Unusual Machines Inc (UMAC) 2026 Q1 法說會逐字稿

Greetings, and welcome to Unusual Machines first-quarter 2026 financial results conference call and webcast. (Operator Instructions) Please note, this conference is being recorded.

各位好，歡迎參加 Unusual Machines 2026 年第一季財務業績電話會議與網路直播。(接線員指示) 請注意，本次會議正在錄音。

I will now turn the conference over to Christine Petraglia, Investor Relations for Unusual Machines.

現在我將把會議交給 Unusual Machines 投資人關係的 Christine Petraglia。

Thank you, operator. Good afternoon, everyone. With us today are Unusual Machines' CEO, Allan Evans; and CFO, Brian Hoff. During this call, management will make forward-looking statements, including statements about our expectations concerning the demand for our products, our ability to manage this demand, the growth of our operations, our business and our revenues, the growth of the NDAA compliant drone market, our anticipated gross margins and future costs, our plans to scale manufacturing capacity, including the timing and success of new production lines for motors, batteries, cameras and headsets, our battery manufacturer acquisition, our ability to achieve cash flow positive operations in the future and expected 2027 FAA rulemaking.

謝謝，接線員。各位下午好。今天與會的有 Unusual Machines 執行長 Allan Evans，以及財務長 Brian Hoff。在本次電話會議中，管理層將作出前瞻性陳述，包括關於我們對產品需求的預期、我們管理該需求的能力、我們營運、業務與營收的成長、符合 NDAA 規範之無人機市場的成長、我們預期的毛利率與未來成本、我們擴大製造產能的計畫（包括馬達、電池、相機與頭戴式裝置新產線的時程與成功與否）、我們對電池製造商的收購、我們未來達成營運現金流轉正的能力，以及預期於 2027 年的 FAA 規則制定。

The results expected by some or all of these forward-looking statements may not occur. Factors that affect our ability to achieve these results, including the risks that enough of our customers receive orders under the Drone Dominance program or other government programs and in turn, place component orders with us as well as potential funding reductions, program delays or changes in procurement priorities.

上述部分或全部前瞻性陳述所預期的結果可能不會發生。影響我們達成這些結果能力的因素包括：我們的客戶是否有足夠比例能在「Drone Dominance」計畫或其他政府計畫下取得訂單，並進而向我們下達零組件訂單；以及潛在的資金削減、計畫延宕或採購優先順序變更。

Our dependence on a limited number of enterprise customers and the risk of customer concentration, the risks that our inventory buildup will become obsolete or that we cannot sell such inventory at reasonable margins. Our ability to manage our rapid growth, including integrating new employees and maintaining quality control, risks relating to manufacturing bugs, delays or failure to achieve anticipated production efficiencies, the availability of satisfactory labor pool to meet our planned growth, potential supply chain disruptions or component shortages.

我們對少數企業客戶的依賴以及客戶集中度風險；我們的庫存累積可能變得過時，或我們無法以合理毛利出售該等庫存的風險。我們管理快速成長的能力（包括整合新進員工與維持品質管控）；與製造缺陷、延遲或未能達成預期生產效率相關的風險；可滿足我們規劃成長所需之合格勞動力供給的可得性；以及潛在的供應鏈中斷或零組件短缺。

The impact also from tariffs, including inflation and increased cost of goods sold, the risk that our automated production equipment may not be operational on the anticipated time line, unanticipated audit issues relating to Upgrade Energy, technical or political risks that may affect FAA rule making and the risk factors contained in our Form 10-K for the year ended December 31, 2025.

關稅帶來的影響（包括通膨與銷貨成本上升）；我們的自動化生產設備可能無法在預期時程內投入運作的風險；與 Upgrade Energy 相關的未預期稽核問題；可能影響 FAA 規則制定的技術或政治風險；以及我們截至 2025 年 12 月 31 日止年度 Form 10-K 中所載之風險因素。

Factors or events that could cause our actual results to differ may emerge from time to time, and it's not possible for us to predict all of them. Any forward-looking statement made by us herein speak only as of the date of which it is made. We undertake no obligation to update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law. As a reminder, this call is being recorded, and a replay will be available on Unusual Machines' website at www.unusualmachines.com.

可能導致我們實際結果出現差異的因素或事件，可能不時浮現，而我們無法預測所有因素。我們在此所作的任何前瞻性陳述，僅截至其作出之日有效。除法律可能要求外，我們不承擔因新資訊、未來發展或其他原因而更新任何前瞻性陳述之義務。提醒各位，本次電話會議正在錄音，重播將可於 Unusual Machines 網站 www.unusualmachines.com 取得。

Now let me hand the call over to CEO, Allan Evans. Please go ahead, Allan.

現在讓我把電話交給執行長 Allan Evans。Allan，請開始。

Thank you, Christine. Good afternoon, everyone. Thank you so much for joining us today. We really appreciate your time. I apologize if I'm a little bit hoarse. I've been at the trade show at AUVSI all week, and talking to a lot of people. Anyway, during this call, I will discuss our first-quarter 2026 performance. In quarter 1, we generated approximately $8.1 million in operating revenue.

謝謝你，Christine。各位下午好。非常感謝各位今天加入我們。我們非常感謝各位撥冗。如果我聲音有點沙啞，先跟大家致歉。我整週都在 AUVSI 的展會上，和很多人交談。總之，在本次電話會議中，我將討論我們 2026 年第一季的表現。第一季我們創造約 810 萬美元的營業收入。

This is a 296% year-over-year growth from the first-quarter of 2025 and a 65% increase from the revenue generated in the fourth-quarter of 2025. In addition, we generated $10.3 million in net profit for the quarter. What's really key here is even if you move -- remove from that $10.3 million in net profit, the unrealized gains, if we exclude them, we still ended up being profitable.

相較 2025 年第一季，年增 296%，也較 2025 年第四季的營收成長 65%。此外，本季我們創造 1,030 萬美元的淨利。這裡真正關鍵的是，即使你把 1,030 萬美元淨利中的未實現收益移除——如果排除這些，我們仍然是獲利的。

And we've also really dramatically increased revenue for the first-quarter. So the quarter 1 results just start to show the dramatic growth that we're at the early stages of. Every single business indicator that we're seeing is pointing to growth. We were able to jump from $4.9 million in revenue just a quarter ago to $8.1 million in revenue this quarter. And that's without the benefit of Christmas driving high consumer demand.

而且我們第一季的營收也大幅提升。因此，第一季的結果只是開始展現我們正處於早期階段的顯著成長。我們看到的每一項業務指標都指向成長。我們能夠從僅僅上一季的 490 萬美元營收，跳升到本季的 810 萬美元營收。而這還沒有受惠於聖誕節帶動的高消費需求。

We've increased our headcount from 81 employees to 141 employees across the quarter, and we continue to grow the team as we move forward. We saw the expected drop in margins as we added all these new employees. And we still -- the team did a really good job and we managed to still hit a 32% gross margin, which is a little bit above where we expected to be.

