These markets also received tremendous value from the drone driven automated data solutions we provide. You have seen us make bold moves to partner and invest to extend our moat and accelerate business development in our key markets, again, oil and gas, mining and rail. The relationships with Stockpile Reports, Dynam.AI and now Ardenna are great examples of us advancing our strategy in driving more comprehensive customer solutions. In short, we have accomplished a lot in 2021 and early this year, and we've successfully set up Ondas for growth in 2022 and beyond.

在客戶方面，我們專注於高價值市場，包括石油和天然氣、採礦以及現在的鐵路，這當然是Ondas自己的地盤。這些市場規模都很大，並為 Scout 系統提供了多種用例。這些市場也從我們提供的無人機驅動的自動化數據解決方案中獲得了巨大的價值。您已經看到我們採取了大膽的合作和投資舉措，以擴大我們的護城河並加速我們在石油和天然氣、採礦和鐵路等關鍵市場的業務發展。與 Stockpile Reports、Dynam.AI 以及現在的 Ardenna 的關係是我們推進策略以推動更全面的客戶解決方案的一個很好的例子。簡而言之，我們在 2021 年和今年年初取得了許多成就，並成功建立了 Ondas，以實現 2022 年及以後的成長。

I will now hand the call to Derek. He will share information regarding our financial performance with you.

我現在將電話轉給德里克。他將與您分享有關我們財務業績的資訊。

Great. Thank you, Eric. As I share our financial results today for the fourth quarter and for the full year 2021, please note that we include our financial statements in the press release and Form 10-K filings this morning. The numbers we are reporting include financial results for American Robotics beginning in August 6, 2021.

偉大的。謝謝你，埃里克。當我今天分享我們第四季度和 2021 年全年的財務業績時，請注意，我們在今天早上的新聞稿和 10-K 表格文件中包含了我們的財務報表。我們報告的數據包括自 2021 年 8 月 6 日開始的 American Robotics 財務表現。

Moving to our fourth quarter results. Revenue increased by 194% to approximately $0.6 million for the 3 months ended December 31, as compared to approximately $200,000 for the 3 months ended December 31, 2020. The increase in revenue was primarily a result of higher development revenue in the 3 months ended December 31, 2021, as compared to the 3 months ended December 31, 2020, as we achieved milestones in our development contract with Siemens.

轉向我們的第四季業績。截至12 月31 日止3 個月的營收成長194%，達到約60 萬美元，而截至2020 年12 月31 日止3 個月的營收約為20 萬美元。營收增加主要是由於截至12 月3日止3 個月的開發收入增加與截至 2020 年 12 月 31 日的三個月相比，我們在 2021 年 12 月 31 日實現了與西門子的開發合約的里程碑。

Gross profit increased by 264% to approximately $166,000 for the 3 months ended December 31, 2021, as compared to approximately $46,000 for the 3 months ended December 31, 2020, as a result of higher revenue. Gross profit on a percentage basis was approximately 29% for the 3 months ended December 31, 2021, compared to 23% for the 3 months ended December 31, 2020.

截至2021年12月31日止三個月的毛利成長264%至約166,000美元，而截至2020年12月31日止三個月的毛利約為46,000美元，原因是收入增加。截至2021年12月31日止三個月的毛利以百分比計算約為29%，而截至2020年12月31日止三個月則為23%。

Operating expenses increased by $3.5 million for the 3 months ended December 31, 2021, as compared to the 3 months ended December 31, 2020. The increase in operating expenses was primarily due to the expenses associated with the American Robotics acquisition. The company realized an operating loss of approximately $7 million for the 3 months ended December 31, 2021, as compared to $3.7 million for the 3 months ended December 31, 2020.

與截至2020年12月31日止3個月相比，截至2021年12月31日止3個月的營運費用增加了350萬美元。營運費用的增加主要是由於與收購American Robotics相關的費用。截至2021年12月31日止的三個月，該公司實現了約700萬美元的營運虧損，而截至2020年12月31日止的三個月則為370萬美元。

Operating loss increased primarily as a result of the increased operating expenses of approximately $3.5 million, primarily associated with the American Robotics acquisition. Please note that the operating expenses and our operating loss included noncash expenses related to the amortization of intangibles and stock-based compensation equal to $2.1 million for the 3 months ended December 31, 2021, as compared to $1.7 million for the 3 months ended December 31, 2020.

營運虧損增加主要是因為營運費用增加約 350 萬美元，主要與收購 American Robotics 有關。請注意，截至2021年12月31日的三個月，營運費用和營運虧損包括與無形資產攤銷和股票補償相關的非現金費用，相當於210萬美元，而截至12月31日的三個月為170萬美元，2020。

Net loss was relatively flat at $4.1 million for the 3 months ended December 31, 2021, as compared to the 3 months ended December 31, 2020. The net loss was favorably impacted by the release of $2.9 million of valuation allowance against the company's deferred tax assets.

與截至2020年12月31日止3個月相比，截至2021年12月31日止3個月的淨虧損相對持平，為410萬美元。淨虧損受到公司遞延稅項290萬美元估值備抵的有利影響資產。

Moving on to the next slide, I'll now transition to Ondas' full year financial results for 2021. Revenues increased by over 34% to approximately $2.9 million for the year ended December 31, 2021, compared to approximately $2.2 million for the year ended December 31, 2020. The increase in revenue was primarily due to larger amounts of development revenue from Siemens and AURA Networks during 2021, offset by lower amounts of product revenue.

轉到下一張投影片，我現在將過渡到Ondas 2021 年全年財務業績。截至2021 年12 月31 日止年度的收入增長超過34%，達到約290 萬美元，而截至2021 年12 月31日止年度的收入約為220 萬美元2020 年 12 月 31 日。收入增加主要是由於 2021 年西門子和 AURA Networks 的開發收入增加，但被產品收入減少所抵消。

Gross profit increased by approximately 18% to $1.1 million as a result of higher revenue for the full year 2021 as compared to $927,000 for 2020. Gross profit on a percentage basis was approximately 38% for 2021 as compared to 43% for 2020. The lower gross margin was the result of a lower share of revenue coming from higher-margin product sales. Operating expenses increased approximately 53% to $19.1 million during 2021 as compared to $12.5 million during 2020. The increase in operating expenses was primarily due to an increase of approximately $1.6 million in professional fees related to the American Robotics acquisition, an increase of approximately $1.3 million in depreciation and amortization expense, due largely to the amortization of American Robotics intangible assets and an increase in research and development expenses during 2021. The company realized an operating loss of approximately $18 million for the full year 2021 as compared to an operating loss of approximately $11.5 million for 2020.

由於 2021 年全年營收高於 2020 年的 927,000 美元，毛利成長約 18%，達到 110 萬美元。以百分比計算，2021 年毛利約為 38%，而 2020 年為 43%。毛利率是由於高利潤產品銷售所佔收入比例較低所致。 2021 年營運費用增加約 53%，達到 1,910 萬美元，而 2020 年為 1,250 萬美元。營運費用增加主要是由於與 American Robotics 收購相關的專業費用增加了約 160 萬美元，增加了約 130 萬美元折舊和攤銷費用增加，主要是由於2021 年American Robotics 無形資產攤銷以及研發費用增加。該公司2021 年全年實現營運虧損約1,800 萬美元，而同期營運虧損約為2020 年為 1,150 萬美元。

Operating loss increased primarily as a result of an increase of approximately $1.9 million in professional fees due largely to the American Robotics acquisition, increase of approximately $1.5 million in depreciation and amortization expense, due to the amortization of the American Robotics intangible assets largely, and an increase in research development expenses for 2021.

營業虧損增加的主要原因是：專業費用增加約 190 萬美元，主要是由於收購 American Robotics；折舊和攤銷費用增加約 150 萬美元，主要是由於 American Robotics 無形資產的攤銷；以及2021年研發費用增加。

Note, noncash expenses amounted to approximately $4.8 million. This is comprised of the aforementioned depreciation and amortization charges of approximately $1.5 million as well as approximately $3.3 million in stock-based compensation.

請注意，非現金支出約為 480 萬美元。其中包括上述約 150 萬美元的折舊和攤提費用以及約 330 萬美元的股票薪資。

Net loss was approximately $15 million for the full year 2021 as compared to a net loss result of $13.5 million for 2020. And lastly, the company exited 2021 with a strong balance sheet. We held cash and cash equivalents of approximately $40.8 million as of December 31, 2021, as compared to approximately $26.1 million as of December 31, 2020.

2021 年全年的淨虧損約為 1,500 萬美元，而 2020 年的淨虧損為 1,350 萬美元。最後，該公司在 2021 年結束時擁有強勁的資產負債表。截至2021年12月31日，我們持有現金及現金等價物約4,080萬美元，而截至2020年12月31日約為2,610萬美元。

Now I'll turn the call back over to Eric.

現在我將把電話轉回給埃里克。

Well, thank you, Derek. Now Stewart, Reese and I will share a more detailed look into the 2022 outlook, starting first with Ondas Networks and then American Robotics.

嗯，謝謝你，德瑞克。現在，史都華、里斯和我將分享對 2022 年前景的更詳細展望，首先從 Ondas Networks 開始，然後是 American Robotics。

As we have highlighted, Ondas networks entered 2022 with momentum we believe is well positioned to deliver growth in bookings and revenue. We expect growth to be driven by the Class 1 rails, where we now see platform adoption of our FullMAX wireless technology beginning in the greenfield 900 megahertz network. The initial launch order for ATCS we announced in December 2021 was followed by another order in January from a second rail, a purchase we announced for the first time today.

正如我們所強調的，Ondas 網路進入 2022 年的勢頭強勁，我們相信其處於有利地位，可以實現預訂和收入的成長。我們預計成長將由 1 類鐵路驅動，我們現在看到我們的 FullMAX 無線技術的平台已開始在新建的 900 兆赫網路中採用。我們在 2021 年 12 月宣布了 ATCS 的初始啟動訂單，隨後 1 月又收到了第二條鐵路的另一份訂單，這是我們今天首次宣布的採購。

We expect orders to ramp with more rail customers and in larger sizes as we move through 2022, and Stewart will provide more details regarding the rail ordering process as we move through the presentation. In addition to the beginning of the 900 megahertz rollout, we secured the Federated MC-IoT lab, which we believe is yet another validator of the strong engagement from the AAR and its Class I rail members. Our success with moving the Class I rails into growth mode has been supported by a strong and broadening partnership with Siemens. We have completed the next-generation ATCS development program and Siemens is providing orders for this product.

我們預計，隨著 2022 年的到來，更多鐵路客戶和更大尺寸的訂單將會增加，史都華將在我們進行演示時提供有關鐵路訂購流程的更多詳細資訊。除了開始推出 900 兆赫茲之外，我們還獲得了聯合 MC-IoT 實驗室，我們相信該實驗室是 AAR 及其 I 類鐵路成員強有力參與的另一個驗證者。我們將 I 級鐵路轉入成長模式的成功得益於與西門子強大且不斷擴大的合作夥伴關係。我們已經完成了下一代 ATCS 開發計劃，西門子正在為該產品提供訂單。

In addition, Siemens has engaged Ondas for additional development programs for new products, and we expect to see still more activity beyond what has already been announced. On the marketing side, Siemens has expanded to new markets. We are being introduced to new business opportunities with transit rails in both North America and in international markets, which we believe will lead to additional product development programs. And as we previously mentioned, we have completed the demonstration network for AURA and will continue to support the network and AURA's customers as clarity emerges on the next development phase of an FAA certifiable system.

