Palladyne AI Corp (PDYN) 2026 Q2 法說會逐字稿

Greetings. Welcome to the Paladine AI Corp second quarter 2026 earnings call. (Operator Instuctions)

各位好。歡迎參加 Paladine AI Corp 2026 年第二季財報電話會議。（接線員指示）

Please note this conference is being recorded. I will now turn the conference over to Brian Siegel, Senior Managing Director, Hayden IR. Thank you, Brian. You may begin.

請注意，本次會議將被錄音。現在我將把會議交給 Hayden IR 資深董事總經理 Brian Siegel。謝謝你，Brian。你可以開始了。

Thank you, Nicole. Good morning, and welcome to Paladine AI's second quarter 2026 earnings conference call. Joining me on the call today are Ben Wolfe, President and Chief Executive Officer and Trevor Thatcher, Chief Financial Officer.

謝謝你，Nicole。各位早安，歡迎參加 Paladine AI 2026 年第二季財報電話會議。今天與我一同出席的還有總裁兼執行長 Ben Wolfe，以及財務長 Trevor Thatcher。

Earlier this morning, Paladine AI issued a press release announcing financial results for the second quarter ending June 30, 2026, along with the updated commentary regarding backlog and its reiterated 2026 revenue guidance.

今天稍早，Paladine AI 發布新聞稿，公布截至 2026 年 6 月 30 日止第二季的財務結果，並更新了有關在手訂單（backlog）的評論，以及重申 2026 年營收指引。

A copy of that release, along with the accompanying financial tables, is available on the Investor Relations section of Paladin AI's website.

該新聞稿及隨附的財務表格，可於 Paladin AI 官網的投資人關係（Investor Relations）專區取得。

Today's call will include prepared remarks from Ben and Trevor, followed by a Q&A session.

今天的電話會議將先由 Ben 與 Trevor 發表準備好的談話內容，接著進行問答環節。

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 Paladin's 2026 revenue guidance, expected backlog conversion, anticipated quarterly operating cash burn. 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，管理團隊將在聯邦證券法的意義下作出前瞻性陳述。這些陳述包括但不限於：關於 Paladin 2026 年營收指引、預期在手訂單轉換、預估每季營運現金消耗。產品開發里程碑、商業化時程、國防計畫活動、潛在客戶採用、市場機會，以及在空中、太空、陸地與海事領域的未來策略定位。

Forward-looking statements are based on current expectations, assumptions, and beliefs and involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied. These risks and uncertainties include, among others, Paladin AI'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 and commercial market conditions.

前瞻性陳述係基於目前的預期、假設與信念，並涉及可能導致實際結果與明示或暗示內容出現重大差異的風險與不確定性。這些風險與不確定性包括但不限於：Paladin AI 執行開發計畫的能力、將在手訂單轉為營收、擴大產能、管理營運費用、整合併購業務、取得額外合約、維持流動性，以及因應不斷演變的國防與商業市場環境。

These and other risk factors are described in detail in Paladine AI's filings with the Securities and Exchange Commission, including its annual report on Form 10-K and subsequent filings.

上述及其他風險因素，已在 Paladine AI 向美國證券交易委員會（SEC）提交的文件中詳細說明，包括其 Form 10-K 年報及後續申報文件。

Paladine undertakes no obligation to update any forward-looking statements except as required by law.

除法律要求外，Paladine 不承擔更新任何前瞻性陳述的義務。

In addition, during the call, management will reference certain non-GAAP financial measures. In general, management will adjust for acquisition of other transaction-related expenses, stock-based compensation expense. Non-cash warrant income or expense that are mark-to-market quarterly based on changes in the company's stock price expenses related to the change in contingent consideration liabilities associated with closed acquisitions and any tax impact these items may cause. 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.

此外，在本次電話會議中，管理團隊將提及若干非 GAAP 財務衡量指標。一般而言，管理團隊將就併購或其他交易相關費用、以股份為基礎之酬勞費用進行調整。以及依公司股價變動按季以市價衡量（mark-to-market）的非現金認股權證收益或費用、與已完成併購相關之或有對價負債變動所產生的費用，以及上述項目可能造成的任何稅務影響。這些非 GAAP 指標與最直接可比之 GAAP 指標的調節表，已包含於今天早上的新聞稿中。接下來我把電話交給 Ben。

Thank you, Brian, and good morning, everyone. Thanks for joining us.

謝謝你，Brian，各位早安。感謝大家加入我們。

Every quarter, we meet with our Board of Directors to review our prior quarter and year-to-date performance and to discuss, among other things, the business's prospects, opportunities and challenges in the near, mid and long-term.

每一季，我們都會與董事會開會，檢視上一季及年初至今的表現，並討論（除其他事項外）公司在短期、中期與長期的前景、機會與挑戰。

Prior to that meeting, I meet with the various leaders across the organization for a comprehensive review of the same topics at a business unit and division level.

在該會議之前，我會與組織內各領導團隊會面，於事業單位與部門層級就相同主題進行全面檢視。

Our most recent board meeting was last week, and I have to say the most recent round of quarterly meetings validated the growing optimism I developed over the quarter. I'm feeling more bullish about our prospects than I have since I returned to the company almost two and a half years ago. We are seeing meaningful traction across all parts of the business.

我們最近一次董事會會議是在上週；我必須說，最近這一輪季度會議印證了我在本季逐步形成的樂觀情緒正在升溫。自我在將近兩年半前回到公司以來，我對我們前景的看多程度比以往任何時候都更高。我們在業務各個部分都看到了實質的進展。

Since I returned, we've built the two things that I believe we needed in order to deliver on our vision for making the United States defense industrial base more competitive, more capable and more responsive.

自我回來以來，我們打造了我認為實現願景所需的兩項要素：讓美國國防工業基礎更具競爭力、更有能力、也更具回應速度。

The first is a new kind of autonomy, a decentralized embodied collaborative AI architecture that enables machines to operate on their own, work together and adapt in real time without being pre-programmed or relying on a constant connection to the cloud.

第一，是一種新型態的自主能力：去中心化、具身（embodied）的協作式 AI 架構，使機器能夠自主運作、彼此協同，並在不需預先編程或依賴持續雲端連線的情況下即時適應。

Or relying on human direction and intervention. What I'm describing is the definition of true collaborative autonomy. What most others mean when they use these words is really nothing more than pre-programmed action where humans have made all of the decisions for the machines well in advance.

或不依賴人類的指揮與介入。我所描述的，就是「真正協作式自主」的定義。而多數其他人使用這些詞時，實際上不過是預先編程的動作：人類早已替機器做出所有決策。

The second is the ability to make the machines that can put that autonomy to work, which requires world-class aerospace engineering, low-cost next-generation avionics, precision manufacturing capabilities, and ultimately complete weapon systems, including access to some of the most capable battle-proven lawyer munitions on the planet.

第二，是製造能將該自主能力付諸實現的機器之能力；這需要世界級航太工程、低成本次世代航電、精密製造能力，並最終形成完整武器系統，包括取得地球上部分最具能力、經戰場驗證的巡飛彈藥（loitering munitions）。

Together, they will enable us and our customers to field affordable. Attritable systems at scale that are designed from the ground up to leverage our decentralized embodied collaborative AI.

兩者結合，將使我們與客戶能夠以可負擔的成本部署。可消耗（attritable）系統並以規模化方式部署，且自底層設計即用以發揮我們去中心化、具身的協作式 AI。

These two objectives are closely aligned with our nation's priorities. The Department of War has made it abundantly clear that the United States needs both more intelligent autonomous systems and a stronger industrial base capable of designing, manufacturing and fielding them quickly and economically. We are focused on doing our part to answer that call.

這兩項目標與我國的優先事項高度一致。戰爭部（Department of War）已非常明確指出，美國同時需要更智慧的自主系統，以及更強健的工業基礎，能夠快速且具成本效益地設計、製造並部署這些系統。我們專注於盡一己之力回應這項召喚。

This quarter, we began to see every one of these pieces working together in a way that is showing up in revenue, customer activity and the number of opportunities in front of us. We still have much to do, but the business has meaningful momentum across the company.

本季，我們開始看到上述每一個環節以一種協同方式運作，並反映在營收、客戶活動以及我們面前的機會數量上。我們仍有許多工作要做，但公司整體已具備實質動能。

We generated record quarterly revenue of approximately $5.8 million, up 63% from $3.5 million in the first quarter.

我們創下單季營收新高，約為 580 萬美元，較第一季的 350 萬美元成長 63%。

The growth was broad-based across our business units and we expect continued growth through the second-half as backlog converts to revenue and new contract awards and customer wins begin contributing.

成長來自各事業單位的廣泛貢獻；我們預期下半年將持續成長，因在手訂單將轉為營收，且新的合約授予與客戶贏單也將開始貢獻。

We ended the quarter with approximately $25 million of backlog, up from $17 million at the end of the first quarter.

本季末我們的在手訂單約為 2,500 萬美元，高於第一季末的 1,700 萬美元。

Which means after taking into account our Q2 revenues, we booked roughly $13 million of new business during Q2.

這表示在考量第二季營收後，我們在第二季新增接單約 1,300 萬美元。

The backlog will not always necessarily increase every quarter, the timing of bookings, the duration of contract performance and the timing of revenue recognition can all cause backlog to ebb and flow, but the current backlog and the level of new contract awards and customer engagement. Give us good visibility into the second-half. As a result, we are reaffirming our full year 2026 revenue guidance of $24 million to $27 million.

在手訂單不一定每季都會增加；接單時點、合約履約期間以及營收認列時點，都可能使在手訂單出現起伏，但目前的在手訂單水位，以及新合約授予與客戶互動的程度。讓我們對下半年具備良好能見度。因此，我們重申 2026 全年營收指引為 2,400 萬至 2,700 萬美元。

We ended the quarter with approximately $44 million of cash on hand. Operating cash burn, including capital expenditures, was above our guided average quarterly rate, primarily due to increased business development efforts, some non-recurring CapEx and the expansion of our engineering team to support new business that will contribute to revenue in the second-half of this year.

本季末我們的手頭現金約為 4,400 萬美元。包含資本支出在內的營運現金消耗高於我們所指引的平均每季水準，主要因為加大業務開發投入、部分一次性資本支出，以及擴編工程團隊以支援新業務；該等新業務將在今年下半年貢獻營收。

We are also carrying infrastructure that our current revenue base has not fully utilized. This cash burn was offset by our prudent use of our ATM facility.