本季我們的員工人數從 81 人增加到 141 人，且隨著我們持續前進，團隊仍在擴編。隨著新增這些員工，我們看到如預期的毛利率下滑。但團隊仍做得非常好，我們仍達成 32% 的毛利率，略高於我們的預期。

All of these trends that we've seen in the first-quarter are continuing through now, and we're still scaling as fast as we can to meet the needs of the marketplace. In the first-quarter, we were able to really secure our war chest to be sure that we can manage the working capital and finance this growth, which normally requires some cash in front of seeing the revenue returns.

我們在第一季看到的所有趨勢至今仍在延續，我們也仍在盡可能快速擴張，以滿足市場需求。第一季我們得以真正充實我們的「戰備資金」，以確保能管理營運資金並為這種成長提供資金；而這類成長通常需要在看到營收回收之前先投入部分現金。

We raised $150 million of $17 a share in a confidentially marketed public offering. And we now have about $320 million in total working capital, which puts us in a very strong position. We very recently entered into an agreement to purchase Upgrade Energy, and that's a total of just over $50 million in deployment of cash and stock.

我們以每股 17 美元在一項機密行銷的公開發行中募得 1.5 億美元。目前我們的總營運資金約為 3.2 億美元，使我們處於非常有利的位置。我們最近也簽署協議收購 Upgrade Energy，總對價為略高於 5,000 萬美元的現金與股票。

That's there to accelerate our battery ambitions and bring a new product category to market faster. It's, I think, really important all of this to remember that we're not seeing this growth by burning cash. So this money remains in our war chest, remains in our bank accounts. It can be used to really foster and turn over the growth rather than just to fund operations.

此舉旨在加速我們在電池方面的企圖，並更快將新的產品類別推向市場。我認為非常重要的一點是要記住：我們並不是靠燒錢來換取這些成長。因此，這筆資金仍留在我們的戰備資金中，仍留在我們的銀行帳戶裡。它可以用來真正促進並加速成長的周轉，而不是僅僅用來支應營運。

The first-quarter was our eighth consecutive quarter with record revenues. Since going public, we've never had a quarter where revenue has gone backward, and we don't expect to have one anytime soon. So this sort of constant success is just not possible without our entire team putting in a lot of really great work. So everyone is working hard, bringing just fantastic energy to all the different challenges we face as we go through this.

第一季是我們連續第八個季度創下營收新高。自上市以來，我們從未出現過營收倒退的季度，而且我們也不預期短期內會出現。因此，這種持續的成功，若沒有整個團隊投入大量且出色的工作，是不可能達成的。所以每個人都很努力，並在我們一路走來面對的各種挑戰中，帶來非常棒的能量。

And I'm confident that we can continue to handle this really fast rate of growth because I'm confident in the team and in each person doing the job that they're doing. So I very much have the pleasure with and I do want to say thank you to everyone working at Unusual Machines for continuing to make this possible. I'll now hand this off to our CFO, Brian Hoff, to cover our financial results in detail, and once he finishes, I'll go into more detail on our going-forward plans.

我有信心我們能持續應對如此快速的成長速度，因為我對團隊以及每位同仁在各自崗位上的表現都有信心。因此，我非常榮幸，也想對所有在 Unusual Machines 工作、持續讓這一切成為可能的同仁致上謝意。接下來我將把時間交給我們的財務長 Brian Hoff，請他詳細說明財務結果；他結束後，我會再更深入說明我們未來的計畫。

With that, I'm handing the call off to our CFO, Brian Hoff.

接下來，我把電話交給我們的財務長 Brian Hoff。

Thank you, Allan. And thank you, everyone, for joining the call this afternoon. I'm excited to share our Q1 results with you all. As we discussed during our year-end results, we had a lot of momentum entering the year. Our Q1 results reflect that momentum, and we continue to expect to continue that for the remainder of 2026.

謝謝你，Allan。也謝謝各位今天下午加入這通電話會議。我很高興與各位分享我們第一季（Q1）的業績。正如我們在年終業績時所討論的，我們在進入今年時動能非常強。我們的 Q1 結果反映了這股動能，而我們也仍然預期在 2026 年剩餘期間能持續延續。

With that, let's dig in. Revenue was $8.1 million for the first-quarter, which Allan noted is approximately 296% growth from Q1 of last year and 65% quarter-over-quarter growth from Q4 2025. As we left 2025, we felt that momentum and demand coming online, and this quarter is just the start of the demand curve. Our Q1 revenue mix was approximately 90% enterprise and 10% retail with a healthy mix of customers and product and little significant concentration.

那麼，我們開始深入說明。第一季營收為 810 萬美元，正如 Allan 所提到的，約較去年第一季成長 296%，且較 2025 年第四季（Q4）季增 65%。在 2025 年結束時，我們就感受到這股動能與需求正在上線，而本季只是需求曲線的起點。我們 Q1 的營收組合約為 90% 企業端、10% 零售端，客戶與產品組合健康，且沒有顯著的集中度。

Gross margin for the quarter ended at 32.8% for the quarter, which is, again, as we said, is a slight decrease from the trend over the last few quarters. However, we anticipated this as we are continuing to scale as fast as possible, which included significantly increasing our manufacturing staff by adding a third shift to our motor line, a second shift to our assembly line.

本季毛利率為 32.8%，如同我們所說，較過去幾季的趨勢略有下降。不過，我們已預期到這點，因為我們正盡可能快速擴張規模，其中包括大幅增加製造人員：馬達產線新增第三班，組裝產線新增第二班。

And our total headcount increased from 81 to 141 and we're coming close to crossing over that 200 employee threshold today. This is another indicator of the continual demand increase we're seeing and trying to capture. So while we anticipate margins, we'll have some fluctuations throughout 2026. We are making decisions to grow operations and be in a position to deliver on the demand throughout the year and headed into 2027.

我們的總員工數從 81 人增加到 141 人，目前也接近跨越 200 名員工的門檻。這也是我們所看到並試圖掌握的持續需求增加的另一項指標。因此，雖然我們預期 2026 年的毛利率會有一些波動。我們正在做出決策以擴大營運，並讓我們有能力在全年、以及邁向 2027 年時交付需求。

We are continuing to see our yield rates on manufacturing lines improve as we become more efficient and trained in this process. Jumping to operating expenses. These also increased during the quarter to $9.9 million for Q1 of 2026. These expenses are -- were specific decisions to continue to enable our growth. This includes building out our G&A infrastructure, including headcount, systems and process build-out.