此外，西門子還聘請 Ondas 開展新產品的額外開發計劃，我們預計除了已經宣布的活動之外，還會有更多活動。在行銷方面，西門子已擴展到新市場。我們正在北美和國際市場上獲得與交通鐵路相關的新商機，我們相信這將帶來更多的產品開發計劃。正如我們之前提到的，我們已經完成了 AURA 的演示網絡，並且隨著 FAA 可認證系統的下一個開發階段的明確，我們將繼續支援該網絡和 AURA 的客戶。

As we update the outlook for rail, I want to reframe and quantify the opportunity that we see with Class I freight operators in North America. The Class I rails performed train operations over 4 critical networks. We have them on the top left of the screen. ATCS or Advanced Train Control Systems run on the legacy 900 megahertz network. The 450 megahertz band is where we call on locomotive telemetry. That's the HOT and EOT applications, Head-of-Train and End-of-Train.

當我們更新鐵路前景時，我想重新定義和量化我們在北美一級貨運營運商中看到的機會。 I 類鐵路透過 4 個關鍵網路執行列車運行。我們將它們放在螢幕的左上角。 ATCS 或高級列車控制系統在傳統 900 兆赫網路上運作。 450 兆赫頻段是我們呼叫機車遙測的頻段。這就是 HOT 和 EOT 應用程式、車頭和車尾。

The critical voice, our land mobile radio push-to-talk system, runs on 160 and the Positive Train Control, or PTC system runs on 220 megahertz. All of these are legacy narrowband communications platforms. Our work, the rails leads us to believe that our FullMAX 802.16 platform can be deployed across all of these networks to provide increased data capacity and flexibility so that the rails can adopt new MC-IoT technologies to increase train velocity and improve safety. These new technologies supported by a FullMAX wireless network serve to increase freight capacity for the transportation of goods, leading to higher revenue and improved profitability for our railroad customers.

關鍵語音是我們的陸地行動無線電一鍵通系統，運作頻率為 160 兆赫，而積極列車控制 (PTC) 系統運作頻率為 220 兆赫。所有這些都是傳統的窄頻通訊平台。我們在鐵路方面的工作使我們相信，我們的FullMAX 802.16 平台可以部署在所有這些網路上，以提供更高的數據容量和靈活性，以便鐵路可以採用新的MC-IoT 技術來提高列車速度並提高安全性。這些由 FullMAX 無線網路支援的新技術可提高貨物運輸的貨運能力，為我們的鐵路客戶帶來更高的收入和獲利能力。

As we highlight, the legacy 900 megahertz network will be retired in full over the next several years as the AAR needs to return this spectrum to the FCC in its entirety by 2025. So the legacy 900 network is going away. Fortunately, the FCC has provided the AAR with a new improved spectrum position, and this is what provides Ondas and our partner Siemens with our initial greenfield opportunity to deploy our FullMAX technology. Based on Ondas' internal management calculations and estimates, we believe this is a market opportunity of at least $300 million. The deployment across the new 900 megahertz spectrum band will be a multiyear effort, and as new data-intensive technologies are introduced, the network will be densified with more dot16-enabled base stations in edge remotes.

正如我們所強調的，傳統 900 兆赫網絡將在未來幾年內完全退役，因為 AAR 需要在 2025 年之前將該頻譜全部歸還給 FCC。因此，傳統 900 網路即將消失。幸運的是，FCC 為 AAR 提供了新的改進頻譜位置，這為 Ondas 和我們的合作夥伴西門子提供了部署 FullMAX 技術的初始綠地機會。根據Ondas內部管理層的計算和估計，我們認為這是一個至少3億美元的市場機會。新的 900 兆赫頻段的部署將需要多年的努力，並且隨著新的資料密集型技術的引入，網路將透過在邊緣遙控器中安裝更多支援 dot16 的基地台而變得更加密集。

Of course, as we described, we believe our FullMAX technology will be adopted more broadly across the Class I rail networks beyond the initial 900 megahertz network in other frequency bands. In aggregate, we internally estimate a TAM of over $800 million for all 4 networks. And as we highlight, we believe new voice, sensor and other IoT applications to be developed by the rails and the vendor community will create hundreds of millions of dollars of upside to these market size estimates leading to a total potential TAM of over $1 billion.

當然，正如我們所描述的，我們相信我們的 FullMAX 技術將在其他頻段的最初 900 兆赫網絡之外，在 I 類鐵路網絡中得到更廣泛的採用。總的來說，我們內部估計所有 4 個網路的 TAM 超過 8 億美元。正如我們所強調的，我們相信鐵路和供應商社群將開發的新語音、感測器和其他物聯網應用程式將為這些市場規模估計創造數億美元的上升空間，從而使潛在的TAM 總額超過10 億美元。

I'm going to hand the call to Stewart now so we can share more details on the MC-IoT lab, our Siemens partnership and what we have learned regarding the ordering process and likely ramp of railroad customer deployments in the 900 megahertz network.

我現在將把電話轉給斯圖爾特，以便我們可以分享有關MC-IoT 實驗室、我們與西門子的合作夥伴關係的更多詳細信息，以及我們在訂購流程以及900 兆赫網絡中鐵路客戶部署的可能增長方面所了解到的資訊。

Thank you, Eric. On the last earnings call, we told you that Ondas and Siemens were negotiating with the Association of American Railroads for the implementation of the MC-IoT Rail Lab to be hosted at our -- Ondas' headquarters in Sunnyvale, California.

謝謝你，埃里克。在上次財報電話會議上，我們告訴您，Ondas 和西門子正在與美國鐵路協會就 MC-IoT 鐵路實驗室的實施進行談判，該實驗室將設在我們位於加州桑尼維爾的 Ondas 總部。

Then in December, we announced that we had received an order for the lab. Since that time, we've been in high gear organizing and staffing the lab effort. We refer to the lab as the North American Federated lab, and Federated means in terms of there will be a series of independent networks for the Class Is that need to be interoperable. The lab exists to enable the optimization of different network configurations to ensure interoperability and coexistence all while using shared license spectrum as the Class I standardized on Ondas' 802.16 enabled technology. The initial focus of the lab will be on use cases developed for the greenfield 900 megahertz spectrum, but we expect to quickly evolve to the testing of other rail spectrum bands, including 160 megahertz, 220 megahertz and 450 megahertz. This is all great news for Ondas and Siemens as the rails converge on the 802.16 standard as the path forward for their future communications needs.

然後在 12 月，我們宣布收到了實驗室的訂單。從那時起，我們就一直全力組織和配備實驗室工作人員。我們將實驗室稱為北美聯合實驗室，聯合意味著Class Is將有一系列需要互通的獨立網路。該實驗室的存在是為了優化不同的網路配置，以確保互通性和共存性，同時使用共享授權頻譜作為 Ondas 802.16 支援技術的 I 類標準化。該實驗室最初的重點將放在為新建 900 兆赫頻譜開發的用例上，但我們預計將迅速發展到其他鐵路頻譜頻段的測試，包括 160 兆赫、220 兆赫和 450 兆赫。對於 Ondas 和西門子來說，這都是個好消息，因為這些標準都集中在 802.16 標準上，作為滿足他們未來通訊需求的道路。

Now let's move on to our evolving strategic partner with Siemens Mobility, which continues to broaden. We feel it's worthwhile to highlight where we started with Siemens, how far we've come and some of our expectations for the future. The time line on the slide highlights these key milestones. As most of you recall, in May 2020, we announced our strategic partnership, which included a joint development program to integrate Siemens' ATCS technology with Ondas MC-IoT platform for the 900 megahertz band. At the same time, we announced the branding agreement where Siemens obtained the exclusive rights to market and sell Ondas' MC-IoT products under the Siemens Airlink brand in the North American rail markets.

現在讓我們轉向與西門子交通不斷發展的策略夥伴，該合作夥伴的範圍還在不斷擴大。我們認為有必要強調我們與西門子的合作起點、我們已經取得的成就以及我們對未來的一些期望。幻燈片上的時間軸突出顯示了這些關鍵里程碑。大多數人還記得，2020 年 5 月，我們宣布了戰略合作夥伴關係，其中包括一項聯合開發計劃，將西門子的 ATCS 技術與 900 兆赫頻段的 Ondas MC-IoT 平台整合。同時，我們宣布了品牌協議，西門子獲得了在北美鐵路市場以Siemens Airlink品牌行銷和銷售Ondas MC-IoT產品的獨家權利。

In September 2021, these programs were formally launched at RSSI, the major U.S. rail show. And since then, Siemens has already secured orders from 2 Class I railroads for these products in the critical 900 megahertz band. The first order was secured in Q4 and delivered by Ondas and Siemens in December. And for the new order -- and the new order was just obtained in January of this year.

2021 年 9 月，這些計畫在美國主要鐵路展 RSSI 正式啟動。從那時起，西門子已經獲得了 2 家 I 級鐵路公司的訂單，這些產品的關鍵頻段為 900 兆赫茲。第一份訂單於第四季度獲得，並由 Ondas 和西門子於 12 月交付。至於新訂單——新訂單是今年一月剛獲得的。

Now going back a bit here on the development side, in January 2021, we told you about a new joint development program with Siemens to build our first onboard locomotive radio for the 450 megahertz band in North America. This program was initially focused on bringing a next-generation Head-of-Train locomotive application to North America.

現在回到開發方面，2021 年 1 月，我們向您介紹了與西門子的一項新的聯合開發計劃，旨在為北美打造我們的第一個 450 兆赫頻段機車車載無線電。該計劃最初的重點是將下一代車頭機車應用引入北美。

Then in October 2021, Siemens greatly expanded the HOT program to include a version of the product for a major Asian railroad, which has now become the new priority with the expectation of deliveries beginning in Q2 of this year. We will be providing more details on this program as it evolves, both in Asia and North America.

然後在 2021 年 10 月，西門子大幅擴展了 HOT 計劃，納入了適用於亞洲主要鐵路的產品版本，該版本現已成為新的優先事項，預計將於今年第二季度開始交付。隨著該計劃在亞洲和北美的發展，我們將提供更多詳細資訊。

Then in December last year, Siemens placed their order with us for the railroad -- Rail Lab, which was obtained from the AAR and is based on Ondas' 802.16 technology. We believe Siemens, like Ondas, use the Rail Lab as the defining step in securing the next-generation communications networks for the North American rail.

去年12月，西門子向我們下了鐵路訂單－Rail Lab，該專案是從AAR獲得的，基於Ondas的802.16技術。我們相信，西門子和昂達斯一樣，將鐵路實驗室作為確保北美鐵路下一代通訊網路安全的決定性步驟。

To summarize, we come a tremendous way from April 2020 to now, having completed a major joint development program in North America, secured multiple Class I orders for that product, begun a new development program for a worldwide locomotive radio program and obtained the North American Rail Lab. And right now, Ondas and Siemens are working with a third Class 1, which has already begun fieldwork in preparation for an expected significant order for 900 megahertz. That's 3 active Class Is for the 900 megahertz networks.

總而言之，從2020 年4 月到現在，我們取得了巨大的進步，完成了北美的一項重大聯合開發計劃，獲得了該產品的多個I 級訂單，開始了全球機車無線電項目的新開發計劃，並獲得了北美鐵路實驗室。目前，Ondas 和西門子正在與第三個 Class 1 合作，該公司已經開始現場工作，為預期的 900 兆赫茲重大訂單做準備。這是 900 兆赫網絡的 3 個活動 I 級。

As we go forward with Siemens, we will continue to focus on the all-important volume orders and deliveries for the 900 megahertz network while we continue to advance the new development programs for new networks and new frequency bands. As you can see, our relationship, which started with North America, has now evolved to Asia with a plan for a European program in the works. The Siemens partnership has truly evolved to a global one.

