Palladyne AI Corp (PDYN) 2025 Q4 法說會逐字稿

Greetings, and welcome to the Palladyne AI fourth quarter and year-end 2025 Earnings Call. (Operator Instructions) As a reminder, this conference is being recorded. I would now like to turn the call over to your host, Brian Siegel, Investor Relations. Thank you. You may begin.

大家好，歡迎參加 Palladyne AI 2025 年第四季及全年財報電話會議。（操作說明）提醒各位，本次會議正在錄音。現在我將把電話交給主持人，投資者關係部門的布萊恩·西格爾。謝謝。你可以開始了。

Good morning, and welcome to Palladyne AI's fourth quarter and full year 2025 earnings conference call. Joining me on the call today are Ben Wolff, President and Chief Executive Officer; and Trevor Thatcher, Chief Financial Officer.

早安，歡迎參加 Palladyne AI 2025 年第四季及全年財報電話會議。今天與我一起參加電話會議的有總裁兼首席執行官本·沃爾夫，以及首席財務官特雷弗·撒切爾。

Earlier this morning, Palladyne AI issued a press release announcing its financial results for the fourth quarter and full year ended December 31, 2025, along with updated commentary regarding backlog and it's reiterated 2026 revenue guidance. A copy of that release, along with the accompanying financial tables is available on the Investor Relations section of Palladyne's website. Today's call will include prepared remarks from Ben and Trevor, followed by a question-and-answer session.

今天早些時候，Palladyne AI 發布新聞稿，公佈了截至 2025 年 12 月 31 日的第四季度和全年財務業績，並更新了有關積壓訂單的評論，重申了 2026 年的收入預期。新聞稿及其隨附的財務表格可在 Palladyne 網站的投資者關係部分查閱。今天的電話會議將包括本和特雷弗的準備好的講話，隨後是問答環節。

During today's call, management will make forward-looking statements within the meaning of the federal securities laws. These statements include, but are not limited to, statements regarding Palladyne's 2026 revenue guidance, expected backlog conversion, anticipated quarterly operating cash usage, product development milestones, commercialization timelines, defense program activity, potential customer adoption, market opportunities and future strategic positioning across air, space, land and maritime domains.

在今天的電話會議中，管理層將根據聯邦證券法做出前瞻性聲明。這些聲明包括但不限於有關 Palladyne 2026 年收入預期、預計積壓訂單轉換率、預計季度營運現金使用情況、產品開發里程碑、商業化時間表、國防專案活動、潛在客戶採用情況、市場機會以及未來在航空、太空、陸地和海洋領域的戰略定位的聲明。

Forward-looking statements are based on current expectations, assumptions and beliefs involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied. These risks and uncertainties include, among others, Palladyne's ability to execute on development programs, convert backlog into revenue, scale production, manage operating expenses, integrate acquired businesses, secure additional contracts, maintain liquidity and navigate evolving defense and commercial market conditions. These and other risk factors are described in detail in Palladyne's filings with the Securities and Exchange Commission, including its annual report on Form 10-K and subsequent filings.

前瞻性陳述是基於目前的預期、假設和信念，涉及風險和不確定性，可能導致實際結果與明示或暗示的結果有重大差異。這些風險和不確定性包括但不限於：Palladyne 執行開發計劃、將積壓訂單轉化為收入、擴大生產規模、管理營運費用、整合收購的業務、獲得額外合約、保持流動性以及應對不斷變化的國防和商業市場狀況的能力。這些以及其他風險因素在 Palladyne 向美國證券交易委員會提交的文件中均有詳細描述，包括其 10-K 表格年度報告和後續文件。

Palladyne undertakes no obligation to update any forward-looking statements, except as required by law. In addition, during this call, management will reference certain non-GAAP financial measures, which adjust for acquisition-related expenses, stock compensation, noncash warrant income or expense that are mark-to-market quarterly based on changes in the company's stock price and a tax benefit related to acquisitions. A reconciliation of these non-GAAP measures to the most directly comparable GAAP measures is included in this morning's press release. With that, I'll turn the call over to Ben.

除法律要求外，Palladyne 不承擔更新任何前瞻性聲明的義務。此外，在本次電話會議中，管理層將提及某些非GAAP財務指標，這些指標會根據公司股價的變化按季度進行市值調整，以反映收購相關費用、股票補償、非現金認股權證收入或支出以及與收購相關的稅收優惠。今天早上的新聞稿中包含了這些非GAAP指標與最直接可比較的GAAP指標的調整表。接下來，我將把電話交給本。

Thank you, Brian, and good morning, everyone. Thanks for joining us. This is our first earnings call since I returned to the company two years ago and only our second press earnings release. In mid-January, we provided formal revenue guidance for the first time. Today, we are reiterating 2026 revenue guidance of $24 million to $27 million.

謝謝你，布萊恩，大家早安。謝謝您的參與。這是我兩年前重返公司以來的第一次財報電話會議，也是我們第二次的財報新聞稿。1月中旬，我們首次發布了正式的營收預期。今天，我們重申2026年營收預期為2,400萬美元至2,700萬美元。

That is roughly 4 times to 5 times our 2025 revenue. Additionally, backlog has already increased from approximately $13.5 million at the end of 2025 to nearly $18 million midway through the first quarter. We believe 2026 will be the first full year, where the structural transformation we completed in November, translates into measurable revenue growth. To understand why it helps to step back and look at what we built in 2025. We think about 2025 in two phases.

這大約是我們 2025 年收入的 4 到 5 倍。此外，積壓訂單已從 2025 年底的約 1,350 萬美元增加到第一季中期的近 1,800 萬美元。我們相信，2026 年將是我們在 11 月完成的結構轉型轉化為可衡量的收入成長的第一個完整年度。要理解這一點，不妨退後一步，看看我們在 2025 年取得了哪些成就。我們對2025年的規劃分為兩個階段。

The first phase was validation. In the first three quarters, we were upgrading Palladyne IQ. We integrated feedback from the US Air Force, potential Fortune 100 customers and others who are using and gaining experience with our first IQ release. That work clarified where our commercial product needed improvement and a directly shaped IQ 2.0, which we completed and started showing to customers at the beginning of January.

第一階段是驗證階段。前三個季度，我們一直在升級 Palladyne IQ。我們整合了來自美國空軍、潛在的財富 100 強客戶以及其他正在使用和體驗我們第一個 IQ 版本的用戶的回饋。這項工作明確了我們的商業產品在哪些方面需要改進，並直接促成了 IQ 2.0 的誕生。我們在 1 月初完成了 IQ 2.0 的開發，並開始向客戶展示。

That resulted in our first signed commercial IQ customer contract a couple of weeks ago. At the same time, we advanced our collaborative autonomous drone product, Palladyne Pilot, and created a swarming variant branded, SwarmOS for Defense and National Security.

幾週前，我們因此簽下了第一份商業 IQ 客戶合約。同時，我們推動了協作式自主無人機產品 Palladyne Pilot 的發展，並創建了名為 SwarmOS for Defense and National Security 的集群版本。

We signed MOUs with Red Cat and Draganfly and expanded capabilities through military development contracts. We also strengthened the balance sheet, added senior military leadership to our Board and expanded our AI-related patent portfolio. Then in November, the second phase began, transformation.

我們與 Red Cat 和 Draganfly 簽署了諒解備忘錄，並透過軍事發展合約擴大了能力。我們也加強了資產負債表，為董事會增添了高級軍事領導人才，並擴大了與人工智慧相關的專利組合。然後，11 月，第二階段——轉型——開始了。

We acquired GuideTech, Warnke Precision Machining and MKR Fabricators. We launched Palladyne Defense. We added avionics design and engineering, proprietary UAV and missile systems, precision components, certified US-based manufacturing and backlog. We moved from being primarily a development-stage AI company to a vertically integrated embodied AI-centric industrial and defense platform company generating meaningful revenues. In short, we exited 2025 fundamentally different.