隨著我們在流程上更有效率、訓練更到位，我們也持續看到製造產線的良率提升。接著談營業費用。本季營業費用也增加，2026 年 Q1 為 990 萬美元。這些費用是我們為了持續支持成長所做的特定決策。其中包括擴建我們的一般與行政（G&A）基礎建設，包括人力、系統與流程建置。

We may see some additional growth in the short term in these costs. However, we will gain some efficiencies as we continue to scale revenue and our operating expenses will grow at a slower rate. In addition, this includes two additional facilities that commenced during the quarter, which is our headset facility and kind of in our corporate office. Included in the $9.9 million figure also includes cash -- noncash related expenses of approximately $4 million and other nonrecurring expenses of about $1.7 million. I'd reference the tables in the back of our shareholder letter for the additional detail around that.

短期內我們可能會看到這些成本進一步成長。不過，隨著我們持續擴大營收規模，我們將取得一些效率，營業費用的成長速度會放緩。此外，這也包含本季啟用的兩處新增設施，也就是我們的頭戴式裝置（headset）設施，以及某種程度上在我們的企業辦公室。在 990 萬美元中也包含約 400 萬美元的現金—非現金相關費用，以及約 170 萬美元的其他非經常性費用。關於更多細節，我建議參考我們股東信後面的表格。

In other income and expense, we had very positive results from our investments. These investments, which are designed for a strategic purpose, creating goodwill in the US drone industry and also create supplier partnerships and customer relationships. Our strategy is working, and we have received orders from these -- some of these investments as well.

在其他收入與費用方面，我們的投資帶來非常正面的成果。這些投資是出於策略目的所設計：在美國無人機產業建立商譽，同時也建立供應商夥伴關係與客戶關係。我們的策略正在奏效，我們也從其中—部分投資對象那裡收到了訂單。

The results include a $7.3 million realized gain from investments, which is a nice add-on to our overall cash balance without any additional dilution. We also had additional unrealized gains of approximately $9.5 million and interest income of about $0.8 million. Our balance sheet is strong and shows our continual view of being able to grow into the demand.

成果包括投資已實現收益 730 萬美元，這在不造成任何額外稀釋的情況下，為我們整體現金餘額帶來可觀的增益。我們也有約 950 萬美元的未實現收益，以及約 80 萬美元的利息收入。我們的資產負債表很強健，展現我們持續相信自己有能力隨需求成長而擴張。

We have a significant cash balance of approximately $223 million after our public offering in March, which netted about $139 million after expenses. Our short-term investments are continuing to prove strong from a financial perspective and strategic partner in the industry with a balance of over $60 million. Our inventory, including raw materials, finished goods and deposits paid are approximately $27.4 million, and are going to see this to continue to increase in Q2 and Q3 as we make significant purchase to meet the demand and do our part in managing supply chain issues as best as possible.

在 3 月公開發行之後，我們的現金餘額約為 2.23 億美元；該次發行扣除費用後淨募得約 1.39 億美元。我們的短期投資從財務角度與作為產業策略夥伴的角度來看都持續表現強勁，餘額超過 6,000 萬美元。我們的存貨（包含原物料、成品與已支付的訂金）約為 2,740 萬美元，且在 Q2 與 Q3 將持續增加，因為我們會進行大量採購以滿足需求，並盡最大努力協助管理供應鏈問題。

Our total working capital is approximately $320 million, which puts us in a great position to capitalize on the demand moving forward. I'd also like to reiterate what Allan said. None of this is possible without a fantastic team working extremely hard to make things move, and very quickly. It is an exciting time to be at Unusual Machines and looking forward to the year ahead. Also, thank you to our shareholders and partners and continuing to support our mission throughout the call.

我們的總營運資金約為 3.20 億美元，讓我們處於極佳位置以把握未來的需求。我也想重申 Allan 所說的。若沒有一支非常出色、極度努力、並且讓事情快速推進的團隊，這一切都不可能實現。能在 Unusual Machines 的此刻是一段令人振奮的時期，我們也期待接下來的一年。同時，也感謝我們的股東與合作夥伴在整場電話會議中持續支持我們的使命。

I'll send it back to you, Allan.

我把時間交還給你，Allan。

Thanks, Brian. So what can I say about the year so far. A lot has changed in the seven weeks since we discussed last year's results on a previous earnings call. We keep scaling both sales and company sizes. We raised $150 million at $17 a share and then subsequently placed $75 million in raw material orders and signed a definitive agreement to buy Upgrade Energy to really jump start our entire battery position.

謝謝，Brian。那麼，關於今年到目前為止，我能說些什麼呢？自從我們在先前的財報電話會議討論去年業績以來的七週內，已經改變了很多。我們持續擴大銷售規模與公司規模。我們以每股 17 美元募資 1.5 億美元，隨後下了 7,500 萬美元的原物料訂單，並簽署具約束力的最終協議收購 Upgrade Energy，以真正啟動我們整體的電池布局。

We continue to be extremely well positioned as a supply chain leader for components for small drones in the US. We have the capital to execute and have been growing while maintaining profitability. I'm going to go into more detail now, but I want everyone on the call to note that my following comments are forward-looking and in no way guaranteed.

我們仍然在美國小型無人機零組件供應鏈領域具備極佳的領先地位。我們有資本可以執行，並在維持獲利能力的同時持續成長。我接下來會更詳細說明，但我希望所有與會者注意，我以下的評論屬於前瞻性陳述，且不以任何方式保證會實現。

From our perspective, demand remains on track. The current marketplace remains severely supply constrained, and we still see demand outstripping supply this year and deep into 2027. We're continuing to build the company and procure raw material to grow into this demand as fast as we possibly can, and we don't anticipate slowing down anytime in 2026.

從我們的角度來看，需求仍按計畫推進。目前市場仍嚴重受供給限制，我們仍看到今年乃至深入到 2027 年，需求都將超過供給。我們持續建設公司並採購原物料，以盡可能快速地擴張來承接這些需求，而我們不預期在 2026 年的任何時候放慢腳步。

The primary driver of this growth, it continues to be the Department of War. For example, the Drone Dominance Gauntlet program is one purchasing group, and that remained on track. They announced the timing for Phase 2 as well as reiterate the commitment to buying 60,000 more drones in the second half of 2026.

這波成長的主要驅動力，仍然是戰爭部（Department of War）。例如，「Drone Dominance Gauntlet」計畫就是其中一個採購單位，而該計畫仍按進度推進。他們也公布了第二階段（Phase 2）的時程，並重申承諾在 2026 年下半年再採購 60,000 架無人機。

They even were smart enough to put it before the end of the government fiscal year, so that everything will be done and isn't subject to delays that could be caused by continuing resolution. When you look then out a little further in future demand, the proposed budget for the Department of War, it has a 50% increase. They're talking about $1.5 trillion.