隨著我們與西門子一起前進，我們將繼續專注於 900 兆赫網路的最重要的批量訂單和交付，同時繼續推進新網路和新頻段的新開發計劃。正如您所看到的，我們的關係從北美開始，現在已發展到亞洲，並正在製定歐洲項目的計劃。西門子的合作關係已真正發展成為全球合作夥伴關係。

We continuously stressed the importance of the flexibility of the FullMAX communications platform, along with the Siemens partnership and the rail industry support for the 802.16 standard. By incorporating today's industry-specific protocols for Siemens -- from Siemens, including ATCS and HOT, with the ability to support newer advanced IP-based applications, we believe we are enabling the smooth transition to the adoption of the digital railroad. This includes moving from the current state of fixed blocked operations to moving block to eventually autonomous train operations, the key to a substantially and more efficient industry.

我們不斷強調 FullMAX 通訊平台靈活性、西門子合作夥伴關係以及鐵路行業對 802.16 標準支援的重要性。透過整合西門子當今的行業特定協議（包括 ATCS 和 HOT），並能夠支持更新的、先進的基於 IP 的應用程序，我們相信我們正在實現向採用數位鐵路的平穩過渡。這包括從目前的固定閉塞運營狀態轉向移動閉塞運營，再到最終的自主列車運營，這是實現大幅提高行業效率的關鍵。

We highlight the key steps involved in the rollout of the 900 megahertz on this slide, which we believe will follow previous large-scale deployment -- rail deployments. As mentioned previously, the technology choice for 802.16 has been led by the AAR, which represents the Class I rails collectively. This centralized approach and control has been given -- has been critical given the need for both interoperability and peaceful coexistence among the rails. Furthermore, the Rail Lab is under AAR's direction and control to ensure ongoing seamless operation. Each Class I controls its own rollout plans with Ondas and Siemens providing backup support. The heavy lifting for the network installation and operation is almost entirely in the hands of each individual railroad.

我們在這張投影片上強調了推出 900 兆赫茲所涉及的關鍵步驟，我們相信這將遵循先前的大規模部署——鐵路部署。如前所述，802.16 的技術選擇由 AAR 主導，它代表 I 類標準。考慮到鐵路之間互通性和和平共存的需要，這種集中的方法和控制至關重要。此外，鐵路實驗室接受 AAR 的指導和控制，以確保持續的無縫運作。每個 I 類控制自己的推出計劃，並由 Ondas 和西門子提供備份支援。網路安裝和營運的繁重工作幾乎完全由每家鐵路公司負責。

On this slide, you can see various components involved in the rollout plans ranging from acceptance testing to engineering, design and training all the way through to ongoing customer support and maintenance. Launch orders tend to be smaller in size followed by larger, more substantial orders 6 to 12 months later. These larger orders typically come with the precise delivery schedules that support the rails rollout plan. To reiterate, we have received 900 megahertz orders from 2 Class Is with 1/3 having begun fieldwork in advance of significant orders.

在此投影片上，您可以看到推出計畫中涉及的各個元件，從驗收測試到工程、設計和培訓，一直到持續的客戶支援和維護。發布訂單的規模往往較小，隨後 6 至 12 個月後會出現規模更大、數量更大的訂單。這些較大的訂單通常附帶支持鐵路推出計劃的精確交付時間表。重申一下，我們已收到 2 個 Class Is 的 900 兆赫訂單，其中 1/3 已在重大訂單之前開始現場工作。

We also now have visibility into new applications. These rails plan to implement beyond ATCS. We've listed some of these applications on the slide, including interlocking and remote cross and control. In other words, we are already seeing the evolution away from the single-purpose legacy networks like ATCS to multi-use FullMAX enabled networks.

我們現在還可以了解新的應用程式。這些鐵路計劃在 ATCS 之外實施。我們在幻燈片上列出了其中一些應用，包括聯鎖和遠端交叉和控制。換句話說，我們已經看到從 ATCS 等單一用途的傳統網路轉向支援 FullMAX 的多用途網路的演變。

Now I'll turn the presentation back to Eric to discuss 2022 targets.

現在我將把演示轉回給 Eric，討論 2022 年的目標。

All right. Thanks, Stewart. Now we transitioned to providing some specific KPIs, targets and objectives for Ondas Networks in 2022. We have increasing, but still limited, insight into both customer budgets and ordering plans. And while visibility is improving, we don't have the backlog secured to confidently provide a specific revenue outlook. However, we do want to offer some color on what we are looking to achieve in the market potential we see with the Class I rails for 2022 and beyond.

好的。謝謝，斯圖爾特。現在，我們轉而為 Ondas Networks 提供 2022 年的一些具體 KPI、指標和目標。我們對客戶預算和訂購計劃的了解不斷增加，但仍然有限。雖然可見度正在提高，但我們沒有足夠的積壓訂單來自信地提供具體的收入前景。然而，我們確實希望提供一些關於我們希望在 2022 年及以後透過 I 類導軌實現的市場潛力的資訊。

As we highlighted earlier, the potential growth for Ondas networks with the Class I rails alone is significant, starting with the 900 megahertz network. We estimate the TAM for 900 at several hundred million dollars in size. We expect the ordering activity, which has begun, will ramp over 2022 and even more so in '23 and beyond. At a high level, we expect to receive orders from at least 5 rails in 2022, we expect bookings of $20 million or more with 900 megahertz being the biggest component. In addition, we expect to secure an order from an international customer for the on locomotive product we are developing with Siemens.

正如我們之前所強調的，從 900 兆赫網絡開始，僅使用 I 類導軌的 Ondas 網路的潛在增長就非常顯著。我們估計 TAM 為 900 個，規模達數億美元。我們預計，已經開始的訂購活動將在 2022 年持續增加，在 2023 年及以後更是如此。總體而言，我們預計 2022 年將收到至少 5 個軌道的訂單，預計訂單金額將達到 2000 萬美元或更多，其中 900 兆赫是最大的組件。此外，我們也希望獲得國際客戶的訂單，購買我們與西門子共同開發的機車產品。

Bookings and deliveries are critical and ramping the 900 megahertz network in Class 1 orders remains a clear focus for Ondas Networks and as part of our compensation programs. Fortunately, we see scope to continue to execute on an increasingly broadening market opportunity. We expect our relationship with Siemens to grow in 2022 as we expand the product portfolio. We expect to complete the Head-of-Train or HOT 450 megahertz products for both the Asia and North American market. We also expect to launch a new development program for a track to train radio system for European markets, which we will update you on soon, we hope.

預訂和交付至關重要，在 1 級訂單中擴大 900 兆赫網絡仍然是 Ondas Networks 的明確重點，也是我們薪酬計劃的一部分。幸運的是，我們看到了繼續利用日益擴大的市場機會的空間。我們預計，隨著我們產品組合的擴大，我們與西門子的關係將在 2022 年發展。我們預計將為亞洲和北美市場完成 Head-of-Train 或 HOT 450 兆赫產品。我們也預計將為歐洲市場推出一個新的軌道訓練無線電系統開發計劃，我們希望盡快向您通報最新情況。

Over the course of the year, we'll be updating you on the MC-IoT lab activity. The lab will open the Ondas platform to a broader ecosystem of rail vendors, which will help create further value and accelerate the development of new applications, broadening the use case of Ondas' technology. In addition, we expect the rails to ultimately expand lab activity to other network frequency bands, including the 160 megahertz critical voice or LMR network, and look forward to sharing more details later in the year.

在這一年中，我們將向您通報 MC-IoT 實驗室活動的最新情況。該實驗室將向更廣泛的鐵路供應商生態系統開放Ondas平台，這將有助於創造更多價值並加速新應用程式的開發，從而擴大Ondas技術的用例。此外，我們預計該軌道最終將實驗室活動擴展到其他網路頻段，包括 160 兆赫關鍵語音或 LMR 網絡，並期待在今年稍後分享更多細節。

So to summarize the outlook of what we aim to deliver in 2022, we expect orders to ramp with new customers and with larger deals. Our objective is at least $20 million in orders for Ondas Networks. We believe our relationship with Siemens will expand even more, and the lab will help lock in a bigger opportunity for more rail vendor relationships in 900 and across other frequency bands.

因此，總結我們 2022 年目標交付的前景，我們預計訂單將隨著新客戶和更大交易的增加而增加。我們的目標是為 Ondas Networks 獲得至少 2000 萬美元的訂單。我們相信我們與西門子的關係將進一步擴大，實驗室將幫助鎖定更多機會，在 900 和其他頻段建立更多鐵路供應商關係。

I will now hand the presentation to Reese. Reese?

我現在將簡報交給里斯。里斯？

Thank you, Eric. Since the merger with Ondas was completed last August, American Robotics has moved quickly to lay the groundwork for long-term growth and success. Firstly, the agenda was expanding our team at all levels. We've accomplished this on target and on schedule, onboarding some of the top talent in our fields. We have ramped up our supply chain and manufacturing capabilities to meet the existing demand of our customer pipeline this year and beyond. We've begun maturing a nationwide operations infrastructure with a focus on safety, reliability and efficiency. And we were acknowledged for these efforts and others through 2 additional patent grants and 5 industry awards.

謝謝你，埃里克。自去年八月完成與 Ondas 的合併以來，American Robotics 迅速採取行動，為長期成長和成功奠定了基礎。首先，議程是擴大我們各個層級的團隊。我們已經按照目標按時完成了這項任務，並聘請了我們領域的一些頂尖人才。我們增強了供應鏈和製造能力，以滿足今年及以後客戶通路的現有需求。我們已經開始完善全國範圍內的營運基礎設施，重點關注安全性、可靠性和效率。我們透過 2 項額外專利授權和 5 項行業獎項獲得了這些努力和其他努力的認可。

On the sales front, we have secured our first wave of blue chip customers within our target markets. These are Chevron, ConocoPhillips, 2 of the largest oil and gas companies in the world, and Stockpile Reports, who serves over 300 customers in the bulk materials industry in 48 countries. Additionally, we had many more customers in our pipeline, and we are excited to share these announcements once the deals are finalized. And finally, through careful analysis and close collaboration with our customers, we believe we have identified clear paths to dominance in each of our target markets, and we have already taken key steps to execute these plans.

在銷售方面，我們已經在目標市場中獲得了第一批藍籌客戶。其中包括雪佛龍、康菲石油公司（世界上最大的兩家石油和天然氣公司）以及 Stockpile Reports，後者為 48 個國家的散裝材料行業的 300 多家客戶提供服務。此外，我們的管道中還有更多客戶，我們很高興在交易最終確定後分享這些公告。最後，透過認真的分析和與客戶的密切合作，我們相信我們已經確定了在每個目標市場中佔據主導地位的清晰路徑，並且我們已經採取了關鍵步驟來執行這些計劃。

In oil and gas, we have partnered with and invested in Dynam.AI to build a portfolio of industry-specific analytics capabilities for Chevron, ConocoPhillips and others. In rail, we have entered into a definitive agreement to acquire Ardenna, the leading developer of drone-based rail analytics, with access to the largest database of high resolution rail imagery in existence. In both materials and mining, we have partnered with Stockpile Reports to integrate their leading analytics software into the Scout System.