我們也承擔了目前營收規模尚未完全利用的基礎設施。這部分現金消耗由我們審慎運用 ATM 融資機制所抵銷。

We continue to expect operating cash burn of $32 million to $36 million for the full year inclusive of CapEx, which means we expect operating cash burn to decline in the second-half.

我們仍預期全年（含資本支出）營運現金消耗為 3,200 萬至 3,600 萬美元，這表示我們預期下半年的營運現金消耗將下降。

The defense market is moving quickly towards affordable mass, large numbers of lower cost autonomous systems that can be deployed and replaced without the economics of traditional weapons platforms.

國防市場正快速走向「可負擔的規模化」：大量、低成本的自主系統，可在不受傳統武器平台經濟性限制的情況下部署並替換。

The Department of War is also pushing the industry to develop and field those systems faster than ever.

戰爭部也正推動產業以前所未有的速度開發並部署這些系統。

Both trends are directly relevant to what we have built.

這兩股趨勢都與我們所打造的產品直接相關。

For the most part, launching 1,000 drones today requires 1,000 soldiers.

就目前而言，今天要發射 1,000 架無人機，通常需要 1,000 名士兵。

Other companies are attempting to solve this manpower challenge by automating multi-drone launches that follow a pre-programmed flight path.

其他公司正嘗試透過自動化多機發射、並沿預先編程的飛行路徑飛行，來解決這項人力挑戰。

But that doesn't really solve the challenge because most of these drones can't react to what's happening around them in real time.

但這並未真正解決問題，因為多數這些無人機無法即時對周遭正在發生的情況做出反應。

That still requires a soldier.

那仍然需要一名士兵。

Pre-programmed flight, or what we call automated flight, is not a substitute for human intelligence or human direction, but true autonomous flight can be.

預先編程飛行，或我們所稱的自動化飛行，不能取代人類智慧或人類指揮；但真正的自主飛行可以。

That's what we do, and it is essential to understand the distinction and how that distinction translates to real world operations.

這正是我們在做的事；理解這項區別，以及它如何轉化為真實世界的作戰運用，至關重要。

We put real reasoning and decision making abilities directly on the drone, and then we enable multiple drones to collaborate in a manner such that the knowledge of each individual drone can be aggregated and used across the entire swarm.

我們將真正的推理與決策能力直接部署在無人機上，並讓多架無人機以協作方式運作，使每一架無人機的知識得以彙整，並在整個蜂群中共享與運用。

This is what we mean when we refer to true collaborative autonomy.

這就是我們所說的真正協作式自主。

And we don't just do this on Paladyne drones, we enable UAVs from different manufacturers to collaborate with any drones that are also running our Swarm OS software. We call our approach Decentralized Embodied Collaborative Autonomy or DECA for short.

而且我們不只在 Paladyne 無人機上做到這點；我們也讓不同製造商的 UAV 能與任何同樣運行我們 Swarm OS 軟體的無人機協作。我們將此方法稱為「去中心化具身協作自主」（Decentralized Embodied Collaborative Autonomy），簡稱 DECA。

The intelligence operates on the machines at the edge so they can coordinate and adapt without relying on a continuous connection to the cloud or from a remote operator.

智慧在邊緣端的機器上運行，使其能在不依賴持續雲端連線或遠端操作員的情況下協調並適應。

We proved this capability in the field under real operating conditions during the Army's IV mass exercise in Q2. Soldiers from the Army's 4th Infantry Division used SwarmOS to command a mixed team of surveillance drones and our own Gremlin X drone in a contested environment.

我們在第二季陸軍的 IV mass 演習中，於真實作業條件下的現地證明了這項能力。陸軍第 4 步兵師的士兵在受爭奪環境中，使用 SwarmOS 指揮一支由監偵無人機與我們自家的 Gremlin X 無人機組成的混合編隊。

One Army operator controlled the entire group of UAVs. In June, we announced that SwarmOS and Gremlin X were awarded contracts by the Army under its Disruptive Applications Program.

一名陸軍操作員就控制了整個 UAV 群組。6 月，我們宣布 SwarmOS 與 Gremlin X 在陸軍的「顛覆性應用計畫」下獲得合約。

Following Ivy Mass, we were informed that certain contract options would be exercised for FY27 and we were formally invited to additional exercises.

在 Ivy Mass 之後，我們獲知部分合約選擇權將於 FY27 執行，並且我們也正式受邀參與更多演習。

That exercise and the future exercises are important steps for us because the software was and is being used by soldiers in an operational setting, not simply being demonstrated by our engineers in a controlled environment. This was not a demo in the traditional sense, rather it was a real world exercise.

該次演習與未來演習對我們而言是重要里程碑，因為軟體是在作戰情境中由士兵實際使用，而不只是由我們工程師在受控環境中展示。這並非傳統意義上的展示，而是一場真實世界的演訓。

A few moments ago, we issued a press release about our success at PCC6, which was even larger and more complex than Ivy Mass.

稍早我們發布新聞稿，說明我們在 PCC6 的成功；該活動規模更大、複雜度也高於 Ivy Mass。

Turning to our business operations, I will start with our components business. Brain is our low-cost flight computer for autonomous air systems.

接著談我們的營運，我先從零組件業務開始。Brain 是我們用於自主航空系統的低成本飛行電腦。

It is built into our own Gremlin X mini-bomber drone, and it is being integrated on systems designed by us for our Defense Prime customers.

它已內建於我們自家的 Gremlin X 迷你轟炸無人機中，並正整合到我們為國防主承包商客戶所設計的系統上。

During the quarter, we booked a follow-on order from a defense prime that was five times larger than its prior order.

本季我們取得一筆來自某國防主承包商的追加訂單，規模是其先前訂單的五倍。

The order covers more than 1,000 Brain FC-1 units with an aggregate value of approximately $2.3 million.

該訂單涵蓋超過 1,000 台 Brain FC-1 單元，合計價值約 230 萬美元。

These units deliver the guidance, navigation and control for a new low-cost counter UAS interceptor.

這些單元為一款新型低成本反無人機系統（counter UAS）攔截器提供導引、導航與控制。

As these systems gain traction with customers, we expect demand for Brain to grow with it and we are expanding our domestic production capacity accordingly.

隨著這些系統在客戶端獲得採用，我們預期 Brain 的需求也將同步成長，並正相應擴充我們的國內產能。

And Brain may be just the start. In building our own platforms like Gremlin X and Swarm Strike, as well as designing third-party systems, we have developed a range of other high-value subsystems and components, all made here in the U.S.

而 Brain 可能只是開始。在打造我們自有平台（如 Gremlin X 與 Swarm Strike）以及設計第三方系統的過程中，我們開發出一系列其他高價值的子系統與零組件，且全部在美國製造。

We are now exploring the business case for supplying some of these components to other drone and missile manufacturers as well, but we will only do so where we have a unique competitive advantage and can deliver differentiated capability or performance or cost advantage.

我們目前也在評估將其中部分零組件供應給其他無人機與飛彈製造商的商業可行性；但僅會在我們具備獨特競爭優勢，且能提供差異化能力、性能或成本優勢的情況下才會進行。

We have no interest in being in a highly competitive commoditized or low-margin business, although there can be no doubt that as a nation, we need more UAV and missile components made here to reduce reliance on foreign sources.

我們無意投入高度競爭、商品化或低毛利的業務；不過毫無疑問，從國家角度而言，我們需要更多在本土製造的 UAV 與飛彈零組件，以降低對外國來源的依賴。

Our precision manufacturing business accounts for the balance of our components revenue.

我們的精密製造業務構成了零組件營收的其餘部分。

It machines and fabricates hardware for defense programs and industrial customers. This capability is strategically important because it allows us to produce components that are often in short supply and that impair our country's capacity to produce the volume of weapons that the Department of War is looking for.

該業務為國防計畫與工業客戶進行硬體加工與製造。這項能力在策略上很重要，因為它讓我們能生產經常供不應求、且會削弱我國達成戰爭部所追求武器產量能力的零組件。

We also expect it to support the work required to bring IAI's loitering munitions into production in the United States when and as we develop customer demand.

我們也預期，當我們培養並形成客戶需求時，該能力將支援把 IAI 的滯空彈藥在美國導入量產所需的工作。

Our engineering services for UAVs, missiles, loitering munitions and spacecraft generate real revenues today and give us a seat at the table to educate and inform customers about the component and software solutions we offer that could give these customers and their products a competitive edge.

我們為 UAV、飛彈、滯空彈藥與太空載具提供的工程服務，目前已帶來實質營收，並讓我們得以參與客戶決策，向客戶說明我們提供的零組件與軟體解決方案，這些方案可為客戶及其產品帶來競爭優勢。

During the quarter, we added engineers and moved into a larger facility to accommodate the increasing demand and utilization rates we are experiencing.

本季我們增聘工程師並搬入更大的設施，以因應我們所見到的需求成長與使用率提升。

Specifically, the additional capacity allows us to support existing and new third-party programs, continue developing our own products and manufacture and assemble Brain and Gremlin X without one activity interrupting the other.

具體而言，新增產能使我們能支援既有與新的第三方專案、持續開發自有產品，並製造與組裝 Brain 與 Gremlin X，而不致讓各項工作彼此干擾。

Swarm OS also continues to mature and is increasingly being integrated with autonomous systems from other OEMs.

Swarm OS 也持續成熟，並愈來愈多地與其他 OEM 的自主系統整合。

An operator defines the mission, but the software allows the machines to respond to what is actually happening around them, coordinate with one another, and adjust in real time.

操作員定義任務，但軟體讓機器能對周遭實際發生的情況做出反應、彼此協調，並即時調整。

It is not tied to a single airframe or manufacturer, which is one reason the Army has asked us to deploy our software across multiple drone platforms.

它不綁定於單一機體或製造商；這也是陸軍要求我們將軟體部署到多種無人機平台上的原因之一。

We are also extending the technology to integrate sensors from other domains, including sensors in space under the recently signed $4.2 million hangtime contract with the U.S. Air Force.

我們也正擴展此技術，以整合來自其他領域的感測器，包括太空中的感測器；這項工作是依據近期與美國空軍簽署的 420 萬美元 hangtime 合約。

Today, revenue relating to our DECA AI solutions still comes primarily from development, integration and trial contracts with the Department of War, but SwarmOS customer engagement is increasing and the software remains the foundation of our aerospace and defense strategy.