我們收購了 GuideTech、Warnke Precision Machining 和 MKR Fabricators。我們推出了Palladyne Defense。我們增加了航空電子設備設計和工程、專有無人機和飛彈系統、精密零件、經認證的美國本土製造以及積壓訂單。我們從一家主要從事人工智慧研發的公司，轉型為一家垂直整合的、以具身人工智慧為中心的工業和國防平台公司，並創造了可觀的收入。簡而言之，我們以截然不同的面貌告別了 2025 年。

2026 will be the first full year of operations as a vertically integrated embodied AI-centric industrial and defense company. Now before I talk about execution, I want to address something that underpins everything we are doing. How our AI is fundamentally different. This week, my co-founder, Dr. Garagic and I published a white paper that makes a simple point about our biologically inspired AI architecture.

2026 年將是該公司作為一家垂直整合的、以人工智慧為中心的工業和國防公司全面運作的第一年。在討論執行情況之前，我想先談談我們一切工作的基礎。我們的人工智慧從根本上有何不同。本週，我和我的共同創辦人 Garagic 博士發表了一篇白皮書，闡述了我們受生物啟發的 AI 架構的一個簡單觀點。

Most AI platforms live in massive, centralized data centers, taking up enormous real estate and consuming tremendous amounts of power. They are in a nutshell built to think. They analyze. They recommend. They identify patterns and connect dots that we humans could never do on our own.

大多數人工智慧平台都運作在龐大的集中式資料中心，佔用大量空間並消耗大量電力。簡而言之，它們天生就是用來思考的。他們進行分析。他們推薦。他們能夠發現我們人類自己永遠無法發現的規律，並將各個細節連結起來。

These AI platforms are basically Google search on steroids. But machines, think of robots and drones, operating in dynamic real-world environments, can't rely on centralized intelligence that lives in the cloud for a minute-by-minute instruction.

這些人工智慧平台基本上就是打了興奮劑的谷歌搜尋。但是，想想機器人和無人機，它們在動態的現實世界環境中運行，不能依賴雲端集中式的智慧來獲取每分鐘的指令。

Machines in the real world need to react instantly often in a split second, the way we humans do. They can't deal with communications latency or worse communication gaps or failures nor is it economical to have machines continuously connected to the cloud. So the answer is to put the intelligence on the machine itself, enabling these machines to function more similarly to the way we humans do.

現實世界中的機器需要像我們人類一樣，在瞬間做出反應。他們無法應付通訊延遲，更無法應付通訊中斷或故障，讓機器持續連線到雲端也不經濟。因此，答案是將智慧賦予機器本身，使這些機器能夠以更接近人類的方式運作。

Nature got it right. The human nervous system does not ask permission for every movement. It reacts at the edge. It coordinates locally. It adapts in real time.

大自然的安排是對的。人類神經系統並非每次動作都需要徵求許可。它在邊緣處產生反應。它進行本地協調。它能即時適應。

It keeps functioning when communication is degraded. That biological model is the inspiration for the architecture we have built into our AI software products. Our autonomy lives at the edge. It operates on the machine. It collaborates across machines.

即使通訊中斷，它也能繼續運作。這種生物模型是我們人工智慧軟體產品架構的靈感來源。我們的自主權岌岌可危。它對機器進行操作。它能夠跨機器協作。

It does not depend on instructions from a centralized set of algorithms that live in the cloud. Our white paper is now available on our website and on LinkedIn. I encourage you to spend a few minutes reading it, and feel free to drop me a note if you would like to discuss it further. SwarmOS enables decentralized edge-based distributed collaboration. IntelliSwarm combines SwarmOS with our BRAIN avionics platform to deliver a fully integrated hardware and software collaborative AI stack for drones and missiles.

它不依賴雲端集中式演算法集的指令。我們的白皮書現已發佈在我們的網站和LinkedIn上。我建議您花幾分鐘閱讀一下，如果您想進一步討論，請隨時給我留言。SwarmOS 實現了去中心化的邊緣分散式協作。IntelliSwarm 將 SwarmOS 與我們的 BRAIN 航空電子平台相結合，為無人機和飛彈提供完全整合的硬體和軟體協作 AI 堆疊。

This is not simply cloud-based AI layered onto hardware. In particular, for defense applications, that distinction is a critical differentiator in contested environments and multi-domain operations. And this capability is the reason we were able to execute across air today and soon space as well. Since closing the acquisitions, we have moved with focus. On the commercial side, Matt Muta joined us from our Board of Directors to lead our commercial and industrial business.

這並非僅僅是將基於雲端的人工智慧疊加到硬體上。尤其對於國防應用而言，這種區別在對抗環境和多域作戰中是一個關鍵的區分因素。正是這種能力使我們今天能夠在空中執行任務，並且很快也能在太空中執行任務。自完成收購以來，我們一直專注於發展。在商業方面，Matt Muta 從董事會加入我們，領導我們的商業和工業業務。

We released IQ 2.0 and signed our first customer through a systems integration partner deploying IQ for robotic surface preparation. While this deal is not financially material, it is strategically important. On the defense side, we introduced IntelliSwarm integrating SwarmOS into BRAIN X2. We also branded Project Banshee as Gremlin-X and advanced the development of this mini-bomber drone concept. We successfully demonstrated a cross-platform coordinated swarm using IntelliSwarm on Gremlin-X and SwarmOS on Red Cat drones.

我們發布了 IQ 2.0，並透過系統整合合作夥伴與第一位客戶簽約，該合作夥伴部署 IQ 用於機器人表面處理。雖然這筆交易在財務上並不重大，但具有重要的戰略意義。在防禦方面，我們引入了 IntelliSwarm，將 SwarmOS 整合到 BRAIN X2 中。我們也把“女妖計畫”命名為“小妖精X”，並推進了這種迷你轟炸無人機概念的研發。我們成功地展示了使用 Gremlin-X 上的 IntelliSwarm 和 Red Cat 無人機上的 SwarmOS 進行跨平台協同叢集。

This isn't the kind of preprogrammed drone swarms everyone else talks about, rather, this is true autonomous swarming, where each drone perceives, reasons and acts and most importantly, collaborates. I'm often asked about the distinction between automation and autonomy, since many people think these words are interchangeable, they are not.

這不是大家常說的那種預先編程的無人機群，而是真正的自主集群，其中每個無人機都能感知、推理和行動，最重要的是，它們還能協作。我經常被問到自動化和自主性之間的區別，因為很多人認為這兩個詞可以互換使用，但它們不是。

Automation is preprogrammed routinized action. With automation, all of the decisions were made in advance by the humans who programmed the machine. In the machine if machine comes across something it wasn't programmed for, it is stuck, dead in the water until a human gets it back on track.

自動化是指預先編程的例行操作。在自動化過程中，所有決策都是由編寫機器程式的人類預先做出的。如果機器遇到它未預先編程處理的事情，它就會卡住，無法繼續運行，直到人們把它重新引導回正軌。

With autonomy, the machine makes decisions. Yes, humans can still make decisions too, but that's not the definition of autonomy. What we do is autonomy, not automation. There are similar confusion about use of the word swarm or swarming in the context of drones. Just like there are many different levels of autonomy for self-driving cars, the same is true for drones.