在石油和天然氣領域，我們與 Dynam.AI 合作並投資，為雪佛龍、康菲石油公司等公司建立行業特定分析功能組合。在鐵路方面，我們已達成收購 Ardenna 的最終協議，Ardenna 是基於無人機的鐵路分析的領先開發商，可以存取現有最大的高解析度鐵路圖像資料庫。在材料和採礦領域，我們與 Stockpile Reports 合作，將其領先的分析軟體整合到 Scout 系統中。

Diving deeper into each of these. Our head count at American Robotics has expanded 450% year-over-year. We've onboarded key personnel and industry-leading talent at all levels of the organization, including VP of Sales, VP of Operations, VP of Engineering, Director of Talent, Director of Product and Director of Flight Operations. We are honored to have some of the brightest and most experienced minds in our industry join us, with training from MIT, Stanford, Carnegie Mellon and West Point and backgrounds from GE, iRobot, Amazon Robotics, AeroVironment, MIT Lincoln Labs, Ford, IBM and the U.S. Armed Forces to name a few.

深入研究其中每一個。 American Robotics 的員工人數較去年同期增加了 450%。我們在組織的各個層面都聘請了關鍵人員和行業領先人才，包括銷售副總裁、營運副總裁、工程副總裁、人才總監、產品總監和飛行營運總監。我們很榮幸擁有業內最聰明、最有經驗的人才加入我們，他們接受過麻省理工學院、史丹佛大學、卡內基美隆大學和西點軍校的培訓，並擁有GE、iRobot、亞馬遜機器人、AeroVironment、麻省理工學院林肯實驗室、福特、IBM 的背景和美國武裝部隊等等。

This expanded staff allows us to support the significant inbound interest for our product and prepare the organization for expanded commercial sales. It takes the best to build the best, and our swift and consistent success in hiring top talent is a testament to our company's vision, technology and opportunity.

擴大的員工隊伍使我們能夠支持對我們產品的巨大興趣，並為組織擴大商業銷售做好準備。需要最好的人才才能打造最好的產品，我們在聘用頂尖人才方面迅速而持續的成功證明了我們公司的願景、技術和機會。

Critical to our ability to capitalize on our unique positions in the market is the capabilities to reduce and deliver our hardware in commercial quantities. Over the past year, we have significantly matured our supply chain in manufacturing capabilities by establishing critical relationships and partnerships with vendors and manufacturing partners as well as onboarding internal and contract-based manufacturing support.

我們能夠利用我們在市場上的獨特地位，關鍵是能夠減少和交付商業數量的硬體。在過去的一年裡，透過與供應商和製造合作夥伴建立重要的關係和合作夥伴關係以及提供內部和基於合約的製造支持，我們的供應鏈製造能力顯著成熟。

Our system is currently capable of being produced by our industry-leading contract manufacturing partners and systems from these partners have been delivered and installed at our customer sites. We are currently finalizing orders for 30 or more systems as well as working with our manufacturing partners as a team and continue optimizing this process with the goal of increased manufacturing speed and decreased bring-up time for each system. We expect to place additional orders as we move through 2022 and look ahead to 2023. This is a multiyear process of continued improvements on the road to producing thousands of these automated drone systems while still maintaining industrial-grade quality standards.

我們的系統目前能夠由我們領先業界的合約製造合作夥伴生產，並且這些合作夥伴的系統已交付並安裝在我們的客戶現場。我們目前正在敲定 30 個或更多系統的訂單，並與我們的製造合作夥伴作為一個團隊進行合作，並繼續優化此流程，目標是提高每個系統的製造速度並縮短啟動時間。我們預計在 2022 年並展望 2023 年時會下更多訂單。這是一個持續改進的多年過程，旨在生產數千個此類自動化無人機系統，同時仍保持工業級品質標準。

The American Robotics customer pipeline is defined almost entirely by inbound interest. Industrial customers in our target markets know the difference between vaporware and real solutions, and it is clear American Robotics has demonstrated the latter through our industry-leading drone-in-a-box platform and our groundbreaking FAA approval.

美國機器人公司的客戶管道幾乎完全由入境興趣決定。我們目標市場的工業客戶知道霧件和真實解決方案之間的區別，很明顯，American Robotics 透過我們領先業界的盒裝無人機平台和突破性的 FAA 批准展示了後者。

Within the oil and gas market, American Robotics' customer pipeline is currently at capacity and continues growing with many of the world's largest oil and gas producers. Public names currently include Chevron and ConocoPhillips, and we anticipate more announcements in the coming quarters. In coordination with these customers, we have identified the top use cases, each of which can be described as a killer app for this market. Combining that with American Robotics' industry-leading autonomy and FAA approval, our confidence level is high that we will be able to execute a path to dominance.

在石油和天然氣市場，American Robotics 的客戶管道目前已滿負荷，並且與許多世界上最大的石油和天然氣生產商一起持續成長。目前公開的名稱包括雪佛龍和康菲石油公司，我們預計未來幾季會有更多公告。透過與這些客戶的協調，我們確定了最重要的用例，每個用例都可以被描述為該市場的殺手級應用程式。結合 American Robotics 行業領先的自主性和 FAA 的批准，我們對能夠走上主導地位的道路充滿信心。

As noted in previous updates, we've also partnered with Stockpile Reports, the leading provider of image-based software analytics for the bulk materials and mining industry. Through Stockpile Reports' existing business, American Robotics has access to over 300 customers in 48 countries including some of the nation's largest producers of construction aggregates. We are working closely with Stockpile Reports to prepare both organizations for the deployment of hundreds of cap systems.

如同先前的更新所述，我們也與 Stockpile Reports 合作，後者是散裝材料和採礦業基於影像的軟體分析的領先提供者。透過 Stockpile Reports 的現有業務，American Robotics 已接觸到 48 個國家的 300 多個客戶，其中包括美國一些最大的建築骨材生產商。我們正在與 Stockpile Reports 密切合作，為兩個組織部署數百個上限系統做好準備。

As mentioned previously, we've taken a number of steps to extend and solidify our moats in our target markets. One example of this is our investment in and partnership with Dynam.AI, a leading software developer for complex artificial intelligence and machine learning products. Each industry applicable to the drone market requires industry-specific analytics and Dynam.AI helps accelerate and expand our offerings with Tier 1 talent and technology. Currently, our joint work with Dynam is focused on delivering the capabilities discussed above for the oil and gas market and we see a number of other opportunities continue and expand our work further.

如前所述，我們採取了一系列措施來擴展和鞏固我們在目標市場的護城河。其中一個例子是我們對 Dynam.AI 的投資和合作，Dynam.AI 是一家領先的複雜人工智慧和機器學習產品軟體開發商。適用於無人機市場的每個行業都需要針對特定行業的分析，Dynam.AI 透過一級人才和技術幫助加速和擴展我們的產品。目前，我們與 Dynam 的合作重點是為石油和天然氣市場提供上述功能，我們看到許多其他機會仍在繼續，並進一步擴大了我們的工作。

For the rail market, we are very excited to announce a definitive agreement to acquire Ardenna, a leading provider of drone-based rail analytics software. We estimate the total addressable market for drone-in-a-box solutions within the rail market to be $6.85 billion, and we believe the addition of Ardenna will immediately place American Robotics as the leading provider.

對於鐵路市場，我們非常高興地宣布達成收購 Ardenna 的最終協議，Ardenna 是一家基於無人機的鐵路分析軟體的領先提供者。我們估計鐵路市場中盒裝無人機解決方案的總潛在市場為 68.5 億美元，我們相信 Ardenna 的加入將立即使 American Robotics 成為領先的供應商。

Ardenna has spent the last 7-plus years researching and developing AI-based analytics specifically for this market and specifically in partnership with the largest Class I rail in North America, BNSF. Through these efforts, Ardenna has amassed over 28,000 miles of rail track images resulting in a massive data lake of over 30 terabytes of high-resolution rail imagery. This data and the AI focused team at Ardenna provide immediate access to this valuable sector. There are over 200,000 miles of track and hundreds of rail yards in North America alone, and we believe this technology has the potential to eliminate 90% of train derailments before they occur. We intend to both integrate Ardenna's rail and spectrum product within the Scout System as well as market this as a standalone SaaS product to others in the industry.

Ardenna 在過去 7 年多的時間裡專門針對該市場研究和開發基於人工智慧的分析，並與北美最大的 I 級鐵路 BNSF 合作。透過這些努力，Ardenna 累積了超過 28,000 英里的鐵路軌道圖像，形成了超過 30 TB 的高解析度鐵路圖像的大量資料湖。這些數據和 Ardenna 以人工智慧為重點的團隊可以立即進入這個有價值的領域。光是在北美就有超過 20 萬英里的軌道和數百個鐵路站場，我們相信這項技術有潛力在火車脫軌發生之前消除 90% 的情況。我們打算將 Ardenna 的鐵路和頻譜產品整合到 Scout 系統中，並將其作為獨立的 SaaS 產品推銷給業內其他人。

Looking ahead to the remainder of 2022. Our focus now is on providing top surface -- service to our blue-chip industrial customers. These corporations require and demand high levels of quality, reliability and safety, and we intend to provide that. By year-end, we anticipate 30 Scout Systems installed and operating. At the conclusion of these POCs, we expect to start transitioning to fleet orders with these customers. As a reminder, we are targeting customers that have the capacity for hundreds of thousands of Scout Systems across the United States and the world. We estimate the potential for over 10 million asset sites worldwide to eventually employ automated drone-in-a-box technology on a daily basis. Thus, we believe this is just the beginning.

展望 2022 年剩餘時間。我們現在的重點是為我們的藍籌工業客戶提供頂級表面服務。這些公司需要並要求高水準的品質、可靠性和安全性，而我們打算提供這些。到年底，我們預計將安裝並運行 30 個 Scout 系統。在這些概念驗證結束後，我們預計將開始向這些客戶過渡到車隊訂單。提醒一下，我們的目標客戶是擁有美國和世界各地數十萬個 Scout 系統容量的客戶。我們估計全球超過 1000 萬個資產站點最終有可能每天採用自動化盒裝無人機技術。因此，我們相信這只是一個開始。

We're going to continue ramping our operations and manufacturing capacity to support this plan, focusing not only on industry-leading technologies, but also industry-leading operations, processes and culture. Our customers demand it, our regulators demand it, and we intend to deliver it. Additionally, since the close of our merger with Ondas, a mere 7 months ago, we have already demonstrated the power and flexibility of the Scout System platform to expand our moat in our target markets through a partnership in the both materials and mining market via Stockpile Reports, an acquisition in the rail market via Ardenna and internal development in the oil and gas market via an investment in Dynam.AI and in the AR team. This is a signal of what's to come and evidence of American Robotics business plan being put into action.

我們將繼續提高我們的營運和製造能力來支持這項計劃，不僅關注業界領先的技術，還關注領先業界的營運、流程和文化。我們的客戶需要它，我們的監管機構需要它，我們打算實現它。此外，自從我們與 Ondas 合併僅 7 個月以來，我們已經展示了 Scout System 平台的強大功能和靈活性，透過 Stockpile 在材料和採礦市場上建立合作夥伴關係，擴大我們在目標市場的護城河報告稱，透過Ardenna 收購鐵路市場，並透過投資Dynam.AI 和AR 團隊進行石油和天然氣市場的內部開發。這是即將發生的事情的信號，也是美國機器人公司商業計劃正在付諸實施的證據。

I look forward to sharing more updates with you all as our investments accelerate into revenue growth and profitability. And I will now hand it back to Eric for some closing remarks.

隨著我們的投資加速實現收入成長和獲利能力，我期待與大家分享更多最新消息。現在我將把它交還給埃里克，讓他發表一些結束語。

Well, thank you, Reese. As we've outlined in the past, we made the case today, we see a generational opportunity to define, scale, lead and create massive value for customers and shareholders by virtue of our market-leading industrial technology platforms. We have the systems, talent and experience and the mandate from customers and our investors to do this. We have a healthy balance sheet to support our ongoing investment in technical solutions and business development. We expect cash OpEx to be about $6.5 million to $7 million in Q1 with modest working capital requirements as we build inventory for expected growth.