目前，與我們 DECA AI 解決方案相關的營收仍主要來自與戰爭部簽訂的開發、整合與試驗合約；但 SwarmOS 的客戶互動正在增加，而該軟體仍是我們航太與國防策略的基礎。

Our autonomous systems portfolio combines that software with physical platforms.

我們的自主系統產品組合，將該軟體與實體平台結合。

Gremlin X is a reusable mini bomber designed to deliver a kinetic effect for less than $1,000 per effect.

Gremlin X 是一款可重複使用的迷你轟炸機，設計目標是以每次效果低於 1,000 美元的成本產生動能打擊效果。

We have prioritized development of this platform, which has advanced from TRL-6 to TRL-7 in just the past quarter.

我們已將此平台的開發列為優先事項，且僅在過去一季就從 TRL-6 推進到 TRL-7。

We are also evaluating a modular version that could support missions beyond strike, including potentially ISR and counting UAS missions by making the payload modular rather than having to field different airframes for different missions.

我們也在評估一個模組化版本，使其可支援打擊以外的任務，包括潛在的 ISR 與反無人機（counter UAS）任務；做法是讓載荷模組化，而非為不同任務部署不同機體。

SwarmStrike is our low-cost mini-cruise missile designed to operate in coordinated groups using our IntelliSwarm product, which combines SwarmOS and Brain.

SwarmStrike 是我們的低成本迷你巡弋飛彈，設計為可使用我們的 IntelliSwarm 產品以協同群組方式運作；IntelliSwarm 結合了 SwarmOS 與 Brain。

With our alarm contract with US Navy, we are in the early stages of developing a low-cost air-launched near-hypersonic missile for use with the F-35.

透過我們與美國海軍的 alarm 合約，我們正處於為 F-35 開發一款低成本、空射、近高超音速飛彈的早期階段。

During the quarter, we were one of only 14 companies invited to the Air Force's Relentless Wolf Pack Industry Day, which focused on networked autonomous weapon salvos.

在本季度，我們是僅有的 14 家受邀參加空軍「Relentless Wolf Pack Industry Day」的公司之一，該活動聚焦於網路化自主武器齊射。

We had proposed swarm strike as an answer to the challenge, and we were the only small company invited to participate. This does not mean we will land a contract, but it shows the DOW recognizes our innovation and capabilities.

我們提出以「蜂群打擊」作為應對該挑戰的解方，且我們是唯一受邀參與的小型公司。這並不代表我們一定會拿到合約，但顯示 DOW 認可我們的創新與能力。

Separately and importantly, a major Tier 1 defense prime included Swarm OS in its own relentless Wolfpack proposal.

另外且同樣重要的是，一家主要的一級（Tier 1）國防主承包商在其自身的 Relentless Wolfpack 提案中納入了 Swarm OS。

Again, we don't know who will be down-selected, but this is great validation from a large industry partner. Major defense primes don't make these kinds of decisions lightly.

同樣地，我們不知道誰會被縮減入選（down-selected），但這是來自大型產業夥伴的極佳驗證。主要國防主承包商不會輕率做出這類決策。

I will now turn to our partnership with Israel Aerospace Industries, or IAI.

接下來我將談談我們與以色列航太工業（Israel Aerospace Industries，IAI）的合作夥伴關係。

In June, we announced that Paladine had entered into a partnership with Israel's largest defense prime.

6 月，我們宣布 Paladine 已與以色列最大的國防主承包商建立合作夥伴關係。

As part of that partnership, we secured the right to Americanize, manufacture and integrate IAI's HEROP, HARPY and Mini-HARPY loitering munitions for the US Department of War.

作為該合作的一部分，我們取得了為美國戰爭部（US Department of War）將 IAI 的 HEROP、HARPY 與 Mini-HARPY 滯空彈藥進行美國化（Americanize）、製造與整合的權利。

These are large combat-proven systems, not small FPV drones.

這些是大型、經實戰驗證的系統，而不是小型 FPV 無人機。

IAI pioneered the loitering munition category more than 40 years ago and today has a backlog across its business of more than $30 billion.

IAI 在 40 多年前開創了滯空彈藥這一類別，如今其全業務的在手訂單（backlog）超過 300 億美元。

ARPI and HEROC, which have been sold to numerous countries around the globe, are 10-foot wingspan unmanned aircraft that are designed for long-range missions, extended loitering, and the suppression and destruction of enemy air defenses.

ARPI 與 HEROC 已銷售至全球眾多國家，為翼展 10 英尺的無人航空器，設計用於長程任務、長時間滯空，以及壓制與摧毀敵方防空系統。

These are exactly the kinds of systems that could potentially mitigate some of the aircraft losses our country has recently experienced in the Middle East.

這些正是可能有助於降低我國近期在中東所經歷部分航空器損失的系統類型。

ARPI is designed to search for and attack enemy radar emitters.

ARPI 的設計用途是搜尋並攻擊敵方雷達輻射源。

I personally am not aware of any other UAV of this size or class that has anti-radiation capabilities.

就我個人所知，沒有其他同等尺寸或級別的無人機具備反輻射能力。

HARP has an electro-optical seeker, allowing the HARP to identify and engage a target with precision.

HARP 配備電光（electro-optical）導引頭，使 HARP 能夠精準識別並打擊目標。

Mini-HARP combines anti-radiation and electro-optical capabilities in a smaller system with shorter range and a lower price point.

Mini-HARP 在較小型、航程較短且價格較低的系統中，結合了反輻射與電光能力。

These products have been used in combat and address missions that have become increasingly important as mobile air defense systems become more common and present our military with real targeting challenges.

這些產品已投入實戰，並可執行的任務在機動防空系統日益普及之際變得愈發重要，因其為我軍帶來實際的目標鎖定挑戰。

We believe the US military has a meaningful capability gap in this area. As a nation, we typically counter these defenses by launching missiles from manned aircraft. I have been told, but have no way of independently confirming, that the current cost of striking one of these mobile or intermittent air defense systems can range from $10 million to $40 million.

我們認為美軍在此領域存在顯著的能力缺口。就國家層面而言，我們通常透過由有人駕駛航空器發射飛彈來反制這些防禦。我曾被告知但無法獨立證實，目前打擊其中一套機動或間歇式防空系統的成本可能介於 1,000 萬至 4,000 萬美元。

Our IAI systems can present an alternative at a small fraction of that price without risking human life or the cost of a manned aircraft.

我們的 IAI 系統可在不冒人員生命風險、也不承擔有人機成本的情況下，以遠低於上述成本的一小部分提供替代方案。

We believe that a successful US program based on these IAI systems could ultimately amount to hundreds of millions and potentially even billions of dollars of revenue over time.

我們相信，基於這些 IAI 系統的成功美國專案，長期而言最終可能帶來數億美元，甚至可能達到數十億美元的營收。

IAI selected Paladin based in large part on our engineering capabilities, our US manufacturing capacity, our team, and our autonomy software. Once there is a. Clear government demand signal and we begin to work to stand up domestic production, we believe initial units could be available in about 18 months.

IAI 選擇 Paladin 的主要原因在於我們的工程能力、我們在美國的製造產能、我們的團隊，以及我們的自主軟體。一旦出現一個。明確的政府需求訊號，且我們開始著手建立國內生產，我們相信約 18 個月內即可提供初始單位。

We also intend to integrate SwarmOS where appropriate so these systems can coordinate their actions as part of a larger mission set rather than operate only as individual aircraft.

我們也計畫在適當情況下整合 SwarmOS，使這些系統能作為更大型任務組合的一部分協同行動，而非僅以單一航空器方式運作。

That combination takes the mission capability to a whole new level, unlike anything else on the battlefield today.

這樣的組合將把任務能力提升到全新層級，與當今戰場上的任何其他方案都不同。

One more proof point worth mentioning is the caliber of people joining our team. This quarter, we added senior military advisors to our Defense Advisory Board, including retired Lieutenant General Sean Gainey, who ran U.S. Army Space and Missile Defense Command, led the operational command behind Golden Dome, and founded the U.S. Military's Joint Counter-UAS Office. To be blunt.

另一個值得一提的佐證是加入我們團隊的人才水準。本季度，我們在國防顧問委員會新增了資深軍事顧問，包括退役中將 Sean Gainey；他曾領導美國。陸軍太空與飛彈防禦司令部，指揮「Golden Dome」背後的作戰指揮，並創立美國。軍方的聯合反無人機系統（Joint Counter-UAS）辦公室。坦白說。

People with that kind of record don't lend their names to companies they don't believe in. He joined us precisely because he truly believes in our mission, our capabilities and our opportunity to make a real difference for our nation's warfighters.

擁有那樣資歷的人，不會把名字掛在他們不相信的公司上。他加入我們，正是因為他真心相信我們的使命、能力，以及為我國作戰人員帶來實質改變的機會。

On the commercial and industrial side, we have sharpened our strategy with Paladyne IQ in two ways. First, we are focused on applications where autonomy addresses work that is difficult, dangerous, repetitive and hard to staff, like surface preparation and corrosion treatment typically done by hand. A good example is our robotic work at an Air Force logistics center, which we expanded this quarter with an additional $2.9 million contract award, bringing the total for this program to more than $10.6 million to date.

在商業與工業端，我們以兩種方式強化了 Paladyne IQ 的策略。第一，我們聚焦於自主技術可解決那些困難、危險、重複且難以招募人力的工作場景，例如通常以人工進行的表面處理與腐蝕處理。一個很好的例子是我們在某空軍後勤中心的機器人作業；本季度我們透過新增 290 萬美元的合約授予擴大該專案，使該計畫迄今累計總額超過 1,060 萬美元。

Second, we are shifting to a partner-led go-to-market strategy for IQ and Pilot rather than trying to sell and deploy every solution ourselves, and we are seeing encouraging interest from ecosystem partners.

第二，針對 IQ 與 Pilot，我們正轉向由合作夥伴主導的上市（go-to-market）策略，而非嘗試由我們自行銷售並部署每一個解決方案；我們也看到來自生態系夥伴令人鼓舞的興趣。

We are not ready to announce more today, but we expect to have more to share on both products over the next several quarters.

我們今天尚未準備好宣布更多內容，但我們預期在接下來幾個季度，將能就兩項產品分享更多進展。

I will finish with the opportunity pipeline.

最後我將以機會管線作結。

As of today, we have submitted proposals for more than 20 Department of Award funding programs with an aggregate initial potential value of several hundred million dollars.