有了自主性，機器就能做出決定。是的，人類仍然可以做出決定，但這並不是自主的定義。我們追求的是自主性，而不是自動化。在無人機語境中，「swarm」或「swarming」一詞的使用也存在類似的混淆。就像自動駕駛汽車有許多不同的自主等級一樣，無人機也是如此。

Those cool drone light shows with thousands of drones creating pretty images in the sky are a form of swarming, but they are preprogrammed automated swarms with no need or ability to deviate from the choreographed plan. Then there is the limited autonomy that many UAV companies tout today, which enables drones to automatically prevent collisions with one another when flying in close proximity. That is an important, albeit rudimentary form of autonomy. Next, there is full autonomous swarming, which the US military refers to as wolf pack swarming.

那些由成千上萬架無人機在空中創造美麗影像的酷炫無人機燈光秀是一種集群行為，但它們是預先編程的自動化集群，既不需要也無法偏離編排好的計畫。此外，許多無人機公司目前也大力宣傳其有限的自主性，這使得無人機在近距離飛行時能夠自動防止彼此碰撞。那是一種重要的、儘管還很原始的自主形式。其次是完全自主的集群作戰，美國軍方稱為狼群集群作戰。

Wolf pack swarming takes the capability up a notch. This is where an advanced collaborative and hierarchical swarm of drones operates as a cohesive unit with specialized distributed roles, mimicking the behavior of wolfs to hunt, detect and destroy targets while at the same time, avoiding each other and obstacles. Finally, there is SwarmOS from Palladyne.

狼群圍攻將這種能力提升到了一個新的高度。在這裡，一支先進的協作式分層無人機群作為一個具有專門分佈式角色的凝聚力單元運行，模仿狼的行為來狩獵、探測和摧毀目標，同時避開彼此和障礙物。最後，還有來自 Palladyne 的 SwarmOS。

SwarmOS delivers wolf pack swarming, but significantly upgraded with the closest thing there is to artificial instinct and intuition. It adds game theory optimization to predict intent and adapt to friendly and hostile moves, maximizing target coverage for intelligence, surveillance and reconnaissance and mission effectiveness when action is required.

SwarmOS 實現了狼群的集群攻擊，但進行了大幅升級，使其擁有最接近人工本能和直覺的能力。它加入了博弈論優化，以預測意圖並適應友方和敵方的行動，最大限度地擴大情報、監視和偵察的目標覆蓋範圍，並在需要採取行動時提高任務效率。

These are significant nontrivial distinctions. As you've probably noticed, there was a ton of confusion among OEMs, customers and investors on this very important point. Not all swarming is the same. Not all AI is the same. Not all software is the same.

這些都是意義重大且非同尋常的區別。您可能已經注意到，OEM製造商、客戶和投資者在這個非常重要的問題上存在著許多困惑。並非所有的蜂群行為都一樣。並非所有人工智慧都一樣。並非所有軟體都一樣。

Some is more capable than others. We believe SwarmOS is truly unique and exactly what the Department of War needs. My life would be a lot easier if people in our industry would simply get the words right. So my goal today is to make sure the investment community can sift through the noise and truly understand the difference.

有些學生比其他學生更有能力。我們相信 SwarmOS 是獨一無二的，正是戰爭部所需要的。如果業內人士都能把措詞正確，我的生活會輕鬆很多。所以我今天的目標是確保投資界能夠撥開迷霧，並真正理解其中的差異。

As a company, our broader mission is to ensure that our differentiated capabilities are known and understood throughout the US government and the military as well as with partners and defense contractors. We are also extending the same distributed autonomy model into the space domain. Through development work with the Air Force Research Lab, we are expanding SwarmOS to incorporate satellites as another source of sensor data, another node on our distributed information network, if you will, that can add to the knowledge used by our embodied AI to enhance mission effectiveness.

作為一家公司，我們更廣泛的使命是確保美國政府和軍方以及合作夥伴和國防承包商了解並理解我們獨特的優勢。我們也將同樣的分散式自主模型擴展到了空間領域。透過與空軍研究實驗室的開發工作，我們正在擴展 SwarmOS，將衛星作為另一個感測器資料來源，也就是我們分散式資訊網路上的另一個節點，它可以增加我們具身人工智慧所使用的知識，從而提高任務效率。

Separately, we expanded our relationship with Portal Space Systems, advancing navigation, guidance, spacecraft modeling, embedded software and avionics support for its next-generation space logistics platforms. Our expanded relationship with Portal strengthens our propulsion presence in space today.

此外，我們擴大了與 Portal Space Systems 的合作關係，為其下一代太空物流平台推進了導航、導引、太空船建模、嵌入式軟體和航空電子設備支援。我們與 Portal 擴大的合作關係增強了我們目前在太空推進領域的地位。

Over time, propulsion and autonomy architectures naturally intersect, which provides additional future opportunities. Together, these efforts position us across air and space with long-term potential into land and sea-based unmanned systems as well.

隨著時間的推移，推進系統和自主系統架構自然會相互融合，這將帶來更多未來的機會。這些努力使我們在空中和太空領域佔據了有利地位，並具有長期發展陸地和海上無人系統的能力。

On the manufacturing side, we recently secured a contract for a missile propulsion subsystem from a major defense prime customer. That contract is another validation of our propulsion, engineering and manufacturing capabilities and expands our footprint in advanced defense programs that will generate revenue this year. We also progressed development across Gremlin-X and new BRAIN variants.

在製造方面，我們最近從一家主要的國防客戶那裡獲得了一份導彈推進子系統的合約。該合約再次證明了我們在推進、工程和製造方面的能力，並擴大了我們在先進國防項目中的影響力，這些項目將在今年產生收入。我們也推進了 Gremlin-X 和新的 BRAIN 變體的開發。

And we strengthened our intellectual property portfolio with a new patent issuance supporting decentralized swarming architectures while also submitting applications for four new patents related to our AI products and technologies. Let me frame the road map simply. We use the analogy of crawl, walk and run, not a separate strategies, but as stages of maturation. In 2025, we built the path. In 2026, we crawl.

我們透過一項新的專利授權加強了我們的智慧財產權組合，該專利支持去中心化的群體架構，同時也提交了四項與我們的人工智慧產品和技術相關的新專利申請。讓我簡單地概括一下路線圖。我們用爬行、走路和跑步來類比，這不是不同的策略，而是成熟的階段。2025年，我們鋪就了道路。2026年，我們將匍匐前進。

Crawl is about proving that the integrated model works at scale, converting backlog into revenue, monetizing development programs, generating product revenue from acquired businesses, executing live demos and trials for SwarmOS, IntelliSwarm and IQ 2.0 and advancing Gremlin-X, SwarmStrike and BRAIN variants toward defined milestones.

Crawl 的目標是證明整合模型能夠大規模運行，將積壓的工作轉化為收入，實現開發項目的貨幣化，從收購的業務中產生產品收入，對 SwarmOS、IntelliSwarm 和 IQ 2.0 進行現場演示和試驗，並推動 Gremlin-X、SwarmStrike 和 BRAIN 的變體朝著既定的里程碑前進。

Then we walk in 2027. Walk is where we expect proof to become repeatability. We expect broader SwarmOS and IntelliSwarm integrations, repeat IQ 2.0 wins, increasing brain deployments, expanding programs and multiple product-based revenue streams. At that point, growth becomes more systematic and less episodic.

然後我們走進2027年。我們認為，在實踐中，證據將轉化為可重複性。我們期待更廣泛的 SwarmOS 和 IntelliSwarm 集成，再次贏得 IQ 2.0 的成功，增加大腦部署，擴大項目範圍，以及實現多種基於產品的收入來源。那時，成長會變得更加系統化，而不是零散的。

And then we run. Run is where decentralized embodied collaborative autonomy operates seamlessly across air, space and eventually land and sea, where IntelliSwarm enables larger and more complex distributed systems, where autonomy and propulsion architectures converge, where UAV, missile and avionics revenue scales across multiple defense programs.