好吧，謝謝你，里斯。正如我們過去所概述的那樣，我們今天也提出了這一點，我們看到了利用我們市場領先的工業技術平台為客戶和股東定義、擴展、領導和創造巨大價值的一代機會。我們擁有做到這一點的系統、人才和經驗以及客戶和投資者的授權。我們擁有健康的資產負債表來支持我們對技術解決方案和業務發展的持續投資。我們預計第一季現金營運支出約為 650 萬至 700 萬美元，隨著我們為預期成長建立庫存，營運資金需求適中。

Over the course of 2022, cash OpEx will trend a bit higher, but we expect it to be increasingly offset by revenue and gross profits, particularly as Ondas Networks grows with the rails. In addition to filing our 10-K this morning, we announced a public at-the-market or ATM offering with Oppenheimer. The purpose of the ATM is to provide additional balance sheet flexibility to the company. We believe we may have opportunities to accelerate certain technology investments with Ondas Networks and American Robotics to respond to customer demand. Similarly, the ecosystem around our platforms may offer opportunities for partnerships, JVs or acquisitions. We have recently seen some dislocation in public and private equity markets within our MC-IoT ecosystem. This too could create investment opportunities for Ondas. In short, Ondas intends to stay on offense and pursue opportunities to cement and extend our leadership positions.

2022 年，現金營運支出將略有上升，但我們預計其將越來越多地被收入和毛利所抵消，特別是隨著 Ondas Networks 的發展。除了今天早上提交 10-K 之外，我們還宣布與 Oppenheimer 進行公開市場或 ATM 發行。 ATM 的目的是為公司提供額外的資產負債表彈性。我們相信，我們可能有機會加速與 Ondas Networks 和 American Robotics 的某些技術投資，以滿足客戶需求。同樣，我們平台周圍的生態系統可能會提供合作夥伴關係、合資企業或收購的機會。最近，我們發現 MC-IoT 生態系統中的公共和私募股權市場出現了一些混亂。這也可以為 Ondas 創造投資機會。簡而言之，昂達斯打算繼續進攻，並尋求機會鞏固和擴大我們的領導地位。

Let's take a minute to summarize the call and wrap our prepared remarks before we move to Q&A. As we outlined, Ondas Networks is transitioning from investment mode to platform delivery in 2022. The adoption cycle is beginning in that Class I 900 megahertz network. In addition, the Siemens partnership is broadening across new products, additional networks and with new customer segments. Ondas is preparing internally for a ramp-up in sales by building capacity and inventory to support expected demand from Siemens in the Class I rails in 2022. And American Robotics will continue to scale operations in moats in its key target markets, oil and gas, mining and rail as we transition franchise customers to fleet orders.

在進入問答環節之前，讓我們花一點時間總結一下這次電話會議並總結一下我們準備好的發言。正如我們所概述的，Ondas Networks 將於 2022 年從投資模式過渡到平台交付。採用週期已從 I 類 900 兆赫網絡開始。此外，西門子的合作關係正在擴展到新產品、額外網路和新客戶群。 Ondas 正在內部準備透過建造產能和庫存來提高銷量，以支持西門子 2022 年對 I 級鐵路的預期需求。American Robotics 將繼續擴大在其主要目標市場（石油和天然氣）的護城河業務規模。採礦和鐵路，我們將特許經營客戶轉變為車隊訂單。

AR will continue to invest in technology, particularly expanding its payload and data analytics capabilities, and we will do this hand-in-hand with our customers. I'm excited about 2022 and the momentum we have in our businesses. Our team has worked hard. Our shareholders have supported this difficult work, and we firmly believe the fruits of our labor will begin to bloom in very visible ways in the quarters ahead.

AR 將繼續投資技術，特別是擴展其有效負載和數據分析能力，我們將與客戶攜手合作。我對 2022 年以及我們業務的發展勢頭感到興奮。我們的團隊辛苦了。我們的股東支持這項艱鉅的工作，我們堅信我們的勞動成果將在未來幾季開始以非常明顯的方式綻放。

Operator, I'd like to open the call to Q&A.

接線員，我想打開問答電話。

(Operator Instructions) Today's first question comes from Tim Horan at Oppenheimer.

（操作員說明）今天的第一個問題來自 Oppenheimer 的 Tim Horan。

Just a few questions. One, I think next August, the rails have to vacate, some of the spectrum has to be turned over to Anterix. I guess how much of the network needs to be built out by next August to enable that? And how much of the spectrum are they really going to hand over or can they get some relief there extended out? And then I had a few follow-ups.

只是幾個問題。第一，我認為明年八月，鐵路必須騰出，一些頻譜必須移交給Anterix。我猜想明年八月之前需要建造多少網路才能實現這一目標？他們真正要交出多少頻譜，或者他們能在擴展頻譜方面得到一些緩解嗎？然後我進行了一些後續行動。

Sure. Tim, thanks for the question. So the legacy 900 megahertz network will be retired or is due to be retired in 2 periods. August 2023 is the first period. There's about half the railroads that have to vacate the spectrum then, and then the other half have to do it over 2025. So the railroads tell us they're confident that they can meet those deadlines.

當然。提姆，謝謝你的提問。因此，傳統的 900 兆赫網絡將退役或將在 2 個時期內退役。 2023年8月是第一期。大約一半的鐵路公司必須騰出頻譜，然後另一半必須在 2025 年之前這樣做。因此鐵路公司告訴我們，他們有信心在最後期限前完成任務。

What you see on the rollout with us is between now and 2023, the ATCS migration is happening, right? So we've talked about that, and we've given some outlook on what we think that ramp looks like. And then you're also going to see between now and 2023 and increasingly through 2025, that single-purpose legacy 900 megahertz network turning into a new flexible FullMAX platform. And you're going to see as Stewart outlined new applications in addition to ATCS being built. So we see that build happening over -- into this 2023 deadline for half the railroads and then the rest will have that deadline through August '25.

您在我們的推出中看到的是從現在到 2023 年，ATCS 遷移正在發生，對吧？所以我們已經討論過這個問題，我們對斜坡的樣子給了一些展望。然後，從現在到 2023 年，以及到 2025 年，單一用途的傳統 900 兆赫網絡將逐漸轉變為新的靈活 FullMAX 平台。您將看到斯圖爾特概述了除了正在構建的 ATCS 之外的新應用程式。因此，我們看到一半鐵路的建設將在 2023 年截止日期之前進行，然後其餘鐵路的截止日期將持續到 25 年 8 月。

Okay. So just to be clear, they need to spend between $100 million and $200 million between now and next August to vacate that spectrum with you guys. That implies a serious ramp-up in bookings and revenues at some point. I just want to be clear on it.

好的。所以要先明確的是，從現在到明年 8 月，他們需要花費 1 億到 2 億美元來與你們騰出這個光譜。這意味著預訂量和收入在某個時候會大幅增加。我只是想澄清這一點。

Yes. We do expect a serious ramp as you just called it. And again, it's initially going to be ATCS, building the base station infrastructure, and then building the edge devices for these new applications over the coming years.

是的。正如您剛才所說，我們確實預計會出現嚴重的坡道。同樣，最初將是 ATCS，建造基地台基礎設施，然後在未來幾年為這些新應用建造邊緣設備。

Okay. Great. And then on the drone side, can you give us an update? You've obviously had a lot of interest. I mean what's the total demand for these drones? Is it thousands, hundreds for sitting here 5 years from now? I mean just any more color on that would be great.

好的。偉大的。那麼在無人機方面，您能為我們介紹一下最新情況嗎？顯然你對此很感興趣。我的意思是這些無人機的總需求是多少？五年後坐在這裡會幾千、幾百嗎？我的意思是如果再多一點顏色那就太好了。

Yes, sure. I'll ask Reese to take that.

是的，當然。我會請里斯接受這個。

Sorry, Tim, can you repeat the question?

抱歉，提姆，你能重複這個問題嗎？

Yes, I apologize. Could you just give us an update on what you think the total demand for the Scout drones is as you look at the market? I mean are you talking thousands, tens of thousands, hundreds? Because I'm just trying to understand how you're thinking about to ramp up the assembly line or the production facilities for these. Are we thinking about building hundreds of these a year, thousands, tens? Just to get a sense of what are you designing your manufacturing facilities for now?

是的，我道歉。您能否向我們介紹一下您認為市場對 Scout 無人機的總需求的最新情況？我的意思是說你說的是幾千、幾萬、幾百？因為我只是想了解您如何考慮提高這些產品的裝配線或生產設施。我們是否正在考慮每年建造數百個、數千個、數十個？只是想了解一下您現在設計製造設施的目的是什麼？

Yes. Roughly speaking, if we look far out, we believe that there's over 10 million asset sites around the world that will eventually deploy autonomous drone-in-the-box systems. So I think ultimately, we're talking about millions of these systems, and that's obviously going to be a ramp over time. That's not something that we have the capacity to do today, but that's what our goal is.

是的。粗略地說，如果我們放眼長遠，我們相信全球有超過 1000 萬個資產站點最終將部署自主無人機系統。所以我認為最終，我們正在談論數以百萬計的此類系統，而且隨著時間的推移，這顯然會逐漸增加。這不是我們今天有能力做的事情，但這就是我們的目標。

So I think in the next several years, it's going to be discussions around hundreds and thousands, but again, eventually trending towards tens of thousands and eventually millions.

所以我認為在接下來的幾年裡，這將是成百上千次的討論，但最終還是會趨向數萬甚至數百萬。

So what are you designing the manufacturing facilities to build per year now? Because it seems like it's still a couple of year process to design and get these facilities manufacturing up and running.

那麼，您現在每年設計建造哪些生產設施呢？因為設計、製造和運行這些設施似乎仍然需要幾年的時間。

Yes. We see the manufacturing as a multiphase process. So the manufacturing partners that we're working with right now have the capacity to do hundreds and probably up to thousands. I think once we get to that point, we'll have to graduate to larger manufacturing partners. Just to clarify, we're not building in-house manufacturing facilities. We work with third-party contract manufacturers and train them how to build these systems. And so there are groups of contract manufacturers that are ideal for certain quantities, low to medium, medium to high and then very high. And so I think we see graduating to various levels of those contractors over time.

是的。我們將製造視為一個多階段的過程。因此，我們現在合作的製造合作夥伴有能力生產數百甚至數千件產品。我認為一旦我們達到這一點，我們將不得不轉向更大的製造合作夥伴。需要澄清的是，我們不會建造內部製造設施。我們與第三方合約製造商合作，培訓他們如何建立這些系統。因此，有一些合約製造商群體是特定數量的理想選擇，從低到中、中到高，然後非常高。因此，我認為隨著時間的推移，我們會看到這些承包商逐漸升級到不同等級。

No, I understand that, but it seems like it takes a very long time to ramp these contractors up because isn't manufacturing the gating factor for deploying these at this stage? I mean it seems like you could sell thousand of these immediately. And I guess I'm just trying to understand how do you bring the whole business model together? You definitely have demand for thousands. So why not set up the manufacturing to basically be able to manufacture 1,000 per year now?

不，我理解這一點，但似乎需要很長時間才能提高這些承包商的能力，因為製造不是現階段部署這些承包商的限制因素嗎？我的意思是，看起來你可以立即賣出數千個。我想我只是想了解如何將整個商業模式整合在一起？您肯定有數千的需求。那為什麼現在不把製造能力設定為基本上每年能夠製造1000個呢？

Yes. That's a good question. Manufacturing is a factor. It's not the only factor. There are other elements that stop us today from deploying thousands of systems. I mean simply speaking, even the customers that work with Chevron and ConocoPhillips, although they know that they eventually want thousands of systems, we're talking about very large Fortune 100 companies that have budget cycles that are measured in 6 months to a year.