截至今日，我們已就超過 20 個戰爭部（Department of Award）資助計畫提交提案，其初始潛在總價值合計達數億美元。

The timing and probability vary significantly by program. Some are relatively near-term, others are larger opportunities with longer odds. Of course, we will not win all of them and we may not even win any of them. But the important point is that the number and size of the programs we are pursuing are materially greater than they were six months ago.

各計畫的時程與中選機率差異很大。有些相對接近近期，有些則是規模更大但勝算較低、週期更長的機會。當然，我們不會全部得標，甚至可能一個也得不到。但重點是，我們正在追逐的計畫數量與規模，較六個月前顯著增加。

We are increasingly getting shots on goal as the Department of War's requirements continue to evolve and begin to incorporate the types of capabilities we have been developing for years. To continue the analogy, we have been skating in front of the puck for a while now, and I believe we are just on the cusp of that strategy and focus paying off.

隨著戰爭部（Department of War）的需求持續演進，並開始納入我們多年來一直在開發的能力，我們正愈來愈多地獲得出手機會。延續這個比喻，我們已在冰球前方滑行了一段時間，而我相信我們正處於這項策略與聚焦即將開始見效的關鍵邊緣。

We have a lot of work ahead of us and much of the opportunity I've discussed still depends on successful execution and customer funding decisions, but the quarter showed progress in the areas that matter, revenue, contractually committed backlog, proving out our autonomy software with customers in the field, repeat component orders and a much larger opportunity pipeline. The pieces we assembled over the last two years are beginning to reinforce one another. That is why I'm increasingly confident that we are in the right place at the right time.

我們前方仍有大量工作，而我所討論的許多機會仍取決於成功執行與客戶的資金決策；但本季度在關鍵領域展現了進展：營收、具合約承諾的在手訂單（backlog）、與現場客戶共同驗證我們的自主軟體、重複的零組件訂單，以及更龐大的機會管線。我們在過去兩年組裝的各個要素正開始彼此強化。這也是為何我愈來愈有信心，我們正處於對的地方、對的時間。

With that, I will turn the call over to Trevor to walk through the financials in more detail. Trevor.

接下來，我將把電話會議交給 Trevor，請他更詳細地說明財務狀況。Trevor。

Thanks, Ben. I'll focus on our second quarter results, our liquidity position, and our capital outlook.

謝謝，Ben。我將聚焦於我們第二季的業績、流動性狀況，以及資本展望。

Revenue for the second quarter was $5.8 million, up 470% from $1 million a year ago and up 63% sequentially from the first quarter.

第二季營收為 580 萬美元，較一年前的 100 萬美元成長 470%，並較第一季季增 63%。

Product revenue, which today comes primarily from our precision manufacturing business and our brain avionics product, was $2.7 million.

產品營收（目前主要來自我們的精密製造業務與我們的 Brain 航電產品）為 270 萬美元。

Engineering services revenue was $1.9 million, and AI product development contract revenue was $1.2 million, which accelerated near. The end of the second quarter after the government shutdown suppressed revenue during the first quarter. Cost of revenue was $4.1 million and consolidated gross margin was approximately 29%. Similar to the first quarter, our margin reflects manufacturing utilization running well below full capacity and includes setup costs and investments related to new program wins that have not yet been covered by revenue. As these programs come online, we expect that these efforts will turn into a tailwind as incremental volume runs through capacity we're already carrying.

工程服務營收為190萬美元，AI 產品開發合約營收為120萬美元，這使得營收加速接近第二季末，此前政府停擺在第一季壓抑了營收。營收成本為410萬美元，合併毛利率約為29%。與第一季類似，我們的毛利率反映製造產能利用率遠低於滿載，並包含與新專案得標相關、但尚未由營收覆蓋的建置成本與投資。隨著這些專案上線，我們預期這些努力將轉為助力，因為新增產量將透過我們已承擔的產能來消化。

Research and development expense was $4.3 million, up from $3.1 million a year ago, reflecting continued investment in Gremlin X and our AI software.

研發費用為430萬美元，高於去年同期的310萬美元，反映我們持續投資於 Gremlin X 與我們的 AI 軟體。

General and administrative expense was $8.1 million, up from $4.2 million a year ago, driven by added headcount from our November acquisitions, hiring to support new business opportunities and higher stock-based compensation expenses.

一般及行政費用為810萬美元，高於去年同期的420萬美元，主要由於我們11月收購案帶來的人員增加、為支援新商機而增聘人力，以及更高的股份基礎給付費用。

Stock-based compensation expense was $2.3 million this quarter, up from $1.1 million a year ago, driven largely by executive equity awards approved by shareholders in June. This is a non-cash expense and was a primary driver of the increased general and administrative expense. And operating loss versus last year. Going into the third quarter, this expense will increase materially from the second quarter since we only recognized roughly one month's worth of non-cash expense in the second quarter related to the new awards.

本季股份基礎給付費用為230萬美元，高於去年同期的110萬美元，主要由6月經股東核准的高階主管股權獎勵所帶動。這是一項非現金費用，也是一般及行政費用增加的主要原因。以及相較去年營運虧損的增加。進入第三季後，該費用將較第二季顯著增加，因為第二季我們僅認列了與新獎勵相關約一個月的非現金費用。

Sales and marketing expense was $2.3 million, up from $1.3 million a year ago, reflecting the expansion of business development efforts within our Paladine Aerospace and Defense Division as we pursue more opportunities with the Department of War.

銷售與行銷費用為230萬美元，高於去年同期的130萬美元，反映我們在 Paladine 航太與國防事業部擴大業務開發投入，以爭取更多與戰爭部（Department of War）的機會。

Operating loss for the quarter was $13.4 million compared to $8.1 million a year ago. Below the operating line, we recorded roughly $1.1 million of other income, which includes $800,000 from a non-cash gain on the revaluation of our warrant liabilities, together with interest income of $300,000. Net loss was $12.3 million or $0.27 per diluted share compared to $7.5 million and $0.20 per diluted share a year ago.

本季營運虧損為1,340萬美元，去年同期為810萬美元。在營業利益以下，我們認列約110萬美元的其他收益，其中包括因重新評價認股權證負債而產生的80萬美元非現金收益，以及30萬美元利息收入。淨虧損為1,230萬美元，或每股稀釋虧損0.27美元；去年同期為750萬美元，或每股稀釋虧損0.20美元。

On a non-GAAP basis, which excludes the impact of warrant revaluation, stock-based compensation, and the change in our contingent consideration liability, net loss was $10.8 million or $0.23 per diluted share. Compared to non-GAAP net loss of $6.4 million or $0.17 per diluted share in the prior year period.

以非 GAAP 基礎（排除認股權證重估、股份基礎給付，以及或有對價負債變動的影響）計算，淨虧損為1,080萬美元，或每股稀釋虧損0.23美元。相較之下，去年同期非 GAAP 淨虧損為640萬美元，或每股稀釋虧損0.17美元。

Turning to liquidity, we ended the quarter with $43.7 million in cash equivalents and marketable securities, flat with the first quarter and down $3.4 million from the 2025 year-end balance.

談到流動性，我們在季末持有4,370萬美元的現金等價物與有價證券，與第一季持平，較2025年年底餘額減少340萬美元。

Operating cash burn, which we define as cash using operations plus CapEx, was $11.1 million during the quarter. This includes approximately $10.2 million of operating cash and $900,000 of CapEx.

本季營運現金消耗（我們定義為營運用現金加上資本支出 CapEx）為1,110萬美元。其中約1,020萬美元為營運現金，90萬美元為資本支出。

This is offset by approximately $10.8 million of net proceeds from our ATM program and $300,000 in interest income.

上述消耗由我們 ATM 計畫約1,080萬美元的淨募資款，以及30萬美元利息收入所抵銷。

During the first half of 2026, we raised $17.3 million in net proceeds under the ATM at an average price of $6.84 per share.

2026年上半年，我們透過 ATM 以每股平均6.84美元的價格，募集到1,730萬美元的淨款項。

We view the ATM as a flexible tool that we can deliberately use to expand our runway at a low cost of capital.

我們將 ATM 視為一項具彈性的工具，可在較低資本成本下，有計畫地用來延長我們的資金續航期。

As of June 30, we had approximately $24 million in remaining capacity under the program.

截至6月30日，該計畫剩餘可用額度約為2,400萬美元。

Backlog into the quarter at $24.6 million, an increase of 43%, driven by approximately $13 million of new contract awards during the quarter, partially offset by revenue recognized during the quarter.

本季期初在手訂單（Backlog）為2,460萬美元，增加43%，主要由本季約1,300萬美元的新合約得標所帶動，部分被本季已認列的營收所抵銷。

We expect a majority of our current backlog to convert to revenue over the next 12 to 18 months.

我們預期目前在手訂單的大部分將在未來12至18個月內轉換為營收。

Turning to guidance, we are reiterating our full year 2026 revenue guidance of 24 to 27 $1,000,000, which represents roughly 357 to 415% growth over 2025 revenue of $5.2 million.

接著談財測，我們重申2026年全年營收指引為2,400萬至2,700萬美元，這相當於相較2025年營收520萬美元約357%至415%的成長。

And we continue to expect organic growth across each part of the company. We're also reiterating our full-year operating cash burn guidance of $32 million to $36 million, or roughly $8 million to $9 million per quarter on average. We ran above that pace in the first half, although we offset most of that with funds raised via our ATM, and we expect operating cash burn to trend lower through the second-half as revenue and margins ramp.

我們也持續預期公司各個部分都將實現有機成長。我們同時重申全年營運現金消耗指引為3,200萬至3,600萬美元，平均每季約800萬至900萬美元。我們在上半年高於該節奏，儘管我們透過 ATM 募得的資金抵銷了其中大部分；並且我們預期隨著營收與毛利率提升，下半年營運現金消耗將呈下降趨勢。

Based on our liquidity position, our access to the ATM, and our expected backlog conversion, we believe we are well positioned to execute our plan.

基於我們的流動性部位、對 ATM 的可取得性，以及預期在手訂單的轉換，我們相信我們具備良好條件來執行我們的計畫。

Operator, we're now ready to take questions.

接線員，我們現在準備開始提問。

Thank you. We will now be conducting a question-and-answer session. If you would like to ask a question, please press star 1 on your telephone keypad. A confirmation tone will indicate your line is in the question queue.