然後我們就跑。Run 是去中心化的具身協作自主系統在空中、太空以及最終在陸地和海洋中無縫運行的地方，是 IntelliSwarm 實現更大、更複雜的分散式系統的地方，是自主性和推進架構融合的地方，是無人機、導彈和航空電子設備收入在多個國防項目中擴展的地方。

This is when today's emerging and development-stage products become a scaled portfolio of core products driving meaningful revenue and bottom-line growth. 2026 is the first full year where our structural transformation is reflected in operations. We transformed the structure of this company in November.

屆時，目前處於發展階段的新興產品將演變為規模化的核心產品組合，從而推動營收和利潤的顯著成長。 2026年是我們結構轉型全面體現在營運中的第一個完整年度。我們在11月對公司結構進行了調整。

Now we are executing against a defined progression with intention and precision. And we believe 2026 marks the beginning of measurable translation of that transformation into growth. With that, I will turn the call over to Trevor.

現在我們正有目的地、有條不紊地依照既定的計畫執行任務。我們相信，2026 年標誌著這種轉變開始轉化為可衡量的成長。接下來，我將把電話交給特雷弗。

Thanks, Ben. I'll focus on the fourth quarter results, liquidity position and capital outlook. Before reviewing the numbers, I want to note that the 2025 fourth quarter and full year results we reported this morning included approximately six weeks of contribution from the businesses acquired in mid-November. Revenue for the fourth quarter of 2025 increased 118% to $1.7 million compared to $0.8 million last year. The increase was due to the inclusion of post-acquisition revenues from the acquired companies.

謝謝你，本。我將重點放在第四季度業績、流動性狀況和資本前景。在回顧這些數字之前，我想指出，我們今天早上公佈的 2025 年第四季度和全年業績包含了 11 月中旬收購的業務大約六週的貢獻。2025 年第四季營收成長 118%，達到 170 萬美元，去年同期為 80 萬美元。成長是由於計入了被收購公司收購後的收入。

Cost of revenue for the quarter was $1.4 million compared to $0.6 million in the prior year period. Research and development expense was $3.8 million compared to $2.6 million last year reflecting continued investment in autonomy software, avionics and product development programs from both Palladyne and the acquired companies.

本季營業成本為 140 萬美元，而去年同期為 60 萬美元。研發費用為 380 萬美元，而去年為 260 萬美元，反映出 Palladyne 和被收購公司在自主軟體、航空電子設備和產品開發項目方面持續進行投資。

General and administrative expense was $4.7 million compared to $3.5 million in the prior year period. The increase reflects acquisition-related transaction costs, the incremental scope of G&A functions from the acquired businesses and the normalization of compensation for certain employees of the acquired companies, who are not previously receiving market-based salaries. Sales and marketing expense was $1 million compared to $0.6 million last year, reflecting expanded marketing programs and business development efforts.

一般及行政費用為 470 萬美元，而去年同期為 350 萬美元。此次成長反映了與收購相關的交易成本、被收購業務的 G&A 職能的增量範圍以及被收購公司某些員工薪酬的正常化，這些員工以前沒有獲得市場薪酬。銷售和行銷費用為 100 萬美元，而去年為 60 萬美元，這反映了擴大的行銷計劃和業務發展努力。

Operating loss for the quarter was $9.3 million compared to $6.5 million in the prior year period. GAAP net loss for the fourth quarter was $1.5 million or $0.04 per share. On a non-GAAP basis, net loss for the fourth quarter was $6.9 million or $0.16 per share.

本季營業虧損為 930 萬美元，而上年同期為 650 萬美元。第四季GAAP淨虧損為150萬美元，即每股虧損0.04美元。以非GAAP準則計算，第四季淨虧損為690萬美元，即每股虧損0.16美元。

The primary differences between GAAP and non-GAAP results were as follows, a $4.6 million noncash gain related to the change in fair value of warrant liabilities, driven largely by the change in the price of our common stock and public warrants, $1.1 million of stock-based compensation expense, $0.6 million of acquisition-related transaction expenses and a $2.5 million income tax benefit linked to one of the November acquisitions related to the recognition of deferred tax liabilities associated with acquired intangible assets that were offset against fully valued deferred tax assets, creating a current noncash tax benefit. We believe excluding these items provides a clearer view of our underlying operating performance and cash usage.

GAAP 與非 GAAP 結果之間的主要差異如下：與認股權證負債公允價值變動相關的 460 萬美元非現金收益，主要由普通股和公開認股權證價格變動驅動；110 萬美元的股票選擇權費用；60 萬美元的收購相關交易費用；以及與 11 月份的一項收購相關的 250,000 美元的收購相關交易費用；萬美元所得稅收益，該收益與確認收購的無形資產相關的遞延所得稅負債有關，這些負債與已充分估值的遞延所得稅資產相抵消，從而產生了當期非現金稅收收益。我們認為，剔除這些項目可以更清楚地反映我們的基本經營績效和現金使用情況。

Turning to liquidity, as of December 31, 2025, we had cash, cash equivalents and marketable securities of approximately $47 million. Our fourth quarter net cash burn rate was approximately $10 million, which included $8.5 million in cash used in operations, $5.3 million in cash used for acquisitions, $3.7 million to pay down real estate acquired real estate debt acquired from the acquisitions offset by proceeds from ATM sales of approximately $7.3 million net of commissions. Backlog as of year-end was $13.5 million.

就流動性而言，截至 2025 年 12 月 31 日，我們擁有現金、現金等價物和有價證券約 4,700 萬美元。我們第四季的淨現金消耗率約為 1,000 萬美元，其中包括營運中使用的 850 萬美元現金、用於收購的 530 萬美元現金、用於償還收購房地產產生的房地產債務的 370 萬美元，以及 ATM 銷售所得的約 730 萬美元淨佣金收入。截至年底，積壓訂單金額為1350萬美元。

As Ben mentioned earlier, backlog increased to nearly $18 million midway through the first quarter. That increase reflects new contract wins and is net of normal invoicing activity during current year-to-date period.

正如本之前提到的，第一季中期積壓訂單增加到近 1800 萬美元。這一增長反映了新合約的簽訂，並且扣除了本年度迄今為止的正常發票活動。

Looking ahead to 2026, Ben has already announced that we are reiterating the guidance we issued on January 30, 2026, for revenue of $24 million to $27 million. Our 2026 outlook reflects the contribution of the businesses acquired in November, and we expect organic growth across each part of the company on a full year-over-year basis. We currently expect 2026 consolidated quarterly operating cash usage of approximately $8 million to $9 million.

展望 2026 年，Ben 已經宣布，我們將重申 2026 年 1 月 30 日發布的業績指引，即營收為 2,400 萬美元至 2,700 萬美元。我們對 2026 年的展望反映了 11 月收購的業務的貢獻，我們預計公司各部門的有機成長將實現年比全面成長。我們目前預計 2026 年合併季度經營現金使用量約為 800 萬至 900 萬美元。

The increase from our 2025 run rate reflects ongoing investment in SwarmOS and IQ, incremental investments to bring acquired programs to operational readiness and incremental headcount costs from building out the new defense and commercial team structures. As you recall in our previous commentary, we said that we plan to invest $5 million in Gremlin-X and SwarmStrike alone over the next 12 to 18 months.

與 2025 年的運行率相比，此次成長反映了對 SwarmOS 和 IQ 的持續投資、為使收購的項目達到作戰準備狀態而進行的增量投資，以及因構建新的國防和商業團隊結構而產生的增量人員成本。正如您在我們之前的評論中所記得的，我們說過，我們計劃在未來 12 到 18 個月內僅在 Gremlin-X 和 SwarmStrike 兩家公司就投資 500 萬美元。

We selectively added headcount to drive growth on the defense and commercial sides of the business and to bolster support services, consistent with our strategy to translate structural repositioning into operational execution. Based on our liquidity position and expected backlog conversion, we believe we are well positioned to execute our 2026 plan. Operator, we're now ready to take questions.