是的。這是個好問題。製造是一個因素。這不是唯一的因素。今天還有其他因素阻止我們部署數千個系統。我的意思是簡單地說，即使是與雪佛龍和康菲石油公司合作的客戶，儘管他們知道自己最終需要數千個系統，但我們談論的是非常大型的財富100 強公司，它們的預算週期以6 個月到一年為單位。

And it's not yet at the point where it's a flip of a switch, and we're going to deploy thousands to Chevron. We need to prove ourselves out on a number of aspects. There are some logistical things that are taking place right now to give some examples on that, cybersecurity audits, safety analysis, we need to be integrated more tightly into their operation systems. People need to be trained on how to use these things. So I think the manufacturing ramp-up goes in parallel to these other activities that have to be scaled as well. So installation and operations, maintenance, et cetera, it's going to be growing again in parallel to the manufacturing.

現在還沒有達到開關切換的地步，我們將向雪佛龍部署數千人。我們需要在很多方面證明自己。目前正在發生一些後勤工作，例如網路安全審計、安全分析，我們需要更緊密地整合到他們的作業系統中。人們需要接受如何使用這些東西的訓練。因此，我認為製造業的成長與其他必須擴大規模的活動同時進行。因此，安裝、營運、維護等將與製造同步再次成長。

Very helpful. And then lastly, the acquisition today, can you -- can you give us any financials, how much revenue was associated with it? And maybe how much stock did you give for the acquisition?

很有幫助。最後，今天的收購，您能給我們任何財務資訊嗎？與之相關的收入是多少？也許您為這次收購提供了多少股票？

Yes, sure. I'll take that. So the Ardenna purchase was, of course, mostly equity. We provide 870,000 shares and $900,000 in cash. A little context for the cost and value. We are spending approximately what they have in invested capital to build this analytics software -- suite of software applications. And of course, that took them many years and a lot of sweat equity on top of it. And it comes also with a seasoned customer pipeline. And getting back to the cost and value for Ardenna, the BNSF and other railroad partners spend multiples of that -- their cost to build the data lake, which, of course, is a really strong source of value for us.

是的，當然。我會接受的。因此，收購阿登納當然主要是股權。我們提供 870,000 股股票和 900,000 美元現金。關於成本和價值的一些背景資訊。我們花了大約他們擁有的投資資金來建立這個分析軟體——軟體應用程式套件。當然，這花費了他們很多年的時間和大量的汗水。它還擁有經驗豐富的客戶管道。回到 Ardenna 的成本和價值，BNSF 和其他鐵路合作夥伴花費的成本是其數倍——他們建造資料湖的成本，這當然對我們來說是一個非常強大的價值來源。

You need the data to build the analytics programs using the AI machine learning technique that are available. So we think this deal is a home run. Not only does it give us great value on a stand-alone basis, monetizing our Ardenna software packages is very attractive. But it's also, as we integrate it with -- Ardenna capabilities with the Scout System, that's going to really accelerate probably in a meaningful way, our ability to service and penetrate in scale in the field with the railroad, which is obviously a very attractive market. So Ardenna has had some revenue with customers. And we're at the point with Ardenna where that will be transitioning to more commercial activity. They've -- their pipeline and the addressable market with them is virtually every railroad that's going to have a drone program. And of course, the interest on drones across the rail sector is growing.

您需要數據來使用可用的人工智慧機器學習技術建立分析程式。所以我們認為這筆交易是一次全壘打。它不僅為我們帶來了巨大的獨立價值，而且透過我們的 Ardenna 軟體包貨幣化也非常有吸引力。但當我們將其與 Ardenna 功能與偵察系統整合時，這可能會以一種有意義的方式真正加速我們在鐵路領域的服務和滲透能力，這顯然是一個非常有吸引力的領域市場。因此，Ardenna 已經從客戶那裡獲得了一些收入。我們正與 Ardenna 合作，將轉向更多的商業活動。他們的管道和潛在市場幾乎是每條將擁有無人機項目的鐵路。當然，鐵路業對無人機的興趣正在與日俱增。

Sorry, just to be clear, can you give us any revenue color for this year on that from that acquisition, sorry?

抱歉，我想澄清一下，您能為我們介紹一下今年該收購帶來的收入嗎？

So Reese, why don't you talk about what we expect for landing customers this year?

那麼，里斯，你為什麼不談談我們今年對登陸客戶的期望呢？

Yes. So I'll start off first. I think Ardenna is a really fantastic example of our full stack philosophy in this market that you really need a complete end-to-end solution for this to make sense with industrial customers. And so Ardenna and their Class I rail partners over the last 7 years have spent millions of dollars great -- which is really great analytics software, but it needs to be attached to an automated drone system to make sense. So it's a really great deal for both sides that we're excited about. And they've spent in parallel to that R&D development over the past 7 years building up this customer pipeline to include the Class I rails that we all know.

是的。那我就先開始吧。我認為 Ardenna 是我們在這個市場上的全端理念的一個非常好的例子，您確實需要一個完整的端到端解決方案才能對工業客戶有意義。因此，Ardenna 及其一級鐵路合作夥伴在過去 7 年裡花費了數百萬美元——這確實是很棒的分析軟體，但它需要連接到自動化無人機系統才能發揮作用。因此，這對雙方來說都是一筆非常好的交易，我們對此感到興奮。在過去 7 年裡，他們在研發的同時也投入了資金來建立客戶管道，其中包括我們都知道的 I 類導軌。

They're at a point this year where initial deployments of that SaaS software are possible and likely. So I think we're going to continue with that path for them as well as integrated it into the Scout System.

今年，該 SaaS 軟體的初始部署已經成為可能。所以我認為我們將繼續為他們走這條路，並將其整合到偵察系統中。

And we just -- we'll close the acquisition fairly quickly early this -- in the second quarter. And when we get our hands on it and control, we'll be able to share more information about the revenue opportunities.

我們將在今年稍早相當快地在第二季完成收購。當我們掌握並控制它時，我們將能夠分享更多有關收入機會的資訊。

And our next question today comes from Mike Latimore at Northland Capital Markets.

今天我們的下一個問題來自 Northland Capital Markets 的 Mike Latimore。

Great. So Eric, did you say that within the bookings outlook, there's -- you expect orders from 5 Class I railroads. Is that what you said?

偉大的。艾瑞克（Eric），您是否說過，在預訂前景中，您預計會有 5 家一級鐵路公司的訂單。是你說的嗎？

Yes, Yes, we did.

是的，是的，我們做到了。

And can you talk a little bit about the use cases there? I guess these orders are coming in before the lab work is done. So maybe just what's the opportunity to kind of with these individual orders prior to the lab working?

您能談談那裡的用例嗎？我猜這些訂單是在實驗室工作完成之前收到的。那麼，也許在實驗室工作之前處理這些單獨訂單的機會是什麼？

I'll ask Stewart to take that and talk about these new applications.

我將請斯圖爾特接受並討論這些新應用程式。

Sure. Thanks, Mike. So there's a number of applications that individual rails have been looking at for quite a long time. And one we mentioned specifically on the call was interlocking. And the interesting thing about that application is it's more of a distributed network versus centralized where we're connecting, if you look at how trains approach crossings and it allows for red light, green light coordination. And so one of the customers is looking at a wide deployment of interlocking. You have to recall, too, that these networks -- a large portion of the rail networks are focused on a single rail. And then as they interconnect with other rails, that's where the coexistence and interoperability occurs.

當然。謝謝，麥克。因此，各鐵路部門長期以來一直在研究許多應用。我們在電話會議中特別提到的一個是連鎖。該應用程式的有趣之處在於，它更像是一個分散式網絡，而不是我們連接的集中式網絡，如果你看看火車如何接近十字路口，並且它允許紅燈、綠燈協調。因此，一位客戶正在考慮聯鎖的廣泛部署。您還必須記住，這些網絡——鐵路網絡的很大一部分都集中在一條鐵路上。然後，當它們與其他軌道互連時，就會發生共存和互通性。

So we've got a number of applications, interlocking, some bridge drops, a number of things that rails are looking to do in the short term. And then as we mentioned on one of the slides that the focus is moving block applications where you're looking at trains not working in a fixed block where they're waiting for one train and stop while another train is moving forward.

因此，我們有許多應用程序，聯鎖，一些橋樑下降，以及鐵路公司希望在短期內完成的許多事情。然後，正如我們在其中一張幻燈片中提到的，重點是移動區塊應用程序，您會看到火車不在固定區塊中運行，它們正在等待一列火車並在另一列火車向前行駛時停下來。

So if you look at that one slide we discussed, we're looking at moving from fixed block to moving block to eventually autonomous trains. So this is a whole series of applications that have to occur for the rails to achieve that. And they've decided to go ahead and get started on these use cases now.

因此，如果你看一下我們討論的那張投影片，我們正在考慮從固定區塊轉向行動區塊，再到最終的自動駕駛列車。因此，為了實現這一目標，鐵路必須進行一系列的應用。他們決定立即開始使用這些用例。

Okay. And then on the bookings. So should we assume that rev rec on those bookings is, I don't know, 6 months after they occur for deployment purposes?

好的。然後是預訂。那麼，我不知道，我們是否應該假設這些預訂的轉速記錄是在出於部署目的而發生後 6 個月？

It's hard to have visibility at the moment on that. I think when we get orders, we should be able to turn them around much more quickly than that. We're getting inventory kind of in production ramping in advance or in anticipation. So I don't think it's 6 months, but I can't tell you with precision sort of when, when the order hits and when we turn that into deliveries.

目前很難了解這一點。我認為當我們收到訂單時，我們應該能夠比這更快地扭轉局面。我們的庫存量在生產中提前或預期增加。所以我認為不是 6 個月，但我無法準確地告訴你訂單何時到達以及我們何時將其轉化為交貨。

Got it. And then...

知道了。進而...

Mike, also on the slide, we talked about the launching and there's a lot of processes that go in place. Each rail pursues their own methodology in terms of the design. So it depends on the individual rail, too, and how they -- whether -- how much prework, so we have to really coordinate one-on-one with the rails as they go through it. But -- that's why we're -- we've mentioned that some rails are doing smaller launch orders. Some are preparing for larger. So we and Siemens are working together on that.

麥克，也在幻燈片上，我們談到了啟動，並且有很多流程正在落實。每條鐵路在設計上都追求自己的方法。因此，這也取決於各個鐵路，以及它們如何（是否）進行多少預加工，因此我們必須在鐵路通過時與它們進行真正的一對一協調。但是 - 這就是我們的原因 - 我們已經提到一些鐵路正在執行較小的發射訂單。有些人正在為更大的事情做準備。因此，我們和西門子正在為此共同努力。

And then should we still think about the ARR on the drones is about $50,000 a year. Is that right?

然後我們是否還應該考慮無人機的 ARR 約為每年 50,000 美元。是對的嗎？

Reese?

里斯？

Yes. I think for modeling purposes right now, that is appropriate, though it may end up being conservative. Hopefully, we'll be able to share more on that later this year.

是的。我認為目前出於建模目的，這是合適的，儘管最終可能會變得保守。希望我們能夠在今年稍後分享更多相關內容。

Got it. And as you get more involved with your blue-chip customers here, are they asking for, I don't know, additional functionality that requires some R&D this year or anything like that?