他們甚至聰明到把它安排在政府會計年度結束前，這樣所有事情都能完成，且不會受到「持續決議」可能造成的延宕影響。再把視角往未來需求看遠一點，國防部所提的預算案增加了50%。他們談的是1.5兆美元。

But I think even more interesting is the dramatic increase in the proposed budget for the Defense Autonomous Warfare Group, DAWG, moving it to a little over $50 billion, which is really the drone-focused government procurement budget. The Department of War as an end customer has really strong sourcing requirements with the preference for US supply chain and is really the initial force behind driving this relentless demand cycle. In addition to these drone programs, you're seeing counter drone programs that are really starting to materialize and that's becoming an emerging addressable market segment.

但我認為更有意思的是，國防自主作戰小組（Defense Autonomous Warfare Group, DAWG）提案預算大幅增加，提升到略高於500億美元，這基本上就是以無人機為核心的政府採購預算。國防部作為終端客戶有非常嚴格的採購來源要求，偏好美國供應鏈，並且確實是推動這個不斷循環需求的最初力量。除了這些無人機計畫之外，你也看到反無人機計畫正在真正開始成形，並且正在成為一個新興、可觸及的市場區隔。

I think a very good example of what we're seeing there is real orders and partnerships with our first order coming PowerUS, who is one of the companies we invested in, and it's really pushing an even additional category to create this demand. So given this overwhelming demand environment, we were trying to scale as fast as we possibly can to provide our customers with the parts they need to sell into the Defense Department or the Department of War.

我認為我們在那裡看到的一個很好的例子，是實際訂單與合作夥伴關係；我們的第一筆訂單來自PowerUS（我們投資的公司之一），這確實又推動出一個額外的類別來創造需求。因此，在這種壓倒性的需求環境下，我們正盡可能快速擴張，以便為客戶提供他們所需的零組件，讓他們能銷售給國防部。

To facilitate this in April, we placed over $75 million worth of raw materials in order to build out motors and other products. We scaled from 81 employees at the end of 2025 to about 200 employees today, we're definitely adding team members, and we're continuing to add shifts and facilities to deliver the -- just the raw material or the subsystems that our customers need.

為了促成這件事，我們在4月下了超過7,500萬美元的原材料訂單，用來擴建馬達與其他產品。我們從2025年底的81名員工擴編到今天約200名員工；我們確實正在增補團隊成員，並持續增加班次與設施，以交付——也就是客戶所需的原材料或子系統。

In addition, and I think very interestingly, we recently announced the merger agreement with Upgrade Energy for the total purchase price of $52 million. The purchase is almost a 50-50 blend of stock and cash with half of the purchase price upfront and the rest being earned out. So Upgrade Energy did just over $6 million worth of revenue.

此外，而且我認為相當值得關注的是，我們最近宣布與Upgrade Energy的合併協議，總收購價為5,200萬美元。本次收購幾乎是股票與現金各半的組合，收購價的一半先行支付，其餘部分以績效對價（earn-out）方式支付。Upgrade Energy的營收略高於600萬美元。

This is unaudited. So as we go through the audit, it may change, in 2025, and that was in their old facility in El Sibringo, California. They very recently moved into a new 18,000 square foot facility, much larger in Torrance, California. And you guys think we're really going to see that ramp quite quickly. I'm personally very excited to work with Matt Barnard, the owner of Upgrade Energy and CEOs, as he joins the team, and really the entire team they built a really strong brand in the battery business.

這些數字尚未經審計。因此在我們進行審計的過程中，2025年的數字可能會變動；而那是在他們位於加州El Sibringo的舊廠房。他們最近剛搬進加州托倫斯（Torrance）一座新的18,000平方英尺廠房，規模大得多。而你們也會看到我們的產能爬坡會非常快。我個人非常期待與Upgrade Energy的所有者兼執行長Matt Barnard合作，他將加入團隊；而且他們整個團隊在電池業務上建立了非常強的品牌。

They have some patented protected technology that works in production at scale. And then our ability to work right away with them and to do it at scale is going to let us drive, I think, very quick growth in the battery category. And own now the entire powertrain from the battery to the motor controllers through to the motors to build that full lift platform.

他們擁有一些受專利保護、可在量產規模下運作的技術。而我們能夠立刻與他們合作並把規模做起來，將使我們在電池品類上實現我認為非常快速的成長。並且現在能掌握從電池到馬達控制器再到馬達的整個動力系統（powertrain），打造完整的升力平台。

Now what I think people might not yet realize is that the purchase and the choice to go do batteries, it's not necessarily a right now choice. It is a strategic choice for what we see as the emerging markets that come next even more than it is just another SKU in our offerings. So we expect the FAA to enable the legislative framework that people are calling Part 108, it should really open up new activities like drone delivery in mid- to late 2027. So defense or attributable drones or one-way drones, whatever you want to call them.

我認為大家可能還沒意識到的是：這次收購以及選擇切入電池，未必是「當下」的選擇。這是一個策略性選擇，著眼於我們所看到的下一波新興市場，而不只是我們產品組合中的另一個SKU。因此我們預期FAA將建立人們稱為Part 108的法規框架，這應該會在2027年年中到年底開放像無人機配送等新活動。至於國防用途或可歸因的無人機、或一次性無人機——隨你怎麼稱呼。

They typically only have 1 to 2 batteries per drone. On the other hand, delivery drones because they'll go up and down and up and down and up and down and they'll need to change batteries every time as the batteries recharge are expected to have about 10 batteries per drone. So this purchase and our subsequently planned build-out in Florida for batteries is going to let us get ahead of the supply chain and this problem to really be in a place to do what is a very large battery-to-drone ratio, TAM for what we see as the FAA enabled market segment that we expect to materialize in 12 to 18 months.

它們通常每架無人機只配1到2顆電池。另一方面，配送無人機因為會反覆起降、起降、起降，而且每次都需要更換電池、讓電池充電，預期每架無人機大約需要10顆電池。因此，這次收購以及我們後續計畫在佛州擴建電池產能，將使我們能提前布局供應鏈、解決這個問題，讓我們在FAA所開放的市場區隔中，面對「電池對無人機」比例非常高的情境時，能站在有利位置；我們預期該市場在12到18個月內成形，其TAM（總可服務市場）將非常可觀。

So not only is it revenue right now with a team we like and people with the same attitude, but it also positions us, I think, to capture a large chunk of the value in the emerging market that the FAA is going to open up. Just a quick summary. first-quarter of 2026 is everything working well, kind of working the way we planned it. We're rapidly scaling.