我們選擇性地增加了員工人數，以推動國防和商業業務的成長，並加強支援服務，這符合我們將結構調整轉化為營運執行的策略。根據我們的流動性狀況和預期的積壓訂單轉換率，我們相信我們有能力執行我們的 2026 年計畫。接線員，我們現在可以開始回答問題了。

(Operator Instructions)

（操作說明）

Greg Konrad, Jefferies.

格雷格·康拉德，傑富瑞集團。

Appreciated all the color and the differentiation and kind of road map going forward. But just thinking about 2026, I think you mentioned you expect organic growth along with M&A contribution. Can you maybe just parse out expectations of some of the growth drivers in the M&A along with kind of Palladyne IQ and Palladyne Pilot?

欣賞其中的豐富色彩、差異化設計以及未來發展的方向規劃。但展望 2026 年，我想你曾提到你預期內生成長以及併購貢獻。您能否分析一下併購中一些成長驅動因素的預期，以及 Palladyne IQ 和 Palladyne Pilot 的相關數據？

So we're not breaking out the kind of the categories of revenue from the $24 million to $27 million guidance. I think Trevor mentioned that we're expecting to see growth in all of those areas. And that's just through new customer relationships, new contracts, et cetera, across all three parts of the business, manufacturing, the UAV side of the business and then the AI side of the business.

因此，我們不會對 2,400 萬美元至 2,700 萬美元的預期收入進行細分。我想特雷弗提到過，我們預計所有這些領域都會有所成長。而且這只是透過建立新的客戶關係、簽訂新合約等方式，涵蓋了業務的三個部分：製造、無人機業務和人工智慧業務。

So we're expecting growth in all three of those areas, but we're not giving any specific guidance on the specific growth in those three categories.

因此，我們預期這三個領域都會成長，但我們不會對這三個類別的具體成長幅度給予任何具體指引。

And then you also kind of laid out a 2026 and some of the key items for 2027. How do you think about growth going forward? What are the big drivers and just how you're thinking about maybe some decisions or key contracts that we should expect to be watching for in 2026 for that transition?

然後，您也大致規劃了 2026 年以及 2027 年的一些重點項目。您如何看待未來的成長？2026 年轉型過程中，有哪些主要驅動因素？您認為我們應該關注哪些決策或關鍵合約？

So on the defense side, which obviously is where there's an awful lot of action for a lot of reasons, we are aggressively pursuing participation in a number of different programs, both as a prime and as a sub. One of the great benefits that we have with the way we've structured the business following the acquisitions is we have, as we think about it, multiple shots on goal in the ability to both be a prime and also to be a sub, and we've got contracts that are today representative of that.

因此，在防守方面，顯然由於各種原因，這裡有很多活動，我們正在積極尋求參與許多不同的項目，既作為主力球員，也作為替補球員。收購之後，我們對業務結構進行了調整，這給我們帶來了一大好處，那就是，我們認為，我們有多種選擇，既可以擔任主力，也可以擔任替補，而我們目前的合約也體現了這一點。

We expect to get more of those. There are an awful lot of opportunities when you start talking about collaborative swarming, collaborative autonomy at the Pentagon. And so we're aggressively engaged in that. And similarly, on the hardware, both manufacturing side and the subsystem side and complete systems as it relates to UAVs. So expect to see us aggressively pursue those opportunities.

我們預計還會收到更多這樣的訊息。當你開始談論五角大廈的協作集群和協作自主時，你會發現很多機會。因此，我們積極投身其中。同樣，在硬體方面，無論是製造方面、子系統方面或與無人機相關的完整系統方面，也存在著類似的問題。所以，請期待我們積極把握這些機會。

As you know, Greg, those programs can take a long time. Fortunately, we've got an administration today that has accelerated that path, but it still can be a time-consuming process with a number of steps between kind of first RFI to the point that you actually have money coming in the door. Our team understands that process extremely well.

格雷格，你也知道，這些項目可能需要很長時間。幸運的是，我們現在的政府加快了這一進程，但這仍然是一個耗時的過程，從最初的資訊徵詢書到實際獲得資金到位之間還有許多步驟。我們的團隊對這個過程非常了解。

We've got a number of folks on the team that are experienced with securing those kinds of contracts. So we're very optimistic about where that's going to head over the next 12, 18, 24 months. I think we have a lot of tailwinds for us on that side of the business.

我們團隊中有不少人在簽訂這類合約方面經驗豐富。因此，我們對未來 12、18、24 個月的發展方向非常樂觀。我認為我們在業務的這一方面有很多有利因素。

I specifically just mentioned the AI side, but also on the IQ side of our AI business, we continue to have great traction with the Air Force on the trials that they've been doing with IQ in the aircraft repair and maintenance venue. And we are hopeful that we'll see some expansion in that.

我剛才特別提到了人工智慧方面，但在我們的人工智慧業務的 IQ 方面，我們與空軍在飛機維修和維護領域使用 IQ 進行的試驗方面也取得了很大的進展。我們希望這方面能夠有所成長。

So don't just think about our work with the Pentagon as just on the swarming side, it's also on the industrial robotics AI side. In terms of the commercial side, we mentioned that we've got our first IQ customer, which happened, frankly, in a relatively short time frame compared to some of the other engagements that we've had.

所以不要只把我們與五角大廈的合作看作是集群技術的合作，它也涉及工業機器人人工智慧領域。在商業方面，我們提到我們已經獲得了第一個 IQ 客戶，坦白說，與我們之前的一些合作相比，這在相對較短的時間內就實現了。

I think that's a testament to the maturity level and the development efforts that we put into IQ 2.0. So we expect to see some real growth on the commercial side. One of the things I should point out is that our acquired businesses have both defense and commercial businesses.

我認為這證明了IQ 2.0的成熟度和我們投入的研發精力。因此，我們預計在商業方面會看到一些真正的成長。我需要指出的一點是，我們收購的企業既有國防業務，也有商業業務。

So the manufacturing side, we do manufacturing for the commercial sector on our UAV and aeronautical business, obviously, we do some stuff in space that we've talked about. We do some stuff that is not directly Pentagon focused.

所以在製造方面，我們為商業領域生產無人機和航空產品，顯然，我們也做一些我們之前談到的太空方面的工作。我們做一些與五角大樓沒有直接關係的事情。

So we're excited about the fact that we've got this dual path, dual approach of both defense and commercial activities. I think that will pay benefits, big dividends over the years as we see demand from both sides ebb and flow. So I think we've hedged our bets pretty well.

因此，我們很高興能夠採取這種雙管齊下、兼顧國防和商業活動的雙管齊下的策略。我認為這將帶來好處，隨著雙方需求的波動，未來幾年將獲得巨大的回報。所以我覺得我們已經採取了相當不錯的分散措施。

And if you don't mind, I'm just going to ask a couple more. I hope that's okay.

如果您不介意的話，我再問幾個問題。希望這樣可以。

Sure, please do.

當然可以，請便。

So you brought up a missile contract, which has obviously been and I think you're also doing some stuff around loitering munitions and missiles and production ramps have been a big focus of the administration. Can you maybe just talk a little bit more about what you're doing on the missile side, how much visibility you have into that contract and ramp and maybe where you see some other future opportunities?