知道了。隨著您更多地與這裡的藍籌客戶互動，我不知道他們是否要求今年需要一些研發的額外功能或類似的東西？

Yes, in some circumstances, yes. So in the Stockpile market, for example, no, that's a mature analytics package that we have in our partnership with Stockpile Reports. With rail, Ardenna comes with the fairly mature software package. In oil and gas, I think that would be the largest area of R&D. So we've identified a number of high-value use cases, and we'd like to integrate some new payloads and associate that with some analytics for Chevron and ConocoPhillips and others.

是的，在某些情況下，是的。例如，在 Stockpile 市場中，不，這是我們與 Stockpile Reports 合作提供的成熟分析套件。對於鐵路，Ardenna 配備了相當成熟的軟體包。在石油和天然氣領域，我認為這將是最大的研發領域。因此，我們已經確定了許多高價值用例，我們希望整合一些新的有效負載，並將其與雪佛龍和康菲石油公司等公司的一些分析相關聯。

And our next question today comes from William Morrison of National Securities.

今天我們的下一個問題來自國家證券公司的威廉·莫里森。

Guys, great progress across the board, a bunch of good things happening. I just had a question on some of the rails to Class Is. One of them just came out with a budget, up about 30% year-over-year to about $3.5 billion. And they mentioned that some of that was for -- earmarked for the modernization of their network. So how much would that -- how would that flow down through to Ondas and what will be the components? How much would just be pure infrastructure like towers and other common equipment versus radios?

夥計們，各方面都取得了巨大進步，發生了很多好事。我只是對 Class Is 的一些鐵軌有疑問。其中一家公司剛剛公佈了一份預算，年增約 30%，達到約 35 億美元。他們提到其中一些是專門用於網路現代化的。那麼，這會帶來多少——如何流向 Ondas 以及組件是什麼？與無線電相比，塔樓和其他常見設備等純粹基礎設施的成本是多少？

Well, thanks for the question, Bill. And as you said, the ability to spend here is substantial. One of the benefits with our technology is the flexibility to operate in all these frequency bands, which means when the railroads are upgrading their networks for more capacity and more flexibility, there's still -- what they're really trying to do is get more utilization out of their existing spectrum assets. So they already have the infrastructure in the field. They have base stations. They even have antennas that are very often we can reuse because we're basically deploying new base stations at the same tower. And then, of course, the edge devices are in the field. They're either going to be essentially connected to the equipment they want to monitor and control or embedded in the examples you're seeing increasingly with Siemens, where our FullMAX technology is inside.

嗯，謝謝你的提問，比爾。正如你所說，在這裡消費的能力是巨大的。我們技術的優點之一是可以在所有這些頻段上靈活地運行，這意味著當鐵路公司升級其網路以獲得更大的容量和更大的靈活性時，他們真正想做的是獲得更多的利用率他們現有的頻譜資產。所以他們已經擁有該領域的基礎設施。他們有基地台。他們甚至擁有我們經常可以重複使用的天線，因為我們基本上是在同一座塔上部署新的基地台。當然，邊緣設備也在現場。它們要么本質上連接到他們想要監視和控制的設備，要么嵌入到您在西門子越來越多地看到的示例中，其中包含我們的 FullMAX 技術。

So the bulk of the network upgrade is on -- in spending is related to the equipment and solution we're providing. And of course, they'll have to have their own internal budgeted labor. As Stewart was referring earlier, most of the heavy lifting will be done by the rails themselves, and they have substantial capacity to do that. They operate essentially mini-telecom operations.

因此，網路升級的大部分支出與我們提供的設備和解決方案有關。當然，他們必須有自己的內部預算勞動力。正如史都華之前提到的，大部分繁重的工作將由鐵軌本身完成，而且它們有足夠的能力來做到這一點。他們本質上經營的是小型電信業務。

Okay. So that's good. So if most of it is towards radios, other than the order book, they must have some kind of schedule for you to ramp your manufacturing or just to kind of align all your sourcing and everything. I mean what does that look like? Because that -- to me, that looks like a couple of hundred million for 1 rail.

好的。所以這樣很好。因此，如果其中大部分是針對收音機的，那麼除了訂單之外，他們必須有某種時間表供您提高製造速度，或者只是為了協調所有採購和一切。我的意思是那看起來像什麼？因為對我來說，一條鐵路看起來需要幾億美元。

Yes. I can't speak exactly to that budget you're talking about. But we are preparing for increased volumes as you would expect. And of course, we're spending a lot of time with Siemens and now increasingly the customers on issues like supply chain. And that is a real issue. Of course, that's something that's not unfamiliar to everyone on this call now, but we're trying to do our best to get in front of that. So what that means is the railroads and as we referred to it, we are getting increasing visibility. We will be expecting to get more visibility on their ordering plans and that we'll need to work closely with them and Siemens to make sure the supply chain and our ability to produce and deliver is there. And there's a lot of energy being put into just that.

是的。我無法準確說出您所說的預算。但正如您所期望的那樣，我們正在為增加產量做好準備。當然，我們在供應鏈等問題上花費了大量時間與西門子合作，現在越來越多地與客戶合作。這是一個真正的問題。當然，現在這個電話會議中的每個人都對這一點並不陌生，但我們正在盡力解決這個問題。所以這意味著鐵路，正如我們所提到的，我們的知名度正在提高。我們希望能夠更清楚地了解他們的訂購計劃，並且我們需要與他們和西門子密切合作，以確保供應鏈以及我們的生產和交付能力。為此投入了大量的精力。

And what's the early expectations for meeting the -- righting the occasion on the supply chain. And does Siemens' supply chain infrastructure help you? Or are you all on your own?

以及對滿足供應鏈情勢的早期期望是什麼？西門子的供應鏈基礎設施對您有幫助嗎？還是你們都靠自己了？

Siemens is going to be very helpful. Obviously, what they do in their manufacturing prowess and supply chain teams are big. And they're going to be very motivated and are motivated to help us procure components.

西門子將會非常有幫助。顯然，他們在製造能力和供應鏈團隊方面所做的工作是巨大的。他們將會非常積極地幫助我們購買零件。

I mean do you see any fuel stoppers or any critical parts or...

我的意思是你看到任何燃油塞或任何關鍵部件或...

It's hard to talk specifically. I mean we do see supply chain tightness and it's certainly -- it can be component-specific at some points. But we've got -- it's here in March, and we're doing the -- we're identifying where those pinch points could be. And we're going to try to manage them as well as we can.

具體很難講。我的意思是，我們確實看到供應鏈緊張，而且在某些時候它可能是特定於組件的。但我們已經——三月了，我們正在做——我們正在確定這些關鍵點可能在哪裡。我們將盡力管理它們。

And our next question today comes from Ophir Gottlieb with Capital Market Laboratories.

今天我們的下一個問題來自資本市場實驗室的 Ophir Gottlieb。

Eric, just a point of clarification and then 2 questions. First of all, it looks like it says expected growth in revenue and gross profits will offset cash burn for 2022 and 2023 for rail. Does that mean rail at least for '22 and '23 is going to be running operating cash flow breakeven?

艾瑞克，請澄清一點，然後問兩個問題。首先，它看起來預計收入和毛利的成長將抵消 2022 年和 2023 年鐵路的現金消耗。這是否意味著鐵路至少在 22 年和 23 年將實現營運現金流損益平衡？

I wouldn't say it's breakeven for 2022. I think about it on a quarterly basis as we see the ramp in orders and we start delivering and recognizing revenue and receiving payment. And by the way, we do think the payment terms will be favorable. We get to what I described on a quarterly basis, at modest levels of revenue, we become self-funding at Ondas Networks and profitable. So you've heard us in the past talk about our OpEx. We're today guiding the first quarter around $6.5 million or so in cash OpEx. A little less than half of that is Ondas Networks. The rest is AR and of course, we have holding company expenses.

我不會說 2022 年會實現盈虧平衡。我會按季度考慮這個問題，因為我們看到訂單量增加，我們開始交付和確認收入並接收付款。順便說一句，我們確實認為付款條件會很有利。我們達到了我所描述的每季收入水平，在適度的收入水平下，我們在 Ondas Networks 實現了自籌資金並實現盈利。您過去曾聽過我們談論我們的營運支出。今天，我們預計第一季的現金營運支出約為 650 萬美元左右。其中不到一半是 Ondas Networks。剩下的就是 AR，當然，我們還有控股公司的費用。

So given our margin profile of 50% or greater on the platform sale, this does not include the recurring software and system maintenance revenue. But just given the margin profile on our -- on the system sales for Ondas Networks, you're at $7 million or $8 million of quarterly revenue and you're cash flow positive on an operating basis. So that's the way I think about it. And we'll see how we can ramp orders and turn that into cash receipts as we move through the year. But I think 2023 should be -- Ondas Networks, based on what we understand and believe the growth to be, we should be self-funding and Ondas Networks for -- by 2023.

因此，考慮到我們平台銷售的利潤率為 50% 或更高，這不包括經常性軟體和系統維護收入。但僅考慮到 Ondas Networks 系統銷售的利潤率情況，您的季度收入為 700 萬美元或 800 萬美元，並且營運現金流為正。這就是我的想法。我們將了解如何在這一年中增加訂單並將其轉化為現金收入。但我認為 2023 年應該是——Ondas Networks，根據我們對成長的理解和相信，我們應該自籌資金，Ondas Networks 到——到 2023 年。

Okay. So you don't necessarily have to tug on that $50 million ATM?

好的。那麼您不一定要去拉那台價值 5000 萬美元的 ATM 機嗎？

Exactly. Yes. This -- as we described in the call, this is all about balance sheet flexibility and optionality. As Reese also referred to, and this could be the case as well as for Ondas, the customers are looking for us to innovate and actually provide solutions and if we've got the right mouse trap, given the ROI on what we do, they might ask us to move faster, and we want to be ready to do it.

確切地。是的。正如我們在電話會議中所描述的，這完全取決於資產負債表的靈活性和選擇性。正如 Reese 也提到的那樣，Ondas 的情況也可能如此，客戶正在尋求我們創新並實際提供解決方案，如果我們有合適的捕鼠器，考慮到我們所做的投資回報率，他們可能會要求我們加快行動速度，而我們希望做好準備。

Okay. So you'd move on the ATM if there were revenue opportunities to accelerate, but not for -- just for funding the entity since rail, it sounds like, is going to be self-funding. Is that a good way to put it?

好的。因此，如果有加速收入的機會，你就會轉向自動櫃員機，但不是為了——只是為了為該實體提供資金，因為聽起來鐵路將是自籌資金的。這是一個好的表達方式嗎？

Exactly. That's our expectation.

確切地。這是我們的期望。

All right. So I have 2 questions. So I know Ondas has secured 2 Class I rails. It sounds like a third is coming shortly. And I think there was a guidance to have 5 by year-end. And since there's a transition for Class I rails to come off of legacy networks and enterprises don't go backwards once they come off of a legacy network, what does this look like in, say, 2024? I know that you've given the total addressable markets, but let me ask you this way. Is this a $300 million to $800 million potential revenue available through 2024 and '25? Or how should I look at that? And then I have one follow-up on American Robotics.

好的。所以我有兩個問題。所以我知道 Ondas 已經獲得了 2 條 I 級鐵軌。聽起來第三個即將到來。我認為有指導說到年底要達到 5 個。由於 I 類鐵路將脫離傳統網絡，而企業一旦脫離傳統網絡就不會倒退，那麼 2024 年會是什麼樣子呢？我知道您已經給了總的可尋址市場，但讓我這樣問您。到 2024 年和 25 年，潛在收入是否可達 3 億至 8 億美元？或者說我該如何看待呢？然後我有一篇關於美國機器人的後續報導。

No. I think the focus of the build-out for the railroads over the next several years will be on that new 900 megahertz network. And all in, when including the deployment at crossings, at high rails, high rails are maintenance vehicles that run along the track, at the wave sides for applications that Stewart was describing earlier, that's several hundred million dollars. And then, of course, there's the other networks, 450 where we're already building a product. That's the on locomotive radio systems for HOT and EOT. You'll start to see that kind of play out probably starting in 2023, expect Siemens to have orders for upgrading HOT.