謝謝。我們現在將進行問答環節。若您想提問，請在電話鍵盤上按星號 1。確認音將表示您的線路已進入提問佇列。

You may press star 2 if you would like to remove your question from the queue.

若您想將問題從佇列中移除，可按星號 2。

For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys.

使用擴音設備的與會者，在按下星號鍵之前，可能需要先拿起聽筒。

One moment while we poll for questions.

請稍候，我們正在收集問題。

Our first question comes from Max Michaelis with Lake Street Capital Markets. Please proceed with your question.

我們的第一個問題來自 Lake Street Capital Markets 的 Max Michaelis。請開始提問。

Hey, guys. Thanks for taking my question. Congrats on the quarter. A couple from me, a bunch of different topics here. First, I want to touch on the IAI.

嗨，各位。謝謝讓我提問。恭喜本季表現。我這邊有幾個問題，涵蓋不少不同主題。首先，我想談一下 IAI。

You guys mentioned it.

你們有提到它。

But my real question around that is kind of what sort of has been the progress being made on the Americanization progress -- I mean, or process? Have you identified any domestic manufacturing sites? Do you need that? Have you sort of been in any conversations, preliminary conversations with U.S. Governments just around these systems and kind of getting your foot in the door on that end.

但我真正想問的是，美國化（Americanization）的進展——我是說，或流程——目前做到哪一步？你們是否已辨識任何國內製造據點？你們需要這樣做嗎？你們是否已與美國政府就這些系統進行任何對話、初步對話，以便在那方面先打開局面？

Hi, Max, it's Ben. Thanks for the questions on IAI.

嗨，Max，我是 Ben。謝謝你對 IAI 的提問。

So we have been very active. We just announced the deal, what, seven, eight weeks ago, and we hit the ground running with kind of a full court press, ticking down the list of every potential.

我們確實非常積極。我們才剛宣布這筆交易，大概是七、八週前吧，我們就立刻全力推進，逐一盤點每一個可能的潛在對象。

Government customer that could be interested in these systems, and we have engaged now, I would say, with about half of those targets.

可能對這些系統有興趣的政府客戶，而我們目前已與其中大約一半的目標接觸。

And across the board, I would say that there is meaningful interest, but interest is just the beginning. Then you have to get into the specifics and details about performance and capability and all of those kinds of things. But the bottom line is, we have yet to have anybody that we targeted tell us that there's no interest. So we are extremely encouraged and feeling bullish about the opportunities.

整體而言，我會說市場確實有相當程度的興趣，但興趣只是開始。接下來你必須深入到效能、能力以及各種細節與具體內容。但重點是，截至目前為止，我們尚未遇到任何我們鎖定的對象告訴我們他們沒有興趣。因此我們非常受到鼓舞，並對這些機會抱持樂觀態度。

In a lot of cases, there was pre-existing familiarity with these weapon systems, but obviously no perception that there was access to them here in the United States. So we're not starting from a stopped position or a standstill position because these are battle-driven weapon systems that the community is generally familiar with.

在很多情況下，對這些武器系統原本就有既有的熟悉度，但顯然沒有人認為在美國本土這裡能取得它們。因此，我們並不是從停滯或原地踏步的狀態開始，因為這些是由戰場需求驅動的武器系統，社群普遍都很熟悉。

In terms of your question about the facilities and our capacity to manufacture.

就你關於設施以及我們製造產能的問題而言。

We have a fair bit of manufacturing capacity in space today.

我們目前在航太領域有相當程度的製造產能。

The real question is what kind of volumes might the government want? And we could quickly outgrow our capability in terms of size and facilities. So we are in the process of identifying additional facilities, not that we would need to manufacture, not that we would need to build and construct because of the timelines associated with that, but we are developing a short list of currently available facilities that if the government were to say, let's go, we'd be ready to jump into and hopefully without a lot of modifications be ready to start standing up manufacturing relatively near term.

真正的問題是政府可能想要多大的產量？而就規模與設施而言，我們的能力可能很快就會不敷使用。因此，我們正在辨識額外的設施；不是說我們需要自行製造、也不是說我們需要新建與施工（因為那會受制於相關時程），而是我們正在建立一份目前可立即使用的設施短名單；如果政府說「開始吧」，我們就能準備好立刻進駐，並希望不需太多改裝，就能在相對近期開始建置製造能力。

Awesome, makes sense. A couple more for me. Secondly, Gremlin X advanced from TRL 6 to TRL 7 in the quarter. What was that specific milestone that got you there and I guess what is required to get you guys to TRL 8?

太好了，合理。我再問幾個。第二，Gremlin X 在本季從 TRL 6 進展到 TRL 7。是什麼具體里程碑讓你們達到那一步？另外，要讓你們到 TRL 8 需要什麼？

Over the quarter, we did five different design reps.

在這一季期間，我們做了五次不同的設計版本。

We talked in the past, Max, about how our team can move quickly. That was definitely moving quickly, five different design iterations, flying and testing in each instance. What got us over the hurdle was getting into the hands of customers and have the customers actually fly it as intended, not as managing or demoing the systems, but actually having soldiers in the field using them under battlefield conditions.

Max，我們過去談過我們團隊能夠快速推進。那確實是快速推進：五次不同的設計迭代，每一次都進行飛行與測試。讓我們跨過門檻的關鍵，是把它交到客戶手上，讓客戶依照預期用途實際飛行；不是由我們來操作或示範系統，而是讓前線士兵在戰場條件下使用。

So we now feel like we're in. Spot with that. One could argue whether we're at TRL 8 yet or not, but again, because we haven't been in live fire, actual battlefield conditions will hold off on making that announcement. But the bottom line is the systems performed as expected and ahead of schedule.

所以我們現在覺得我們已經到位了。在這方面。有人可能會爭論我們是否已經到 TRL 8，但同樣地，因為我們尚未在實彈、真正的戰場條件下驗證，我們會暫緩發布那項宣布。但重點是，系統表現符合預期，而且進度超前。

Perfect. Last one from me. I think you need $15 million to $18 million of revenue to sort of hit the guidance range for 2026 backlogs that are around $25 million that's going to be converted over the next 12 to 18 months, I guess. Share what you guys can, but I mean, when we think about that last $15 million to $18 million in 2026, what percentage of that is already contracted to be shipped this year, if you could share? Thanks.

很好。我最後一題。我認為你們需要 1,500 萬到 1,800 萬美元的營收，才能大致達到 2026 年指引區間；目前積壓訂單約 2,500 萬美元，應該會在接下來 12 到 18 個月內轉換，我想是這樣。在你們能分享的範圍內，當我們思考 2026 年最後那 1,500 萬到 1,800 萬美元時，其中有多少百分比已經簽約、預計今年出貨？如果可以分享的話。謝謝。

So when we talk about backlogs, that number is contractually committed binding legal contracts.

所以當我們談到積壓訂單時，那個數字是具有法律約束力、已契約承諾的合約。

What is less certain is exactly the timing of deliveries, hitting with milestones and all of that. So it is a little challenging for me, Max, to give you a straight answer on how much of that backlog will absolutely be delivered in '26 before the end of the year. What I can tell you is we are feeling based on everything that we see, that Trevor and I see in the business, we are.

比較不確定的是交付時點的精確安排，是否能配合里程碑等各種因素。所以 Max，要我直接回答其中有多少積壓訂單一定會在 26 年年底前交付，確實有點困難。我能告訴你的是，基於我們所看到的一切、Trevor 和我在業務中所看到的，我們是。

In reiterating the guidance that we previously gave.

重申我們先前給出的指引。

Awesome. Thanks for asking me around from the corner.

太好了。謝謝你從角落把我拉回來提問。

Thanks, Max.

謝謝你，Max。

Thanks, Max.

謝謝你，Max。

Our next question comes from Mike Lattimore with Northland Capital Markets. Please proceed with your question.

下一個問題來自 Northland Capital Markets 的 Mike Lattimore。請提出你的問題。

Yeah, good morning. Great quarter, great bookings.

是的，早安。本季表現很棒，接單也很棒。

I guess on Swarm OS, can you talk a little bit about the exercises you're involved with and compare that to kind of, some of the programs that are visible like Swarm Forge? What's the difference between, the exercises you're involved in versus say the Swarm Forge program? What are the different requirements? What are the relative opportunities? Maybe just help us clarify that a little bit.

我想就 Swarm OS 而言，你能否談談你們參與的演訓，並把它和一些較為人所知的計畫（例如 Swarm Forge）做個比較？你們參與的演訓與例如 Swarm Forge 計畫之間有什麼差異？需求有哪些不同？相對的機會有哪些？也許幫我們把這部分釐清一下。

Yeah, sure. Thanks, Mike, and good to talk to you.

好的，當然。謝謝你，Mike，也很高興和你交流。

So, the military is like a, it's a hydro. I mean, it's got lots of different groups doing lots of different things. And the DIU has a focus on trying to find and identify companies with products and technologies that could be useful to the military. And so they're kind of on their path that is a bit of a treasure hunt, and they frequently will stand up different kinds of.

所以，軍方就像一個，像是一個水力系統。我的意思是，它有很多不同的團體在做很多不同的事情。而 DIU 的重點是嘗試尋找並辨識那些擁有可能對軍方有用之產品與技術的公司。因此他們走的是一條有點像尋寶的路徑，而且他們經常會建立不同類型的。

Of competitions, if you will, where they will throw out some specifications and requirements, say to industry, can you meet these specifications and requirements? They'll do a bake-off, they'll down-select, and then they'll give some money to actually develop a product into or technology into what they're looking for based on the best criteria that they had to choose from.

競賽（如果你願意這麼稱呼），他們會提出一些規格與需求，對產業界說：你能符合這些規格與需求嗎？他們會做對比測試（bake-off）、進行篩選（down-select），然後提供一些資金，讓你把產品或技術開發成他們所尋求的樣子，並以他們能從中選擇的最佳標準為依據。

So that's one path of getting of of a young or small or new entrant company getting their products and technologies and audience in front of people at the Pentagon.

所以，這是一條讓年輕、小型或新進公司把其產品與技術，以及曝光度，帶到五角大廈相關人士面前的途徑。

There is another path and that other path is to have a finished product that's ready to go, not still under development.