所以你提到了導彈合同，這顯然一直是政府的重點，而且我認為你們也在做一些關於巡彈和導彈的事情，提高產量一直是政府的重點。您能否再詳細談談您在飛彈方面的工作，您對該合約和產能提升的了解程度，以及您認為未來還有哪些其他機會？

So we've got the benefit, Greg, of being involved in both new missile efforts, new program efforts as well as being a supplier into existing long-standing large missile programs. So we're seeing a lot of that whole landscape. There is a lot of interest in developing higher quantities of lower cost, higher precision missiles of all different sizes and capabilities, and we are playing in that space.

格雷格，我們的優勢在於既參與了新的飛彈研發和新項目，也為現有的長期大型飛彈項目提供供應。所以我們看到了很多這樣的景象。人們對開發更多數量、更低成本、更高精度的各種尺寸和性能的導彈非常感興趣，而我們正在這個領域進行探索。

The great thing about the way we've designed the business now is we can soup to nuts be participating in that missile process, everything from initiating design of a brand-new concept all the way through manufacturing of a complete system or subsystems. So we're very active in that space.

我們現在所設計的業務模式的好處在於，我們可以從頭到尾參與飛彈研發過程，從全新概念的設計到完整系統或次系統的製造，所有環節都參與其中。所以我們在這個領域非常活躍。

We like that space because it is an opportunity for a lot of innovation, coupled with our AI to make a huge difference. And it's not, frankly, a space that is quite as crowded as some of the other drone and UAV marketplaces are.

我們喜歡這個領域，因為它蘊含著許多創新機會，結合我們的人工智慧技術，可以產生巨大的影響。坦白說，這個領域不像其他一些無人機和無人飛行器市場那樣擁擠。

And then just a clarification question. You said quarterly $8 million to $9 million usage, was that free cash flow or cash flow from ops?

最後還有一個需要澄清的問題。您提到季度使用量為 800 萬至 900 萬美元，這是自由現金流還是營運現金流？

Trevor, do you want to take that one?

特雷弗，你想接那個任務嗎？

Yes. That's our expected cash used in operations. So there could be other cash flows coming in, whether those are from ATM sales or those are not considered in that number.

是的。這是我們預計的營運現金流。因此，可能還有其他現金流流入，無論這些現金流是否來自 ATM 銷售，都沒有計入該數字。

Is that $8 million to $9 million cash flow from ops, I mean historically, the business has been really CapEx-light? Just thinking about the manufacturing element, and you mentioned some investments. How are you thinking about CapEx going forward?

那是來自營運的 800 萬至 900 萬美元現金流嗎？我的意思是，從歷史上看，這家公司的資本支出一直很低？我只是在考慮製造環節，你提到了一些投資。您如何看待未來的資本支出？

Yes, we do have CapEx assumptions baked into that. There are some needs across the business. I wouldn't say they're significant right now. And as things progress within the development of our products, we'll reevaluate that and make the investments where we need to. But as of right now, we don't see any real significant CapEx needs.

是的，其中已經包含了資本支出的假設。公司各部門都存在一些需求。我覺得它們現在並不重要。隨著產品開發的推進，我們將重新評估情況，並在需要的地方進行投資。但就目前而言，我們沒有看到任何真正的重大資本支出需求。

And then maybe last one for me. I mean, the business has evolved a lot. I think in the past, you talked about, you have the target business model from a profitability standpoint. Can you maybe talk a little bit with the new mix, how you're thinking about gross margins? Is there a particular revenue level for profitability, just some of the changes that we should accept with the new business from a profitability standpoint?

這或許是我最後一個了。我的意思是，這個行業已經發生了很大的變化。我認為你過去曾談過，從獲利能力的角度來看，你們已經有了目標商業模式。能否稍微談談新的產品組合，以及您對毛利率的看法？獲利能力是否有特定的收入水準要求？從獲利能力的角度來看，我們應該接受新業務中的哪些變化？

Do you want to take that one, Trevor?

特雷弗，你想接那顆球嗎？

Yes, we're yes. So we're not we've given guidance on revenue. We're not at a point where we're going to be giving guidance on anything below that. It's still early on with these new acquired businesses. And we expect that as things develop as we see progress made both on the customer front and on our product development milestones that we'll start sharing more guidance around things below revenue line, the revenue line.

是的，我們是肯定的。所以我們沒有給出營收的預期。我們目前不會就低於這個標準的任何事項提供指導。對於這些新收購的企業來說，目前還處於早期階段。我們預計，隨著事情的發展，隨著我們在客戶方面和產品開發里程碑方面取得進展，我們將開始分享更多關於收入線以下事項的指導意見。

But right now, we're just going to stick to that revenue guidance that we've given.

但目前，我們還是會堅持先前給予的營收預期。

I'll give a little more color beyond that. There's no reason that we see that the margins that we've talked about historically for our AI business will be materially different than what we've talked about. We're still bullish on that in terms of software-like margins. And we I think we have talked about the fact that on the hardware side, we're focused on higher-margin opportunities. We don't want to get into really low-margin businesses.

我再補充一些細節。我們沒有理由認為，我們過去一直在談論的人工智慧業務利潤率會與我們之前談論的利潤率有實質的不同。我們仍然看好軟體類利潤率。我認為我們已經討論過，在硬體方面，我們專注於利潤更高的機會。我們不想涉足利潤率極低的行業。

And so far, I think we're doing a good job at that. So while Trevor is absolutely correct that we don't want to give a specific number at this point, we're focusing on those higher margin opportunities so that we keep our margins across the entire enterprise relatively robust.

到目前為止，我認為我們在這方面做得很好。所以，雖然 Trevor 說的完全正確，我們目前不想給出具體的數字，但我們正在專注於那些利潤率較高的機會，以便保持整個企業的利潤率相對穩健。

Brian Kinstlinger, Alliance Global Partners.

Brian Kinstlinger，Alliance Global Partners。

As it relates to your partnerships with Red Cat and Draganfly, what are the obstacles or tasks that remain to get the system into production and/or the OEMs given them the ability to bid on procurement with your technology? Any updates would be great.

就您與 Red Cat 和 Draganfly 的合作而言，要使系統投入生產和/或使 OEM 廠商能夠使用您的技術參與採購競標，還有哪些障礙或任務？任何更新資訊都將不勝感激。

Sure. I'll take them one at a time, Brian. On Red Cat, we have been doing extensive testing with them over the last X number of months. That has been going very well. We're going through the certification process that they have established for their vendors.

當然。布萊恩，我會一個一個處理。在過去的幾個月裡，我們一直在對 Red Cat 進行廣泛的測試。一切進展都很順利。我們正在按照他們為供應商制定的流程進行認證。

Our system is a little more complex and capable than many other software platforms that are out there for drones. And so it has been a lengthier process, making sure that we can actually deliver on all of the things that our specifications say we can. I think we're at the end of that process now.

我們的系統比市面上許多其他無人機軟體平台更複雜、更強大。因此，這是一個比較漫長的過程，我們需要確保能夠真正實現規範中規定的所有目標。我認為我們現在已經走到這個過程的尾聲了。

So we expect to be certified on Red Cat drones virtually any time. And that has culminated in us then negotiating a broader, more in-depth and detailed partnership agreement with them, a real implementation agreement, and we expect that to be signed.

因此，我們預計很快就能獲得紅貓無人機的認證。最終，我們與他們談判達成了一項更廣泛、更深入、更詳細的合作協議，一項真正的實施協議，我們期待該協議能夠簽署。

I think it may be signed even today or certainly within the next few days. So that is the next step in getting to the point then that they can actually start offering our system to the government. We've been doing joint demonstrations for the government so far, and all of those have gone well. On Draganfly, we're still in the process of implementing and porting our code onto their platforms. So that has not yet been completed.