所以這不僅是現在就能帶來營收、且我們喜歡的團隊與志同道合的人才，同時也讓我們有機會在FAA即將開放的新興市場中，掌握我認為相當大的一部分價值。簡單總結一下：2026年第一季一切運作良好，基本上按我們規劃的方式在推進。我們正在快速擴張。

Our revenues grew above $8 million. We were able to report a profit, so we're not losing money in doing this. And while our operations are not yet independently profitable, we had about $1.5 million to $1.6 million loss just from operations in terms of cash if you subtract out the equity comp. Our business as a whole is profitable.

我們的營收成長到超過800萬美元。我們也能夠報告獲利，因此我們在做這些事情時並沒有在虧錢。雖然我們的營運尚未達到獨立獲利，但若扣除股權薪酬（equity comp），以現金角度看，僅就營運部分約有150萬到160萬美元的虧損。我們整體業務是獲利的。

We're able to raise more money, quickly put that money to work into our supply chain and really drive what we see as a transformative acquisition with the Upgrade Energy merger. Unusual Machines remains at the forefront of the domestic components market, and the market is continuing to really see this extreme growth. We're well capitalized. We're extremely healthy. We have the infrastructure to continue to scale.

我們能夠募集更多資金，並迅速把資金投入供應鏈，進而推動我們所認為具轉型意義的收購——與Upgrade Energy的合併。Unusual Machines仍站在國產零組件市場的最前沿，而市場也持續呈現這種極端的成長。我們資本充足。我們非常健康。我們具備持續擴張所需的基礎設施。

And we're just going to continue to grow as fast as we possibly can. And I am just completely overwhelmingly confident that our team can meet the demand that exists right now. So I want to say thank you again to our entire staff and all of our shareholders and all of our customers.

我們將持續以我們所能做到的最快速度成長。而我對我們團隊能夠滿足當前存在的需求，抱持極其強烈的信心。因此我想再次感謝我們全體員工、所有股東，以及所有客戶。

With that, I'd like to open up the call to questions.

接下來，我想開放提問。

(Operator Instructions) Craig Irwin, ROTH Capital.

(接線員指示) Craig Irwin，ROTH Capital。

CrSo Allan, at AUVSI, it was really obvious talking to many of your customers, many of the other drone producers there, there's no shortage on demand. There is an intense demand in the market, and people want credible supply and your customers are lining up to be as credible as possible. to the end agencies, particularly the military, but also you highlighted delivery as a market, and they are also talking about that.

CrSo Allan，在AUVSI上，和你們許多客戶、以及其他許多無人機製造商交談時非常明顯：需求完全不缺。市場需求非常強烈，人們想要可信賴的供應，而你們的客戶正排隊希望在終端機構——特別是軍方——面前盡可能展現其供應可信度；另外你也提到配送是一個市場，他們也在談這件事。

So the biggest constraining factor right now is from what many of them represent capacity. You've gone from 81 employees to over 200 today. You added a third shift to motors. You had a second shift to assembly. Can you maybe unpack for us how much of your time is going into capacity planning, the $75 million prepurchase on raw materials is obviously a big commitment to that capacity or that execution capacity.

所以目前最大的限制因素，是許多項目所代表的產能。你們已經從 81 名員工成長到今天超過 200 人。你們在馬達製造新增了第三班。你們在組裝也增加了第二班。你能否為我們拆解一下，你有多少時間投入在產能規劃上？另外，7,500 萬美元的原物料預先採購顯然是對產能或執行產能的一項重大承諾。

But actual employees, infrastructure, seats and workstations new products. You've got camera products and battery products and all sorts of new things coming in. How important is managing this to you right now?

但實際上還包括員工、基礎設施、座位與工作站，以及新產品。你們有相機產品、電池產品，還有各式各樣的新東西即將導入。目前對你而言，把這些管理好有多重要？

I appreciate the question. And I think when you look at a hardware company, and the inventory flow, managing capacity and being sure that you get utilization, but also don't create backlog in this growth period is my most important job. So capacity really breaks down into three different things that we need for it. The longest lead time thing is the raw material. It's also the most expensive.

謝謝你的提問。我認為，當你看一家硬體公司以及其庫存流轉時，在這個成長期管理產能、確保產能利用率，同時又不造成積壓（backlog），是我最重要的工作。因此，產能基本上可拆成我們需要的三個不同面向。交期最長的是原物料。而且它也是最昂貴的。

So when we place raw material orders like we just did, you're looking at first deliveries are at least four months out, you're probably not material complete, which is when you have all the material to make a thing for maybe six months and then you can start to convert that raw material into finished subassemblies. And what we're seeing is because we're becoming a more and more globally significant buyer from these non-Chinese supply chains is that while we do get a little bit of scaling function, we also get, oh, goodness, we have to go help our suppliers scale to meet our demand.

所以當我們像剛才那樣下原物料訂單時，你會看到第一批交貨至少要四個月之後；而你可能要到六個月左右才會達到「物料齊套」（material complete），也就是擁有製造某項產品所需的全部物料，接著你才能開始把原物料轉換成完成的次組件。我們看到的是，因為我們正逐漸成為這些非中國供應鏈中越來越具全球重要性的買方，雖然我們確實獲得一些規模效益，但同時也會遇到——天啊——我們必須去協助供應商擴產以滿足我們的需求。

So they also have to scale up. So when you see what we're doing for capacity management, step one, get material in the door so we can transform it. Step 2 is get facilities. So if you look, we're regularly adding a new building here, a new -- adding on to a building there. And we're going through that, and we're very active in that process and what is our Orlando campus.

所以他們也必須擴產。因此你看到我們在做的產能管理，第一步是把物料先送進門，讓我們能夠進行轉化。第二步是取得廠房設施。所以如果你觀察，我們經常在這裡新增一棟建築、在那裡對既有建築擴建。我們正在推進這些工作，而且在奧蘭多園區（Orlando campus）這個流程上非常積極。

Because once you get the building in place, then you have a place to put the equipment and the people, and so we see that process typically shows up three or four months in front of being able to start to produce things. So raw material, let's call it six months facilities and the capital equipment maybe three to four months and then the people really come in a month or two beforehand and drive it.

因為一旦建築到位，你就有地方放設備和人員；而我們看到這個流程通常會比能開始生產提前三到四個月出現。所以原物料，我們姑且算六個月；廠房與資本設備大概三到四個月；然後人員通常會在前一到兩個月進來並把它推動起來。

And so you're watching us stage this for material facilities people. And every time we've guessed and done something we thought was ambitious from a capacity perspective. We realized we weren't ambitious enough. So I think we continue to see that, and we have a really great person running HR and trace and train a great HR team, helping drive hiring and really great workforce management folks.