還有另一條途徑，而那條途徑是擁有一個已完成、可立即投入使用的成品，而不是仍在開發中的產品。

And to get it in the hands of actual users in real-world exercises, and that is what we have just done with both IDMAS and with PCC6. It is not a matter of having some really smart technologists and some business people. Take a look at a venture capital type of approach to developing new product technology. Rather, it is actually getting your product and technology in the hands of warfighters, let them get real-world experience with it and evaluate it, and then develop a report that says to the operating units and to the buyers and the acquisition people and the requirements riders, Hey, this is something we've actually got our hands on in the field. We've used it and either we like it or we don't like it or here's where it can improve or whatever, but they give a full written evaluation.

並把它交到實際使用者手上，在真實世界的演訓中使用；這正是我們剛剛在 IDMAS 與 PCC6 兩項演訓中所做的。這不是讓一些非常聰明的技術人員與商務人士。用一種創投式的方法來看待新產品技術的開發。相反地，這是把你的產品與技術真正交到作戰人員手上，讓他們獲得真實世界的使用經驗並加以評估，然後形成一份報告，對作戰單位、採購方、採購與獲得（acquisition）人員以及需求撰寫者說：嘿，這是我們在野外實際上手的東西。我們用過了，我們喜歡或不喜歡，或這裡可以改進等等；他們會提供完整的書面評估。

So what we've just announced this morning with the press release right before this call, and what we talked about in past press releases, is our success at real world battlefield condition exercises, not demos that we control. We do a training, we train the team that's going to be using it, or multiple teams, we give them the technology, we give them the drones, and they go out like they're on the battlefield, they are on the battlefield, and they do exercises.

所以我們今天早上在本次電話會議前、透過新聞稿剛剛宣布的內容，以及我們在過去新聞稿中談到的，是我們在真實世界、戰場條件演訓中的成功，而不是由我們掌控的示範。我們會做訓練，訓練將要使用它的隊伍或多個隊伍；我們提供技術、提供無人機，然後他們像在戰場上一樣出去行動——他們就是在戰場上——並進行演訓。

Using our products. And we have no ability to control it once it's in their hands.

使用我們的產品。而一旦交到他們手上，我們就無法控制。

So it is not kind of a, it's not a constrained set of environments. And these are generally soldiers that may or may not have any drone experience. They certainly don't have any experience with autonomous systems. And part of what we get evaluated on is can soldiers without a lot of training or experience actually.

所以這不是那種、不是受限的一組環境。而這些通常是士兵，他們可能有也可能沒有任何無人機經驗。他們當然沒有任何自主系統的經驗。而我們被評估的一部分是：士兵在沒有太多訓練或經驗的情況下，是否真的能夠。

Learn it? How challenging is it? Can they use it? Can they accomplish the intended mission? And we have been gratified that at every turn and every exercise that we've been in, we've gotten great feedback that we're under-promising and over-delivering.

學得會嗎？有多具挑戰性？他們能用嗎？他們能完成預期任務嗎？而我們很欣慰的是，在每一個環節、每一次我們參與的演練中，我們都收到很好的回饋，說我們是低估承諾、高於交付。

We're delivering what we told them we would deliver and that is resulting in getting invited to more exercises with different and diverse groups of potential users.

我們交付了我們告訴他們會交付的內容，這也讓我們受邀參與更多與不同且多元潛在使用者群體的演練。

And I would say our reputation is spreading in a very organic way across different units. So a couple of different paths that you can go, we have opted to go for the one that says we're no longer in kind of a bake-off, we're just in real-world execution. Does that make sense?

我會說，我們的口碑正以非常自然的方式在不同單位之間擴散。所以你可以走幾條不同的路，我們選擇走的那條路是：我們不再像是在做某種比拼（bake-off），而是在真實世界中執行。這樣說有道理嗎？

Yes. Awesome.

是的。太棒了。

Thank you.

謝謝。

And then, I guess, as you look to the third quarter here, it seems like there could be a really heavy sweep sort of period here. And I think Keg says talked about spending a lot of money kind of through fiscal year end. I mean, does it feel like this quarter could be another healthy bookings quarter or even better than the second, given it?

另外，我想，當你們看第三季時，似乎可能會有一段非常密集的「掃尾」期間。我想 Keg 也提到會在會計年度結束前花很多錢。我的意思是，考量到這點，這一季會不會又是一個健康的接單（bookings）季度，甚至比第二季更好？

It's premature.

現在下結論還太早。

When you talk about the cleanup money that's available, it's a little bit like watching a game of musical chairs.

你提到可用的掃尾預算（cleanup money），這有點像在看一場搶椅子遊戲。

And everybody, we, our peers, everybody that's in the defense industry is hoping to go capture some of that. So much of it depends on who's actually got access to what capital, what that individual group's priorities.

每個人——我們、同業、所有在國防產業的人——都希望能拿到其中一部分。很大程度取決於誰實際上能取得哪些資金，以及各個團體自身的優先順序是什麼。

So I'm hopeful, but I wouldn't yet say that I'm at the position of saying I have any degree of confidence in it because until it happens, you don't really know, meaning until the music stops, you don't know who's got a chair.

所以我抱持希望，但我還不會說我對此有任何程度的把握，因為在事情發生之前你真的不知道——也就是說，直到音樂停止之前，你不知道誰有椅子。

Sure. I guess last one for me on IEI, they have those three products. Are there any sense of, would a customer buy all three? Is there more interest in one? Just curious, any feelers there?

了解。我最後一個問題是關於 IEI：他們有那三個產品。有沒有任何跡象顯示客戶會三個都買？還是對其中某一個更有興趣？只是好奇，你們那邊有沒有什麼風向？

Different customers have different use cases and missions.

不同客戶有不同的使用情境與任務。

And so when you think about perhaps what folks are trying to do to deal with longer range and longer distances.

所以當你想到也許大家想做的是因應更長射程與更遠距離的需求。

You are talking about the bigger platforms, the hair up and the harpy.

你談的就是較大型的平台，hair up 和 harpy。

If you were talking about perhaps launching from a vessel to try and destroy another vessel or launching from shore and you're not trying to go very far to hit a target, you might be talking about the mini harpy. Now there's just, and you realize, I mean, every potential customer purchaser has their own specific reason to exist and their own mission and use. Case so what is uncommon is to have a single customer say I need all three because that's just they generally are operating in different environments with different purposes but but if you want to talk about a customer being let's say the US Army sure you could see the US Army buying all three absolutely but when you get down to specific groups that's where the mission set bifurcates a bit.

如果你談的是可能從艦艇發射以摧毀另一艘艦艇，或從岸上發射，而且不需要飛很遠去打擊目標，那你可能談的是 mini harpy。而且你也知道，我是說，每一個潛在客戶／採購方都有其特定存在理由，以及各自的任務與用途。所以比較不常見的是單一客戶說「我三個都需要」，因為它們通常是在不同環境、為不同目的運作；但如果你要談的是例如美國陸軍這樣的客戶，當然你可以想像美國陸軍三個都買，絕對有可能；但當你細分到特定單位時，任務集合就會有些分岔。

Yeah makes sense okay cool thanks a lot.

嗯，有道理。好，酷，謝謝很多。

And our next question comes from Adam Samuelson with Jefferies. Please proceed with your question.

下一題來自 Jefferies 的 Adam Samuelson。請提出您的問題。

Yes, thank you. Good morning, everyone.

是的，謝謝。各位早安。

I guess for me, I want to just H1 in on the cash burn and outlook for the balance of the year.

我這邊想聚焦在現金消耗（cash burn）以及今年剩餘期間的展望。

Obviously, you've got an outlook that has improved revenue.

很明顯，你們的展望顯示營收有所改善。

At least on average in the second-half of each quarter.

至少在下半年每一季的平均水準上。

How do we think about that scaling into the cash line versus margin versus working capital and other operating expenses? I'm just trying to think about the kind of base cash spend for underlying the business and how that can.

我們該如何看待這對現金項目的影響，相對於毛利、營運資金與其他營運費用？我只是想理解支撐這門生意的基礎現金支出大概是什麼樣子，以及它如何能夠……

Kind of scale into cash flow prospectively on greater revenues as we think about 2027?

……在營收提高的情況下，前瞻性地反映到現金流的表現上，當我們展望到 2027 年時？

Trevor, you want to respond to that?

Trevor，你要回應一下嗎？

Yeah.

好。

So, I mean, we talked about reiterating our guidance for the year, and if you do the math to hit those numbers in the back half, cash burns about $12 million is what we're anticipating.

所以，我的意思是，我們談到重申今年的指引；如果你用數字去推算要在下半年達成那些目標，我們預期現金消耗大約是 1,200 萬美元。

There is some CapEx built into that that we're going to use strategically there.

其中包含一些資本支出（CapEx），我們會在那段期間策略性地運用。

But we do see with the revenue trending up and more margin dropping to the bottom that that cash flow does go down and that cash burn requirement goes down. So we have quite a bit of capacity, both from a manufacturing standpoint and from a.

但我們確實看到，隨著營收走升、更多毛利落到最終損益，現金流出會下降，對現金消耗的需求也會下降。因此我們在產能方面有相當大的餘裕，無論是製造端或是……

Product standpoint when we start getting into our AI software opportunities to be able to scale the business without having to add a lot of costs. So we're optimistic about seeing that trend down and still with some plan investment in the business being able to significantly get below what the trend has been in the first half in the second-half.

……產品端；當我們開始切入 AI 軟體機會時，我們能在不必增加太多成本的情況下擴大業務規模。所以我們對於看到這個趨勢往下走感到樂觀，同時仍能在對業務進行一些計畫性投資的情況下，把下半年的現金消耗顯著降到低於上半年的趨勢水準。

Okay, and maybe just along those lines of the $24 million of backlog, can you share, is there a proportion of that that's actually software-related revenue or software licenses and so that would presumably carry very high incremental gross margins?

好的。那再順著這個脈絡，關於 2,400 萬美元的積壓訂單（backlog），你能否分享其中有多少比例其實是軟體相關營收或軟體授權？那部分理論上會帶來非常高的增量毛利率。

So the backlog composition that we see going forward is roughly, and this is just kind of very rough, it's about 50% from product sales, which means our precision components and our avionics avionics are higher margin, the precision components a little lower margin.

我們看到未來的積壓訂單組成大致上——這只是很粗略的估計——約 50% 來自產品銷售，也就是我們的精密零組件與航電；航電的毛利較高，精密零組件的毛利稍低。

And then roughly in the range of about 30% relating to our software. Now, I want to caution you, most of the revenues that we have coming in from software right now relate to trial contracts and development contracts with the military that have not yet transitioned into high-volume licenses.