我認為這份文件可能今天就會簽署，或者最遲會在未來幾天內簽署。所以，下一步就是讓他們能夠真正開始向政府提供我們的系統。到目前為止，我們一直在為政府組織聯合示威活動，而且每次都很順利。在 Draganfly 平台上，我們仍在進行程式碼的實作和移植工作。所以這件事還沒完成。

No real roadblocks other than everybody is busy, and we've got a lot of all of us have a lot of things on our plate, but I expect that to happen this quarter. And so we're making progress on that one also, and we've got a number of other discussions with other OEMs going. So I'm very bullish about where we are with drone OEMs.

除了大家都很忙，我們每個人都有很多事情要處理之外，沒有其他真正的障礙，但我預計這事會在本季發生。因此，我們在這方面也取得了進展，並且我們正在與其他一些原始設備製造商進行討論。所以我非常看好無人機OEM廠商的現況。

Great. And then you mentioned your first commercial IQ contract. Can you talk about the timing of expectations for both IQ and Pilot for first production units?

偉大的。然後你提到了你的第一份商業IQ合約。您能否談談IQ和Pilot首批量產車型的預期時間？

Well, I mean, the first sale of IQ 2.0 is a production deployment. And so that's going to happen in I think, in the coming weeks. The contract has been signed, and we're ready to start implementation on that. So that's up and ready to go. And I think at this point, we've talked before that it's generally, in our view, a 12- to 18-month sales cycle.

我的意思是，IQ 2.0 的首次銷售就是生產部署。所以我認為，這種情況會在接下來的幾週內發生。合約已經簽署，我們準備開始執行。一切就緒，可以開始了。我認為，正如我們之前討論過的，在我們看來，銷售週期通常為 12 至 18 個月。

This one happened to come together much more quickly than that. So it is possible for it to come together more quickly. But we're in the process now of exposing customers of all different shapes and sizes in terms of size and number of locations and all that kind of stuff to the new highly capable 2.0 version, and we'll see how quickly we can make some sales come together. So we're firing on all the cylinders on IQ 2.0. On the drone swarming capability, that really is not a onesie-twosie kind of sale, as you can imagine.

這件事的進展速度比那件事快得多。因此，它有可能更快地融合在一起。但我們現在正在向各種規模的客戶（包括規模、門市數量等）展示功能強大的全新 2.0 版本，看看我們能多快促成一些銷售。所以我們在 IQ 2.0 項目上火力全開。至於無人機集群能力，正如你所想，這真的不是那種一兩個就能解決的問題。

That is larger contracts, larger volumes and those, by definition, take longer to come together. We have a task in front of us to get the customer base out there to understand that this is an incredibly capable and unique type of swarming autonomy that doesn't exist. When other as I mentioned in my comments, when other people talk about swarming, it's not this kind of swarming, just like there are different layers of autonomy in self-driving cars, there are different layers of autonomy in things that fly, and we are at the most advanced edge of that. So our biggest mission, Brian, right now is to get the marketplace to understand that the capability exists, that it's not science fiction. It doesn't have to be on the road map for 2032.

也就是說，更大的合約、更大的交易量，而根據定義，這些都需要更長的時間才能達成。我們面臨的任務是讓客戶群了解這是一種極為強大且獨特的群體自主技術，目前還不存在這種技術。正如我在評論中提到的，當其他人談論集群時，他們指的並不是這種集群，就像自動駕駛汽車有不同的自主層級一樣，飛行器也有不同的自主層級，而我們正處於最先進的階段。所以，布萊恩，我們現在最大的任務是讓市場明白這種能力是存在的，它不是科幻小說。它不一定要列入 2032 年的路線圖。

It could be on the road map for 2026. And so that's our mission in front of us.

它可能會被列入2026年的規劃之中。這就是我們面前的任務。

I guess my follow-up to that would be, how are you educating the end customer, which, to me, at least given war would be the federal government, of course, how are you educating them and how educated are they right now?

我想接著問的是，你們是如何教育最終使用者的？在我看來，至少在戰爭時期，最終用戶當然指的是聯邦政府。你們是如何教育他們的？他們現在的教育程度如何？

So we're just at the beginning stages of the education process and education involves a lot of meetings, followed by demonstrations. So you start with PowerPoint presentations, which, of course, people are tired of seeing PowerPoint presentations.

所以我們目前還處於教育過程的初期階段，而教育過程包括大量的會議，然後是演示。所以一開始是用 PowerPoint 做示範，當然，人們已經看膩了 PowerPoint 簡報。

So you do the PowerPoint presentation to many, many different people as many shots on goal as you can get and then you promptly follow that up by say by saying, but it's not just PowerPoint, come out to the field, we'll do a demonstration for you tomorrow if you're ready.

所以你要盡可能多地向很多人做 PowerPoint 演示，然後迅速跟進說，但這不僅僅是 PowerPoint，來球場上吧，如果你們準備好了，我們明天會為你們做個演示。

Great. And then obviously, it's only been a week with the war, if you call it in Iran. Two things. First of all, is that leading to delays in conversations because everyone now is focused on that? Is it leading to more urgency and more rapid conversations?

偉大的。很顯然，這場戰爭（如果伊朗稱之為戰爭的話）才持續了一週。兩件事。首先，這是否導致對話延誤，因為現在每個人都把注意力集中在這件事上？這是否導致了更緊迫的局面和更快速的對話？

Maybe talk about, if at all, in one week, it's changed the procurement process?

或許可以談談，如果有必要的話，一週內採購流程是否改變了？

So I haven't seen any change other than additional inquiries and interest levels. Fortunately for us, the folks that are involved in defining requirements, learning about new technologies, figuring out how to integrate those new technologies into the battlefield, they're not out in the field, they're very much focused on trying to get our country prepared for what happens tomorrow, the day after tomorrow, next week, next year and for the years to come.

除了諮詢量和關注度增加之外，我沒有看到任何其他變化。幸運的是，那些參與制定需求、學習新技術、思考如何將這些新技術融入戰場的人們，他們並不在前線，他們非常專注於讓我們的國家為明天、後天、下週、明年以及未來幾年可能發生的事情做好準備。

So we haven't seen any impact in a negative sense, but certainly a lot more awareness of what modern warfare looks like, and that creates significant tailwinds for us.

因此，我們沒有看到任何負面影響，但人們對現代戰爭的認識確實大大提高，這給我們帶來了巨大的有利因素。

Great. My last question is, you talked a lot of about R&D, but maybe you could just rank your top R&D priorities for 2026.

偉大的。我的最後一個問題是，您談了很多關於研發的話題，但您能否列出您2026年最重要的研發優先事項？

At the top of our list is getting material advancement on our two UAV platforms, the Gremlin-X and the SwarmStrike. That's a significant part of our R&D effort. Continuing to evolve and enhance the capabilities of both SwarmOS and IQ, I think those are the four R&D priorities. And fortunately, for us, all of the contracts that we have that are development contracts with the US government and the Department of War, they are all in line one way or another, with the advancement of those capabilities and technologies.

我們首要的任務是推動我們兩款無人機平台——Gremlin-X 和 SwarmStrike 的實質發展。這是我們研發工作的重要一環。我認為，持續發展和增強 SwarmOS 和 IQ 的功能是四個研發重點。幸運的是，我們與美國政府和戰爭部簽訂的所有開發合同，都以某種方式與這些能力和技術的進步相一致。

We are, from time to time, given the opportunity to participate in things that are outside of that kind of main swim lane and we declined to pursue those because we are very focused on those four primary objectives for 2026.

我們有時會有機會參與一些與主流方向不符的事情，但我們拒絕了，因為我們非常專注於 2026 年的這四個主要目標。

(Operator Instructions)

（操作說明）

Mike Latimore, Northland Capital Markets.