不會。我認為未來幾年鐵路建設的重點將是新的 900 兆赫網絡。總而言之，當包括在交叉口、高鐵軌、高鐵軌和沿軌道運行的維護車輛時，在斯圖爾特之前描述的波浪兩側的應用中，這需要數億美元。當然，還有其他網絡，我們已經在 450 個網路中建立產品。這是用於 HOT 和 EOT 的機車無線電系統。您可能會從 2023 年開始看到這種情況，預計西門子將收到升級 HOT 的訂單。

So it's kind of going to be a sequence, but the vast bulk of the focus in the spend will be on that 900 network with the rails, of 450 and 160 sort of come in kind of behind. And I would ask you to watch what we're doing on the development side there. Obviously, again, 450 we started a product with Siemens. We do -- we've talked about this in the past, we do think 160 is the place the rails will be active with some development work kind of in the coming quarters, we'll call it.

因此，這將是一個序列，但支出的大部分重點將集中在帶有鐵軌的 900 網路上，450 和 160 有點落後。我想請您關注我們在開發方面所做的事情。顯然，450我們又開始與西門子合作開發產品。我們確實 - 我們過去已經討論過這個問題，我們確實認為 160 是 Rails 將在未來幾個季度積極開展一些開發工作的地方，我們稱之為它。

Okay. Sounds like 2024 if things go according to plan should deliver at least $100 million in the rail revenue. And American Robotics sounds quite on track to hit its $30 million to $60 million in annual recurring revenue. That's how I read it. Does that sound reasonable?

好的。如果一切按計畫進行，2024 年鐵路收入將至少達到 1 億美元。 American Robotics 的年度經常性收入聽起來很有可能達到 3,000 萬至 6,000 萬美元。我就是這麼讀的。聽起來合理嗎？

I think those numbers are in the ballpark.

我認為這些數字是大致範圍內的。

Okay. All right. So I have a question on American Robotics. As you know, I spoke with one of your major oil and gas customers. And I understood from them that the time to a fleet order is actually a lot faster than I thought it was, let's say, 1,000 to 2,000 drones could actually happen in 9 to 12 months from the first deployment of the payer, the sort of the testing payer. And that's, of course, assuming Scout can deliver what they hope it can so there's no guarantees. But these companies can scale, let's say, within a year. It occurred to me, it seems like if one of these mega caps is going to get into the final step function with American Robotics for a fleet order, they know that it would be a company-defining moment for Ondas.

好的。好的。我有一個關於美國機器人的問題。如您所知，我與您的一位主要石油和天然氣客戶進行了交談。我從他們那裡了解到，機隊訂單的時間實際上比我想像的要快得多，比方說，從付款人首次部署後的9 到12 個月內實際上可能會出現1,000 到2,000 架無人機，就像測試付款人。當然，這是假設 Scout 能夠實現他們希望的目標，所以沒有任何保證。但這些公司可以在一年內擴大規模。我突然想到，如果這些大型企業之一要進入美國機器人公司的車隊訂單的最後一步，他們知道這將是昂達斯公司的決定性時刻。

And it seems to me that they would take some sort of stake in the firm, not just to benefit from their own CapEx, right, but also logistically to essentially guarantee that the manufacturing of their drones goes to the front of the line. If you get a fleet order, then they're going to want all 2,000 drones. Is that a reasonable way to think about the relationship between American Robotics and fleet orders? Or are these conversations happening either internally or externally that a potential Fortune 100 company that has tested and moves into the step function may actually take a stake in the company? I don't know what you can say about that.

在我看來，他們會持有該公司的某種股份，不僅是為了從自己的資本支出中受益，對吧，也是為了從後勤上保證他們的無人機的製造走在最前面。如果您獲得機隊訂單，那麼他們將需要全部 2,000 架無人機。這是思考美國機器人公司和艦隊訂單之間關係的合理方式嗎？或者這些對話是否在內部或外部發生，表明已經測試並進入階梯功能的潛在財富 100 強公司實際上可能會持有該公司的股份？我不知道你對此有何評論。

Well, I can't talk specifically to that. But I think broadly, what you're discussing is true. These companies, when they -- if there's mission-critical technologies, they're going to make a big investment and particularly if it's an emerging technology with a company like Ondas, there's going to be partnership. And what that means in terms of financial arrangements, I guess we'll have to see. But we do think there's scope for partnerships. And at the same time, we think we control our own destiny. We're well capitalized and will continue to be. And we've built -- we've got a very deliberate strategy to build the team and the infrastructure to service these companies. And there's all sorts of relationships we can have to buttress that. So we'll have to see what happens. So we're obviously excited to do the work and deliver and things will take care of themselves.

嗯，我不能具體談論這一點。但我認為，從廣義上講，您所討論的是正確的。這些公司，如果有關鍵任務技術，他們將進行大量投資，特別是如果這是一項新興技術，與 Ondas 這樣的公司合作，就會建立合作關係。我想我們必須看看這對財務安排意味著什麼。但我們確實認為有合作的空間。同時，我們認為我們掌控著自己的命運。我們資本充足，並將繼續如此。我們已經制定了非常深思熟慮的策略來建立團隊和基礎設施來為這些公司提供服務。我們可以透過各種關係來支持這一點。所以我們必須看看會發生什麼。因此，我們顯然很高興能夠完成這項工作並交付成果，一切都會水到渠成。

Yes, we're approaching these conversations with companies like Chevron and ConocoPhillips very much from a partnership perspective. This isn't at the point where it's pure sales, and we're just trying to pump as many units to them. We know that this is a long-term relationship and that assuming we succeed in integrating thousands of drone systems, we become a very important part of their infrastructure that's critical to their day-to-day operations and the safety of their assets, et cetera. And so I think both sides recognize that, and we're working closely with them on a weekly basis to really establish that kind of partnership mindset. So I think all sorts of things come out of that, and we're leaving the door open for all sorts of conversations again beyond just a pure kind of sales relationship.

是的，我們非常從合作夥伴的角度來與雪佛龍和康菲石油公司等公司進行這些對話。這還不是純粹的銷售，我們只是想向他們提供盡可能多的產品。我們知道這是一種長期合作關係，假設我們成功整合了數千個無人機系統，我們將成為他們基礎設施中非常重要的一部分，這對於他們的日常營運和資產安全等至關重要。因此，我認為雙方都認識到這一點，我們每週都與他們密切合作，以真正建立這種夥伴關係的心態。所以我認為各種各樣的事情都會隨之而來，我們將再次為各種對話敞開大門，而不僅僅是純粹的銷售關係。

Okay. And Reese, I saw the guidance for American Robotics, I was in that presentation in September last year, sort of this methodical move forward. But given that American Robotics continues to add these Fortune 100s, which they really do have the scale for 1,000 or 2,000 or actually might be more, that could accelerate that guidance that was given, but does American Robotics -- I know it's contract manufacturing. But does American Robotics have the ability of, I don't know, December 31, 2022, fill in the blank, mega cap oil and gas says, yes, we actually will take 1,000 to 2,000 Scouts, even though I know that's ahead of the schedule that you planned, which would be great news, but could that be delivered with your current manufacturing? It sounds like it could be, but it would be at the end of essentially the top end of what you could do.

好的。里斯，我看到了美國機器人公司的指導，去年九月我參加了那個演講，這是一個有條不紊的前進。但鑑於 American Robotics 繼續增加這些財富 100 強企業，他們確實擁有 1,000 或 2,000 甚至更多的規模，這可能會加速給出的指導，但 American Robotics 確實如此——我知道這是合約製造。但是美國機器人公司是否有能力，我不知道，到 2022 年 12 月 31 日，填補空白，大型石油和天然氣公司說，是的，我們實際上會招募 1,000 到 2,000 名偵察兵，儘管我知道這比您計劃的時間表，這將是個好消息，但是可以透過您目前的製造來交付嗎？聽起來可能是這樣，但這基本上是你能做的事情的最後階段。

I mean it's theoretical. I think when -- I love the gentleman's enthusiasm with Chevron. But I think -- I don't even think on their end that they would install that many systems all at once. I interpret an order of 1,000 or 2,000 drone systems as being attached to a rollout strategy over, say, the following year. Each one of those sites needs to be determined, there's power requirements, you need to build a cement pad for each thing. You need to ensure that you have data connectivity, which can vary between site, and each thing has to be set up with flight plan, boundaries, et cetera. So there's -- regardless of it's American Robotics or any other company, there's just some steps that have to occur that I think stretch that over time a little bit, which is fine.

我的意思是這是理論上的。我想當——我喜歡這位紳士對雪佛龍的熱情。但我認為——我什至不認為他們會一次性安裝那麼多系統。我將 1,000 或 2,000 架無人機系統的訂單解釋為附加到明年的推出策略。每個地點都需要確定，有電力需求，你需要為每件事建造一個水泥墊。您需要確保擁有數據連接，數據連接可能因站點而異，並且每件事都必須設置飛行計劃、邊界等。因此，無論是美國機器人公司還是任何其他公司，都必須採取一些步驟，我認為隨著時間的推移，這些步驟會稍微延長，這很好。

So yes, but it would be, again, I think, a ramp-up that's scaled out over the following year.

所以是的，但我認為，這將是一次在接下來的一年中逐步擴大的成長。

Yes. They wouldn't expect 1,000 drones the next day. And just to close the loop, is each of these Scouts still forecast to have a payback period of less than a year and a free cash flow margin of a little over 70% or is that still -- as you're scaling on this, it's about how you -- is that how you see the sort of things are still as presented?

是的。他們沒想到第二天就會有 1,000 架無人機。為了結束這個循環，這些偵察兵中的每一個是否仍然預計有不到一年的投資回收期和略高於 70% 的自由現金流利潤率，或者仍然如此——當你在擴大規模時，這是關於你如何看待事物仍然如所呈現的？

Yes. Generally, yes. And certainly, when we get to quantities like that, supply chain constraints could raise component prices a little bit. So we're right on the border of that right now in low quantities. But yes, certainly when you get to hundreds and thousands, absolutely.

是的。一般來說，是的。當然，當我們達到這樣的數量時，供應鏈的限制可能會稍微提高零件價格。所以我們現在的數量就處於這個邊緣。但是，是的，當你達到成百上千的時候，絕對是這樣。

And ladies and gentlemen, this concludes our question-and-answer session. I'd like to turn the conference back over to the management team for any final remarks.

女士們、先生們，我們的問答環節到此結束。我想將會議轉回管理團隊，讓他們發表最後的評論。

Okay. Well, thanks for attending the call. We're looking forward to this year. As we outlined today, we're very excited. We've got some momentum, and we'll be in touch. We're going to keep you posted on business development as we move through this quarter, and we'll talk soon. Thank you.

好的。好的，感謝您參加電話會議。我們期待今年。正如我們今天所概述的，我們非常興奮。我們已經有了一些動力，我們會保持聯繫。隨著本季的進展，我們將隨時向您通報業務發展情況，我們很快就會進行討論。謝謝。

And ladies and gentlemen, this concludes today's conference call. We thank you all for attending today's presentation. You may now disconnect your lines, and have a wonderful day.

女士們、先生們，今天的電話會議到此結束。我們感謝大家參加今天的演講。您現在可以斷開線路，度過美好的一天。