另外大約 30% 左右與我們的軟體相關。不過我要提醒你，目前我們從軟體進來的大多數營收，仍是與軍方的試用合約與開發合約，尚未轉換成大量授權（high-volume licenses）。

But it does show that we've got a fair bit of software-related backlog. It is a good margin business, but it's not the kind of 85% margins that we will expect to be getting when we start just sending out copies of that software in high volume. And then the balance of our backlog is in the engineering services side of the business.

但這確實顯示我們有相當一部分是軟體相關的積壓訂單。這是一門毛利不錯的業務，但還不是那種我們預期在開始大量發送軟體拷貝時能達到的 85% 毛利率。而我們積壓訂單的其餘部分則在工程服務業務這一塊。

Okay. That's very helpful. I'll pass it on.

好的。這非常有幫助。我把時間交給下一位。

Thank you.

謝謝。

Our next question comes from Brian Ginslinger with Alliance Global Partners. Please proceed with your question.

下一題來自 Alliance Global Partners 的 Brian Ginslinger。請提出您的問題。

Great, thank you.

太好了，謝謝。

With the successful results at IVMAS and PCC6, can you talk about the next steps in the sales cycle as the end customer gets educated and sees these positive results and how should we think about these events turning into production orders?

在 IVMAS 與 PCC6 取得成功結果之後，你能談談當終端客戶逐步被教育、並看到這些正面成果時，銷售循環接下來的步驟是什麼？以及我們應該如何看待這些事件轉化為量產訂單（production orders）？

Two different two different parts of it there, Brian, because we've got both hardware and software that are being used in these exercises.

Brian，這裡有兩個不同的面向，因為在這些演練中同時使用了我們的硬體與軟體。

As I try and look at my cloudy crystal ball, what I believe will happen is.

當我試著用我那顆朦朧的水晶球去看，我相信接下來會發生的是……

Reports from each of these exercises will be aggregated and accumulated by the folks that are both writing requirements for new programs and contracts and also by the purchasers, the folks that actually spend the money. And as the need for, on the software side, the need for autonomous solutions and swarming solutions continues to percolate up, I think. That we will wind up with ultimately having, and I don't think when I say ultimately, I don't think we're talking about years away, I think we're talking about months away, solicitations come out that start to define requirements that look a lot like what is being trialed in the field with our software.

來自上述每一次演練的報告，將由那些一方面負責為新計畫與合約撰寫需求、另一方面也包括採購方（也就是實際花錢的人）加以彙整與累積。而隨著在軟體端對自主解決方案與蜂群解決方案的需求持續浮現、逐步升溫，我認為，最終我們會看到——而且我說「最終」並不是指還要好幾年，我認為是幾個月內——開始有招標案釋出，並開始界定一些需求，而這些需求看起來會非常像我們的軟體目前在現場所進行的試驗內容。

And so then the requirements come out, we respond and hopefully we get down selected and we wind up getting the contract.

接著需求出來後，我們回應投標，希望能入選，最後拿到合約。

We have been asked about. How we could retrofit our software on drones that have already been deployed to units in the field and The numbers of drones that they're talking about are not small numbers. They're pretty pretty sizable numbers starts becoming logistics an interesting logistics question about how do you how do you actually then get our software onto drones that are already in the field and distributed across a lot of people and a lot of users And just because I've been asked or we've been asked doesn't mean that that's going to translate into a. But it shows you the kind of thought that's now going into trying to deliver this kind of capability on a broader base, so that's the software side on the Gremlin X side.

有人問過我們：我們要如何把軟體回裝（retrofit）到那些已經部署到前線單位的無人機上，而且他們談的無人機數量並不小。數量相當可觀，這就變成一個很有意思的後勤問題：你要怎麼把我們的軟體真正部署到那些已經在外場、分散在很多人與很多使用者手上的無人機上？而且只是有人問我或問我們，並不代表這就一定會轉化成一份。但這顯示出，現在大家正投入這類思考，試圖把這種能力以更大範圍交付出去——以上就是 Gremlin X 這邊的軟體面。

I believe that in the relatively near term, we will probably start getting some inquiries about volumes that we could deliver both in terms of time and cost. And when I say volumes, I think it's going to -- my guess is it will start with relatively modest numbers, hundreds of units, not thousands.

我相信在相對不久的將來，我們可能會開始收到一些詢問，內容是我們在時間與成本兩方面能交付多少量。我所說的「量」，我的猜測是會先從相對適中的數量開始——幾百套，而不是幾千套。

But I think that the awareness of the need for a mini Bomber solution is now starting to spread.

但我認為，對「迷你轟炸機」解決方案的需求認知，現在正開始擴散。

As you may recall, we originally submitted our mini bomber as a solution for one of the original drone dominance programs. We weren't selected because we submitted something that did not meet the requirements. As far as I know, we're the only ones that submitted a mini bomber type of solution for a low cost per effect or cost per kill. And lo and behold, now we have a solicitation that comes out specifically for mini bombers.

如你所記得的，我們最初是把迷你轟炸機作為某個早期「無人機制霸」計畫的解決方案提交。我們沒有被選上，因為我們提交的方案不符合當時的需求。就我所知，我們是唯一提交「迷你轟炸機」類型方案、主打低單位效果成本（cost per effect）或低單位擊殺成本（cost per kill）的人。結果你看，現在真的出現了一個專門針對迷你轟炸機的招標案。

And so I think our message is resonating.

所以我認為我們的訊息正在引起共鳴。

And I think that as awareness of the cost-effective nature, low cost per effect that a mini bomber can deliver, I think there will be increasing demand and opportunities for that. So that's all to say, I think we're just at the cusp of getting to the point where we can start seeing volume coming into business on both the software and the drone side.

而且我認為，隨著大家對迷你轟炸機所能提供的成本效益——也就是低單位效果成本——的認知提升，對它的需求與機會將會增加。總之，我認為我們正站在一個臨界點上：無論在軟體端或無人機端，都開始有機會看到「量」真正進入業務。

Great. I have one follow-up related to that.

很好。我有一個相關的追問。

You highlighted your 20 proposals submitted worth several hundred million dollars.

你提到你們提交了 20 份提案，總價值達數億美元。

Can you speak to, is this hardware mostly?

你能談談這些主要是硬體嗎？

Because it sounds like the software is a little bit further out in terms of procurement, or maybe just characterize, how that proposal activity, kind of can be characterized?

因為聽起來軟體在採購時程上可能還要更久一些；或者你能否概括一下，這些提案活動大致可以如何分類？

I think most of the biggest dollars there, Brian, are combined hardware and software solutions.

Brian，我認為其中金額最大的一部分，是硬體加軟體的整合解決方案。

One of the things that we think makes our hardware solutions more compelling and attractive is because of the inherent capability of jointly developing the hardware and the software in tandem. We've talked about that's why we got back into the hardware business because having systems designed from the ground up that can be optimized from a sensor and compute perspective to be able to leverage. AI capabilities delivers a whole different category of capabilities to warfighter. And I think, I don't have numbers in front of me, Brian, but I think the vast majority of, I shouldn't say vast majority, a majority of those numbers represented and reflected by what I mentioned in terms of size are combined complete systems that incorporate both our hardware and our software.

我們認為讓我們的硬體方案更具說服力、更有吸引力的一點，是我們具備硬體與軟體同步（in tandem）共同開發的內建能力。我們也談過，這就是我們為什麼回到硬體業務：從零開始設計的系統，可以在感測器與運算的角度做最佳化，以便能夠運用。AI 能力，進而為作戰人員帶來完全不同層級的能力。而且 Brian，我手邊沒有具體數字，但我認為——我不該說「絕大多數」，應該說「多數」——我剛才提到的那些規模所代表與反映的內容，是同時包含我們硬體與軟體的完整整合系統。

Thanks so much.

非常感謝。

Thank you, Brian.

謝謝你，Brian。

Our next question comes from James Kisner with Water Tower Research. Please proceed with your question.

下一個問題來自 Water Tower Research 的 James Kisner。請提出你的問題。

Hi, thanks for taking my questions. So I just wanted to talk a little more about PCC6. Congrats again on that. You think it's pretty rapidly there from the rehearsal to the larger event. Can you say more kind of what you learned.

嗨，謝謝讓我提問。我想再多談一點 PCC6。也再次恭喜你們。看起來你們從彩排到更大型的活動推進得非常快。你能多說一些你們學到了什麼嗎？

From operating in that kind of faster, bigger environment, in general, or from more or less.

是在那種更快、更大型的環境中運作時的整體心得，或是更具體的？

Some of the takeaways were that we really can get a single soldier to have the mental capacity to be able to focus on those things that really matter that's going on in battlefield environment and not have to try and micromanage the.

一些重點收穫是：我們確實能讓單一士兵具備足夠的心理負荷容量，把注意力放在戰場環境中真正重要的事情上，而不必去嘗試微管理。

Operations of each individual drone. We knew we could do it from a technology perspective, but until you have a soldier with limited experience with drones actually get their hands on it, you don't know that it really proves out. And we saw no limitations on the number of drones that we could fly or the number of drones that a fairly inexperienced soldier could actually manage. So that, from a scaling perspective and from an overall capability perspective, was extremely encouraging for us.

每一架無人機的操作。我們從技術角度知道自己做得到，但在讓一位無人機經驗有限的士兵實際上手之前，你不會知道它是否真的被驗證。而我們沒有看到在可飛行的無人機數量上有任何限制，也沒有看到一位相對缺乏經驗的士兵在可管理的無人機數量上有任何限制。所以，從擴展性與整體能力的角度來看，這對我們而言非常令人鼓舞。

Some of the. That we learned, little things, like we learned that if comms is degraded or challenged, which is real world experiences, that our system worked as advertised. That sounds like a little thing but given the fact that you never know what's going to happen to comms degradation on the battlefield, that was an important thing for us to not just be able to have demonstrated ourselves and be satisfied, but to actually have the military see it in action.

另外一些。我們也學到一些小細節，例如：當通訊（comms）品質下降或受到挑戰——這是現實世界會遇到的情況——我們的系統確實如同宣稱的那樣運作。這聽起來像小事，但考量到你永遠不知道戰場上通訊劣化會發生到什麼程度，這對我們而言很重要：不只是我們自己展示後覺得滿意，而是讓軍方實際看到它在現場運作。

So it sounds like a small thing, but it's really a big deal.

所以它聽起來是小事，但其實是大事。

We learned a bit about how to best train new people to the system.