Mike Latimore，北地資本市場。

I guess just on the backlog topic, maybe can you talk a little bit about which orders or types of products led to the increase in backlog from 10 to 18 as a big change this quarter already. And then as you look to the sort of for the go-gets for the rest of the year, what are some of your better prospects in terms of the types of agencies or products that you might be selling to kind of get the rest of the backlog in here?

我想就積壓訂單這個主題來說，您能否談談是哪些訂單或產品類型導致本季積壓訂單從 10 個增加到 18 個，這是一個很大的變化？那麼，展望今年剩餘時間那些積極進取的人，在代理商或產品方面，你有哪些比較好的前景，可以銷售這些產品來完成剩餘的積壓訂單呢？

We're not going to get into a detailed breakdown of the backlog at this point, Mike. But I will tell you that as I think both Trevor and I alluded to, we see significant opportunities across all three business units that we have. It's too early for me to predict kind of which ones are going to come out on top.

麥克，我們現在還不打算詳細分析積壓的工作。但我可以告訴你們，正如我和特雷弗都提到的那樣，我們看到了我們所有三個業務部門的巨大機會。現在預測哪些人會最終勝出還為時過早。

But there is just a tremendous amount of momentum that we're seeing in the business. And so we have a lot of confidence in being able to give you the guidance that we have and to watch that backlog continue to grow meaningfully over the course of the year.

但我們看到，這個產業正呈現出巨大的發展動能。因此，我們非常有信心為您提供我們掌握的指導，並期待看到積壓的工作量在今年內繼續顯著增長。

Great. And then as you go out and sell to new prospects, can you talk a little bit about the value of having these 3 segments? Like how is your sales include all three? How do you make the pitch that these 3 bring in a significant advantage to a prospect?

偉大的。然後，當你出去向新客戶推銷產品時，你能談談這三個細分市場的價值嗎？你們的銷售額是如何包含這三者的？你如何向潛在客戶推銷這三項優勢？

Yes. Let me give you kind of a generic example, but it is based, in fact, on one project that we're currently trying to secure. This is a new development program for a weapon system, and we were able to present the ability to go from white paper concept all the way through to both component manufacturing and complete assembly and include our intelligence to deliver a holistic platform system that achieves all of the stated objectives. And that soup-to-nuts approach had all had engineers and business people involved from all 3 divisions collaborating. I got to tell you, this is just backing up for a second.

是的。我舉一個比較籠統的例子，但實際上，這個例子是基於我們目前正在努力確保安全的一個專案。這是一個全新的武器系統開發項目，我們能夠從白皮書概念一直做到組件製造和完整組裝，並融入我們的智慧，從而交付一個能夠實現所有既定目標的整體平台系統。這種從頭到尾的方法，讓來自所有三個部門的工程師和業務人員參與其中，共同合作。我得告訴你，這只是稍微耽擱一下。

This is one of the better integration efforts from an M&A effort that I've ever seen. The teams are working together as if they've been working together for years and years, seamless. So that's an example of being able to go attack a response to a government inquiry about a new weapon system where before, we would have been a minor player or just one part of a bigger team, we were able to present a complete unified proposal. And that's exciting. So I think there's going to be a lot more of that in the future.

這是我見過的併購整合方面做得最好的案例之一。各團隊的合作天衣無縫，就像他們已經合作多年一樣。所以，這就是一個例子，說明我們能夠主動回應政府關於新型武器系統的質詢，而在此之前，我們可能只是一個次要參與者，或者只是一個更大團隊的一部分，但現在我們能夠提出一個完整的統一方案。這真令人興奮。所以我認為未來這種情況會越來越多。

The other thing that the acquisitions do for us kind of outside of just a single programmer project is we wind up with a much broader set of relationships across the whole defense sector that allows us to go to the customers of one of those business units and present the opportunities that we have through our other two business units. And that has already paid dividends. So we're excited. I think the analogy of one plus one plus one equals a lot more than three has so far proven to be very much true.

除了單一程式設計師專案之外，收購為我們帶來的另一個好處是，我們最終在整個國防領域建立了更廣泛的關係，這使我們能夠接觸到其中一個業務部門的客戶，並向他們介紹我們透過其他兩個業務部門所擁有的機會。而這已經帶來了回報。我們很興奮。我認為「一加一加一大於三」這個比喻到目前為止已被證明是非常正確的。

Okay. Great. And then just on the SwarmOS, can you talk a little bit about how you're going to price that? Is there a way to kind of think about a license per, I don't know, 10 drones or something? Or just a little bit more clarity on how you price this?

好的。偉大的。那麼，關於 SwarmOS，您能否談談它的定價策略？有沒有辦法考慮一下，比如說，每10架無人機發放一張許可證之類的？或是能否更清楚說明定價方式？

Yes. So our focus is licensing it on a per drone basis. And we've said historically in the past, we've said that we expect it to be priced somewhere between 5% and 10% of the total drone system cost. And so far, the engagement that we're having with customers is kind of right in line with that. So bigger, more expensive, more capable, more sensor laden UAV platforms, the cost will be higher, smaller, lower cost, less capable drone systems, more single-purpose type things, things like that will be lower cost.

是的。因此，我們的重點是按無人機數量發放許可證。我們過去也曾說過，我們預計它的價格將佔無人機系統總成本的 5% 到 10%。到目前為止，我們與客戶的互動情況與此基本相符。因此，更大、更昂貴、更強大、搭載更多感測器的無人機平台，成本會更高；而更小、成本更低、功能更弱的無人機系統，以及更多單一用途的無人機，成本會更低。

But so far, we're not getting any pushback on that general approach to pricing. Having said that, I'll remind you that we still have to land our first major customer.

但到目前為止，我們還沒有收到任何針對這種定價方式的反對意見。話雖如此，我還是要提醒各位，我們仍然需要拿下我們的第一個大客戶。

Yes. Would the prospects for SwarmOS be more likely to be with smaller, say, short-range drones or bigger long-range drones? Or is it too early to say?

是的。SwarmOS 的應用前景更有可能出現在小型（例如短程）無人機上，還是大型（例如遠端）無人機上？現在下結論是否為時過早？

I think it's everything in between. I mean our ultimate vision is you've got some larger, longer duration fixed wings that have our software on them from one OEM, able to communicate and engage in swarming capability with shorter duration, lower cost, more tactical drones.

我認為介於兩者之間。我的意思是，我們的最終願景是，由一家原始設備製造商 (OEM) 提供一些更大、續航時間更長的固定翼飛機，這些飛機搭載了我們的軟體，能夠與續航時間更短、成本更低、更具戰術性的無人機進行通信和集群作戰。

You can imagine scenarios where a loitering ISR platform is in the air for 5, 10 hours. You've got different sorties of quadcopters that come in to theater to perform a specific mission set. Maybe they have not accomplished all of that mission.

你可以想像這樣的場景：一架巡航式 ISR 平台在空中停留 5 小時、10 小時。你們會看到不同批次的四旋翼飛行器進入戰區執行特定的任務。或許他們還沒有完成所有任務。

A second sorting comes in and instantaneously is downloaded with what the latest and greatest information from the fixed wing oversight loitering ISR platform has. That kind of a cohesive real-time autonomous swarming capability can expand across all of the different drone or UAV sizes and that's where the real value comes in.

第二次排序到來，並立即下載固定翼監視巡飛 ISR 平台的最新最佳資訊。這種具有凝聚力的即時自主集群能力可以擴展到所有不同尺寸的無人機或無人飛行器，而這才是真正的價值。

Thank you. Ladies and gentlemen, that concludes our question-and-answer session and will conclude our call today. We thank you for your interest and participation. You may now disconnect your lines.

謝謝。女士們、先生們，我們的問答環節到此結束，今天的通話也將結束。感謝您的關注與參與。現在您可以斷開線路了。