因此你看到我們在物料、廠房、與人員之間做分階段部署。而每一次我們從產能角度做了自認為很有企圖心的預估與行動，最後都發現我們還不夠有企圖心。所以我想我們會持續看到這種情況；而且我們有人資主管非常出色，帶領並培訓了一支很棒的人資團隊，協助推動招募，另外也有非常優秀的人力管理團隊。

And Jay, our VP of Supply Chain is doing a really good job with our buyers, managing the incoming material. And so luckily, I don't have to do the job by myself. But I think when you look at strategically in our business that capacity management and more importantly, the inventory flow management and sort of that transformation is singularly the strategic focus of where we as a leadership team, need to pay attention.

而我們的供應鏈副總裁 Jay 也和採購團隊一起做得非常好，管理進料。所以幸運的是，我不必一個人做這份工作。但我認為，從我們業務的策略面來看，產能管理——更重要的是庫存流轉管理以及那種轉化流程——是我們領導團隊需要特別關注的唯一核心策略焦點。

That makes complete sense. So my second question is around the gross margins. So when we were talking in the fourth-quarter, you were obviously careful and cautious around gross margins. You're bringing your motor manufacturing up and the other significant aggressive hiring to meet demand, you were cautious but optimistic. This quarter, your execution was strong. It was better than what we were looking for.

這完全說得通。那我第二個問題是關於毛利率。我們在談第四季時，你們對毛利率顯然相當謹慎保守。你們正在把馬達製造拉升產能，並且為了滿足需求進行其他大規模、積極的招募；當時你們是謹慎但樂觀。這一季你們的執行很強。表現比我們預期的更好。

And that's with some substantial headcount additions. Your margins, is it fair for us to see similar margin execution over the next couple of quarters, given that you have a couple of quarters here under your belt, where you're obviously managing the efficiency and the productivity of new employees. I can imagine that people will become more productive, given months and years of experience.

而這還是在大幅增加人頭數的情況下。就你們的毛利率而言，考量你們已經有幾季的經驗、顯然也在管理新進員工的效率與生產力，我們是否可以合理預期未來幾季的毛利率執行會維持在類似水準？我可以想像，隨著累積數月與數年的經驗，人員會變得更有生產力。

But the gross margin trajectory, I think, is somewhat important, less important than revenue. but somewhat important to the future profitability where many of us are looking several years out.

但毛利率的走勢，我認為某種程度上很重要——雖然不如營收重要，但仍然對未來獲利能力有一定影響，因為我們很多人是以好幾年後的角度在看。

Yes. No, I -- so -- the team did a really good job of training and getting people on board. And I think being more efficient and sort of aspiring to be really good as a production engine. So I think margins for the first-quarter exceeded our internal expectations. I think where we're at, given where we performed it's below the margins we'd like to see when it's a little more stable, but I think in this low 30% range, it seems like it's what we're doing.

是的。不，我——所以——團隊在訓練與讓新人到位方面做得非常好。而且我認為，我們在效率提升上、以及把自己定位成一個非常強的生產引擎方面，確實在努力。所以我認為第一季的毛利率高於我們內部預期。以我們目前的狀況、以及實際表現來看，雖然仍低於我們希望在更穩定時看到的毛利率水準，但我認為在 30% 出頭這個區間，看起來就是我們目前能做到的。

The team has done a really good job on onboarding. So if we can even hold here and we can hold our material margins where we sort of like them, so that we know that we have the room to hit our gross margin targets in the long run, I would feel really good about it. There may be some movement around it up and down a little bit because it's not as important to us as being sure our customers get really high-quality products that meet their demand.

團隊在新人導入（onboarding）方面做得非常好。所以如果我們至少能守住目前水準，並且把材料毛利維持在我們偏好的區間，讓我們知道長期而言有空間達成毛利率目標，我會覺得非常好。毛利率可能會有些上下小幅波動，因為對我們而言，它的重要性不如確保客戶拿到符合需求的高品質產品。

So if we got in a batch of stuff that didn't meet our quality standards, and we had a scrap rate or something that had a little bit of a negative impact on margins, we'd be okay with that to prioritize customer success, but this feels to me, at least right now, sort of a really good spot. And where I think we will strive to maintain as we continue through this growth cycle.

所以如果我們收到一批不符合品質標準的貨，導致報廢率（scrap rate）之類的情況，對毛利率造成一些負面影響，為了優先確保客戶成功，我們也可以接受；但至少就我目前的感覺，這是一個相當不錯的位置。而且我認為，隨著我們持續走過這個成長週期，我們會努力維持在這個水準附近。

So I think if I was looking at it -- we did it through it, I think, is one of the harder transformations, which is crossing that 100 employee line. And we now have a lot of processes and training and things that are being built out that I think allow us to carry this success forward.

所以我想，如果我來看——我們已經走過、我認為是比較艱難的轉型之一，也就是跨過 100 名員工這條線。而我們現在建立了許多流程、訓練與各種機制，我認為這些能讓我們把這份成功延續下去。

Okay. And last question, if I may. So many people know my approach is kind of to get around a little bit. So when I met with the people from -- with FAA, I was using them. I was getting around saying, guys, what's taking you so long? Mana Air in Ireland has already done 1 million deliveries. This is America where the technology leaders you're holding us back. What's going on?

好的。如果可以的話，最後一個問題。很多人都知道我的做法是會到處去打聽一下。所以當我和——和 FAA 的人見面時，我就拿他們來說事。我到處問，說各位，你們到底在拖什麼？愛爾蘭的 Mana Air 已經完成 100 萬次配送了。這裡是美國，是科技領導者，你們卻在拖我們後腿。到底怎麼回事？

They were obviously pretty defensive and they didn't really, really get the joke. But when we had the conversation, the more extended conversation, they help me understand that there's outside influences that they would like to get their job done. They really want to get part 108 moving from waivers to permits as far as the drone pilots and give people a clear line of sight, but there's issues with the FCC and others trying to put their finger in the pie.

他們顯然相當防衛，而且並沒有真的、真的理解這個玩笑。但當我們進行對話、較深入的對話時，他們幫助我理解到，確實存在一些外部影響，使得他們希望能把工作完成。他們非常希望就無人機飛手而言，推動第108部分從豁免轉為許可，讓大家有一條清楚的路徑，但FCC以及其他單位想要插手分一杯羹，因而出現一些問題。

What do you think key issues are that you could outline for us for part 108 over the course of the next year? I know you also had conversations with key people this week. Is there any update that you think or any framing that you think would be useful here for investors to understand?

你認為未來一年在第108部分上，有哪些關鍵議題是你可以替我們勾勒的？我知道你這週也和一些關鍵人士談過。你覺得有沒有任何更新，或任何你認為有助於投資人理解的框架，可以在這裡分享？

Sure. First, I think the FAA is doing a great job and has a very hard problem because manned aviation is extremely safe. And so they got the airspace with all of us flying on the carriers, and they have to maintain that and also got to be sure drones don't fall out of the sky. So they have this challenging problem to create a technology infrastructure that sort of still maintains this thing that they've done an amazing job with. So I have a lot of appreciation for the difficulty of that problem.