我們也學到一些關於如何最好地訓練新手使用這套系統。

We compressed the training time so that you can get more people using the system faster. We got some good feedback about what they'd like to see on the user interface.

我們把訓練時間壓縮，讓更多人能更快開始使用系統。我們也收到一些很好的回饋，了解他們希望在使用者介面上看到什麼。

And we were given a challenge, again, to integrate with Anduril's Lattice, and we were challenged to do that in a very short period of time.

另外，我們也再次被要求與 Anduril 的 Lattice 進行整合，而且要求我們在非常短的時間內完成。

Going from basically a standing position to 60 miles an hour with that, and we did that well. So a lot of great learnings that reinforce our assumptions, but you never know until you're in the field and giving it a try.

幾乎是從靜止狀態直接加速到每小時 60 英里，我們也做得很好。因此有很多很棒的學習，強化了我們原本的假設，但你永遠要到外場實際試過才知道。

Yeah, that 30-minute status is pretty impressive.

是的，那個 30 分鐘的狀態真的很令人印象深刻。

I guess more broadly it seems like that hardware independent multi-vendor approach is resonating at PCC6.

我想更宏觀地問：看起來那種硬體無關、可支援多供應商的做法在 PCC6 很有共鳴。

As the Army moves towards these larger feats of autonomous systems, like how durable and advantage do you think it is that better neutrality versus the kind of closed single platform ecosystem?

隨著陸軍朝向更大型的自主系統演練前進，你認為「更好的中立性」相對於那種封閉的單一平台生態系，會是多耐久、且多大的優勢？

The mantra at the Pentagon right now is certainly open architecture, not being trapped or beholden to any particular vendor, contractor, or system. And so I think it plays well. And then you get into the real-world applications, when you have a number of different units from a number of different divisions or even services that are all trying to collaborate and cooperate to accomplish a mission on the battlefield, as I mean, you can see how many different.

五角大廈目前的口號確實是「開放式架構」，不要被任何特定供應商、承包商或系統綁住或受制於人。所以我認為這點很契合。接著你會進入實際應用：當你有來自不同師、甚至不同軍種的多個單位，都在嘗試協同合作以完成戰場任務時——我的意思是——你可以看到有多少不同的。

Vendors are providing drones to the military today.

供應商目前正在向軍方提供無人機。

Lots of them, right? They're buying from a lot of different sources. Well, how do those drones communicate with one another when you've got company A providing drones to this unit and company B providing drones to that unit and we're really missing an opportunity to enable. Whole across-the-board collaboration, our software enables that to happen. So I think it is a big deal.

很多，對吧？他們從許多不同來源採購。那麼，當A公司向這個單位提供無人機、B公司向那個單位提供無人機時，這些無人機彼此之間要如何通訊？我們其實錯失了一個促成全面協作的機會。跨全體、全方位的協作，我們的軟體能讓這件事發生。所以我認為這很重要。

I don't think that the military will ever want it to be just one provider of that kind of capability for the reasons we just talked about. They don't want to be beholden to anybody. But we're there and we're doing it, and I think that gives us a lot of room to run with this software suite.

我不認為軍方會希望這類能力永遠只由單一供應商提供，原因就是我們剛才談到的那些。他們不想受制於任何人。但我們已經在那裡、也正在做這件事，我認為這讓我們在推進這套軟體套件方面有很大的發揮空間。

Great. Last follow-up on that. So you've now integrated a number of manufacturers' aircraft here.

很好。最後一個追問。所以你們現在已經在這裡整合了多家製造商的飛行器。

Including Enduro. So is it fair to say like bringing a new platform on is getting faster and more repeatable at this point? Can you comment on that?

包括Enduro。所以可以說，把一個新平台導入的速度在此時變得更快、也更可重複了嗎？你能評論一下嗎？

Yeah, we certainly have learned a lot along the way, but it really depends on the OEM themselves and the architecture for the drone that they've got.

是的，我們一路走來確實學到很多，但這其實非常取決於OEM本身，以及他們無人機所採用的架構。

I mean, we are in the process right now of integrating with our first fixed-wing platform.

我的意思是，我們現在正在整合我們第一個固定翼平台。

Everything else has been a rotor platform. And we're learning a lot. The architecture on that drone is just different than what we've dealt with before.

其他所有的都一直是旋翼平台。而我們正在學到很多。那架無人機的架構，和我們以前處理過的就是不一樣。

When you think about the altitude that those fly at and the sensors that they have and the compute they have, things are different. And so I wish it was as simple to say, all right, well, we used to do it in two weeks and now we can get it down to one week.

當你想到它們飛行的高度、所搭載的感測器，以及它們具備的運算能力時，情況都不同。所以我希望事情能簡單到可以說，好吧，我們以前要兩週，現在可以縮短到一週。

It's just not that easy because there's not a lot of. Consistency in the different components that all have to that our software has to touch and manage.

但事情沒那麼容易，因為不同元件之間並沒有太多一致性。而我們的軟體必須接觸並管理所有這些元件。

So we're understanding a lot more about what questions to ask and what to get nailed down before we begin the process.

所以我們更了解在開始流程之前，該問哪些問題、以及哪些事項需要先敲定。

But it's still it can range from two to four weeks and a couple of people doing it full time to get an integration done from our current knowledge.

但即便如此，依我們目前的知識，要完成一次整合仍可能介於兩到四週，並需要兩個人全職投入。

Very helpful coloring. Congrats.

非常有幫助的補充說明。恭喜。

Thank you.

謝謝。

Once again, if you would like to ask a question, please press *1 on your telephone keypad.

再次提醒，若您想提問，請在電話鍵盤上按*1。

Our next question comes from Ralph Weil.

我們的下一個問題來自Ralph Weil。

Please proceed with your question.

請提出您的問題。

Good morning and those good results.

早安，還有那些很好的成果。

Are you involved or trying to become involved at all in the Golden Dome program? And if so, which of your products would fit into that? And the second question would be, your Strat5 program is now, as you said, at $10.6 million.

你們是否有參與、或正在嘗試參與Golden Dome計畫？如果有的話，你們哪些產品適用於其中？第二個問題是，你們的Strat5計畫現在如你所說已達到1,060萬美元。

What is the potential market for that product that is used there and where will your capabilities be used?

該產品在那裡使用的潛在市場有多大？你們的能力會用在什麼地方？

Ralph, good morning. On Golden Dome, the primary focus for Golden Dome right now is on larger, more exquisite weapon systems to be able to intercept big things that are coming in, big weapons.

Ralph，早安。關於Golden Dome，目前Golden Dome的主要重點是更大型、更高階精密的武器系統，用來攔截來襲的大型目標、大型武器。

There certainly, I believe, will be an opportunity for us to talk about ways that we can deal with smaller enemy form factors, things like the smaller Group 1 drones.

我確實相信，未來會有機會讓我們討論如何應對較小的敵方外形尺寸，例如較小的第1組無人機。

That may become problematic. But right now, I think that the really big focus and the big dollars are, for example, trying to use space-based assets to take missiles out of the sky. That's not us. We don't play in that sector.

那可能會變得棘手。但就目前而言，我認為真正的重點與大筆預算，例如，是嘗試使用太空基資產把飛彈從空中打下來。那不是我們。我們不在那個領域競爭。

But as kind of it trickles down and they start looking at more local and regional effectively domes.

但隨著它逐步往下延伸，他們開始關注更在地與區域性的、實質上的防護「圓頂」。

Where you're talking about dealing with the interception of smaller weapons that are coming in, I think we may have an opportunity to play there, but that's not Golden Dome's priority today.

當你談的是攔截較小的來襲武器時，我認為我們可能有機會參與，但那不是Golden Dome目前的優先事項。

In terms of our StratFi contract, that relates primarily to our IQ product, which is our industrial manufacturing artificial intelligence platform. I mentioned in my comments that that is primarily focused on doing the kind of challenging.

至於我們的StratFi合約，主要與我們的IQ產品相關，也就是我們的工業製造人工智慧平台。我在評論中提到，這主要聚焦在執行那種具挑戰性的工作。

Work that humans have historically had to do because you are not able to automate it, things like doing paint stripping and surface preparation for large components on aircraft. That's the thing that we're doing with the Air Force right now.

這些工作過去一直必須由人類來做，因為無法自動化，例如對飛機大型零組件進行除漆與表面處理。這就是我們目前與空軍正在做的事情。

And if you look at the total market for that, not just military market, but the market for being able to substitute. Automated and autonomous machines for doing the kinds of dangerous and awful jobs that humans don't really want to do anyway, but that have historically been too challenging to be able to automate.

如果你看這個的整體市場，不只是軍用市場，而是能以自動化與自主機器取代人力，去做那些危險、糟糕、而人們本來就不太想做的工作；但過去又因太具挑戰性而難以自動化的那類工作之市場。

It is a very large TAM. I mean, globally, it's billions of dollars. So it is a big market opportunity for us.

這是一個非常大的TAM。我的意思是，全球而言是數十億美元。所以對我們來說，這是一個很大的市場機會。

Our focus now is on trying to go deep in individual verticals where we have gotten some success.

我們目前的重點是，嘗試在我們已取得一些成功的個別垂直領域做深做透。

So what we refer to as a land and expand approach, start off showing customers what we can do in a narrow targeted use case.

也就是我們所說的「先落地、再擴張」策略：先在一個狹窄且鎖定的使用情境中，向客戶展示我們能做什麼。

And inevitably, as we're already seeing, they start asking questions about, well, now that I've seen that it can do this, can it do that and that and that and that. So that's our land and expand approach.

而且不可避免地，正如我們已經看到的，他們會開始問：既然我已經看到它能做這個，那它能不能做那個、那個、那個、還有那個。所以這就是我們的先落地、再擴張策略。

We introduced the version two of the software at the beginning of this year. We've had great engagement with customers and systems integrators to do trials.

我們在今年年初推出了第二版軟體。我們與客戶以及系統整合商在試用方面有很好的互動。

And we expect to start seeing more placements of that software over the second-half of this year.

我們預期在今年下半年會看到更多該軟體的部署。

Is that it?

就這樣嗎？

That does conclude our question-and-answer session.

我們的問答環節到此結束。

Thank you all for your participation today.

感謝各位今天的參與。

This concludes today's teleconference. You may disconnect your lines and have a wonderful day.

今天的電話會議到此結束。您可以掛斷電話，祝您有美好的一天。