當然。首先，我認為FAA做得很好，而且他們面對的是非常棘手的問題，因為有人載具航空極其安全。因此他們必須在我們所有人在航母上飛行的同一片空域中維持既有安全，同時也要確保無人機不會從天上掉下來。所以他們面臨的挑戰，是建立一套技術基礎設施，在某種程度上仍能維持他們已經做得非常出色的這套體系。所以我非常理解這個問題的難度。

I think there are a couple of things that need to be really finalized for Part 108. The big one is what is called detect and avoid. So when you allow drones to fly with one pilot controlling 20 drones or whatever and the skies start to have more things in them, what are the rules around how a drone, even without an operator, needs to see another drone, needs to see an airplane.

我認為第108部分有幾件事需要真正定案。最大的一項是所謂的「偵測與避讓」（detect and avoid）。也就是當你允許一名飛手控制20架無人機或其他數量、天空中開始出現更多飛行物時，關於無人機（甚至在沒有操作員的情況下）如何看見另一架無人機、如何看見一架飛機，相關規則是什麼。

And then what are the rules around how they dodge in the sky, so that the onboard AIs prevent collisions. So I think that's really one of the things where -- is it radio frequency? Is it cameras? Is it -- and there's some -- how good does it have to be? How is it tested? How do you qualify your drone so that it can fly, because I don't think we should just let an unqualified drone fly across Manhattan, right? That's a high risk.

接著是它們在空中如何閃避的規則是什麼，讓機載AI能防止碰撞。所以我認為這確實是其中一個重點：——是用無線電頻率嗎？是用攝影機嗎？還是——以及一些——它必須好到什麼程度？要如何測試？你要如何讓你的無人機取得資格可以飛行？因為我不認為我們應該讓一架未經認證的無人機飛越曼哈頓，對吧？那風險很高。

So there's a juggle a framework for innovation with sort of the regulatory and testing requirements necessary to be sure that, that those innovations are deployed in a way that's safe. And I think they're really thinking about it, they're really smart. They have to collaborate with the FCC because of what if it's spectrum, just like self-driving cars, there's discussions around it, too.

因此必須在創新框架與監管、測試要求之間取得平衡，以確保這些創新能以安全的方式部署。我認為他們確實在深入思考，而且非常聰明。他們也必須與FCC合作，因為如果牽涉到頻譜，就像自動駕駛汽車一樣，這方面也有相關討論。

So they're on track. And I actually think they're doing a pretty good job, and I think they're dealing with the right problems. So that's my take on it is everything looks like, it's come together in a very effective way. And I think we'll see it in the year because we're down to the -- really that as the problem detect and avoid and a lot of the rest of it has been sort of addressed and agreed upon as a framework.

所以他們進度在軌道上。而且我其實認為他們做得相當不錯，也正在處理正確的問題。所以我的看法是，一切看起來都以非常有效的方式逐步整合到位。我想我們會在一年內看到成果，因為我們已經聚焦到——真正的核心問題就是偵測與避讓，而其他很多部分作為框架已經大致被處理並達成共識。

Great. Congrats on a really strong quarter there.

很好。恭喜你們交出非常強勁的一季。

Josh Sullivan, JonesTrading.

Josh Sullivan，JonesTrading。

Al, did you say revenue should grow sequentially each quarter this year? And any reason that thought process wouldn't carry then into '27 as now that you have the strategic inventory and order flow at hand?

Al，你是說今年每一季營收都應該會季增嗎？另外，既然你們現在已經掌握策略性庫存與訂單流，為什麼這樣的思路不會延續到2027年？

I mean we've never gone backward. I don't see any reason why we would, right? Like the market's growing, I -- the way that I see demand, I think if we don't see consistent growth, I mean, this -- from quarter-to-quarter, this last quarter, I mean, this is full speed growth. It doesn't mean you won't see hiccups or things that might change the growth rate. But really, I think it's a pretty big tumble on our end if we don't manage to achieve that.

我的意思是，我們從來沒有倒退過。我看不出有任何理由我們會倒退，對吧？市場在成長，而我——就我看到的需求而言，我認為如果我們沒有持續成長——我是說，按季來看——上一季，我是說，這是全速成長。這不代表你不會看到一些小波折或某些事情可能改變成長率。但說真的，如果我們沒能做到這點，我認為那會是我們自己很大的失誤。

And then with the Upgrade Energy acquisition and the positioning you're talking about around a drone powertrain platform, as the commercial drone delivery market materializes next year, or thereabouts. What do you think that battery-to-drone ratio looks like? And then what kind of business models could we see building around.

另外，關於收購Upgrade Energy，以及你提到的無人機動力總成平台定位，隨著商用無人機配送市場在明年或前後逐步成形。你認為電池對無人機的比例大概會是什麼樣子？然後我們可能會看到哪些圍繞這個建立起來的商業模式？

So this is very much my personal opinion that I'll share with you, but I think the first delivery applications I really think are going to show up are food delivery. I think it's going to be DoorDash, Uber Eats, Grubhub. And if you look, that matches very much the same performance stuff as the Drone Dominance program, right? So 5 pounds, 10 kilometers, it sounds like a hamburger to me.

這很大程度是我個人的看法，我分享給你，但我認為最先出現的配送應用，真的會是外送餐飲。我覺得會是DoorDash、Uber Eats、Grubhub。而如果你去看，那在性能指標上其實非常符合Drone Dominance計畫，對吧？5磅、10公里，聽起來就像是在送一個漢堡。

And I see a lot of appeal to that because it's something that people want urgently. You can deliver by drone in a lot of cases, less expensively than by a vehicle. And I think people are picking up because you don't have to tip the robot, and I think we do have some social tipping fatigue. Assuming that's true, you're probably looking at 10 batteries per drone for active running, give or take, depending on the design.

我覺得這很有吸引力，因為那是人們急著想要的東西。在很多情況下，用無人機配送的成本可以比用車配送更低。而且我想大家也逐漸接受，因為你不需要給機器人小費；我認為我們確實有一些「小費疲乏」的社會現象。如果這個假設成立，那你大概會看到每架無人機需要10顆電池來維持運行，視設計而定，上下浮動一些。

I mean, we could argue over it all day, but that's a good approximation. And if that's true, batteries only have about 500 cycles. So you're probably looking at 10 batteries per drone per year as the attachment rate. And so it actually becomes more of an ARR function on the hardware in that delivery cycle rather than a onetime sale.

我的意思是，我們可以為此爭論一整天，但這是一個不錯的近似值。而如果這是真的，電池大概只有500次循環壽命。所以以「搭載/附掛率」（attachment rate）來看，你大概會看到每架無人機每年需要10顆電池。因此在那個配送循環中，它實際上更像是硬體上的ARR（年度經常性收入）功能，而不是一次性銷售。

And so I think that will lead to some interesting business models and some interesting ability to say, okay, here's our recurring power base. But also importantly, I think that the batteries and the motors and the whole powertrain are going to be part of the certification process, because if you have a power failure, you're going to need to understand how to detect it and have it land safely.

所以我認為這會帶來一些有趣的商業模式，也會帶來一些有趣的能力去說：好，這就是我們可重複的動力基礎。但同樣重要的是，我認為電池、馬達以及整個動力總成都會成為認證流程的一部分，因為如果發生動力故障，你需要了解如何偵測它並讓它安全降落。

So in order to get certified to fly over people, there's going to be a lot more requirements than there are for combat drones that are designed to go crash and don't have the same sensitivities for mitigating accidents. So I think we're going to see a lot of the energy and the scale being put in the drone, the Gauntlet program, particularly for the larger vehicles are going to lead to some really great airframes and some cost structures, I think $5,000 a drone that are going to be able to deliver hamburgers or pick whatever food is.

因此，為了取得能在人群上方飛行的認證，要求會比為作戰而設計、預期會墜毀、且在事故緩解上沒有同樣敏感度的作戰無人機高出許多。所以我認為我們會看到大量的能量與規模投入到無人機的Gauntlet計畫中，特別是針對較大型載具，將帶來一些非常出色的機體，以及一些成本結構——我認為每架無人機5,000美元——能夠用來送漢堡或不管是什麼食物。

But for me, it's always burritos. But anyway, we are going to be able to do those deliveries. And then I think you're going to see a battery ecosystem where the powertrain is going to have to be certified. So we're setting up to position -- if you walk through our factory, for instance, we don't do it right now. We do date codes on tracking our motors.

但對我來說，永遠都是墨西哥捲餅。不過無論如何，我們將能夠進行那些交付。接著我認為你們會看到一個電池生態系，在那裡動力系統將必須取得認證。所以我們正在做準備以便定位——例如你走一趟我們的工廠，目前我們還沒這麼做。我們會用日期碼來追蹤我們的馬達。

But we have the ability to actually do full electrical characterization and individual serialization of every single motor, if that's what the FAA requires or track the amount of time the motor runs for swap out. Same with batteries, same with energy levels, sort of all these things that you'd see in maybe a type certification process for a different kind of aircraft.

但如果 FAA 有此要求，或需要追蹤馬達運轉時間以便更換，我們其實具備對每一顆馬達進行完整電性特性化測試並逐一序號化的能力。電池也是一樣，能量水位也是一樣，諸如此類——這些都是你可能會在不同類型航空器的型式認證流程中看到的項目。

Austin Bohlig, Needham & Company.

Austin Bohlig，Needham & Company。

Congrats on the great results. Allan, I was just curious with this battery acquisition. Could you talk about how this changes whether from like a revenue or kind of margin upside opportunity when it comes to the total content you guys are selling into Drone Dominance per drone?

恭喜取得亮眼的成果。Allan，我想請教這次電池收購案。你能談談這會如何改變你們在每架無人機賣給 Drone Dominance 的總內容（total content）所帶來的營收或毛利率上行機會嗎？

So for Drone Dominance, we were distributing their batteries. So I don't think it really changes the total, like our partnership there has made us feel really good about this acquisition. But it does mean that we'll get margin expansion. And I think on the batteries now, you'll see us move to that 40% gross margin somewhere in there because, again, we're not -- we try to target that to be a fair and equitable supplier and not break downstream economics for everybody.

就 Drone Dominance 而言，我們原本是在經銷他們的電池。所以我不認為這會真正改變總量；我們與他們的合作關係讓我們對這次收購感到非常踏實。但這確實意味著我們的毛利率會擴張。而且我認為在電池方面，你會看到我們朝約 40% 的毛利率區間移動，因為同樣地，我們不會——我們的目標是成為公平、合理的供應商，不去破壞下游各方的經濟性。

So for Drone Dominance, I think we'll see that element of expansion. But I also think they were in a similar place where we are where there's this overwhelming demand. And so now we're able to go work with that. And with some of the battery cell suppliers and start to drive more battery volume, because we have the credit terms and the cash balance to break or do a lot more of the forward-looking inventory purchases there as well to enable really fast battery capacity growth where it would have been more constrained have we not decided to try to put these two companies together.

所以對 Drone Dominance 來說，我認為會看到那一部分的擴張。但我也認為他們所處的位置與我們類似，面臨壓倒性的需求。因此現在我們能夠一起去處理這件事。並且與一些電池電芯供應商合作，開始推動更大的電池出貨量，因為我們具備信用條件與現金餘額，能夠進行更多前瞻性的庫存採購，從而支援非常快速的電池產能成長；若我們沒有決定把這兩家公司整合在一起，成長原本會更受限。

Okay. And then how should we think about as you guys ramp throughout the end of the year? What operating expenditures should look like? And I think you highlighted in the press release that the breakeven point might now be a little bit higher. Just maybe trying to frame up how we should be thinking about that?

了解。那接著，當你們一路擴產到今年年底時，我們應該如何看待營運費用？營運支出大概會是什麼樣子？而且我記得你們在新聞稿中提到，損益兩平點現在可能會稍微提高。能否幫我們框架一下應該如何思考這件事？

Yes. I think it's really going to come down to how much and how much faster we scale. So I think the breakeven point moved higher because we have more space, more people doing more stuff than we originally expected. But I think with where we look at the end of quarter 1, we're starting to get to maybe a more normalized blend across our employee base of employee types.

是的。我認為這真的會取決於我們擴張的規模以及擴張速度有多快。所以我認為損益兩平點提高了，因為我們有更大的空間、更多的人在做更多的事情，超出我們原先的預期。但以我們看第一季末的狀況，我們開始在員工結構（不同類型員工）上，走向一個可能更正常化的組合。

And so I think you can look at operating expenses has probably been a headcount ratio to total expense that we saw in quarter 1, if I'm estimating. And then what I think you're going to see is the revenue generated per employee start to scale to push us past burning money. So maybe that's not the best answer on the planet for you, Austin. So I'm sorry if it's not.

因此我認為你可以把營運費用看作是第一季我們看到的「人頭數占總費用」的比例（如果我估算沒錯的話）。接著我認為你會看到每位員工所產生的營收開始擴大，推動我們走出燒錢狀態。所以 Austin，這可能不是世界上最好的答案。如果不夠清楚，我很抱歉。

But I think we're moving to where our cost per person is pretty -- is starting to stabilize. I think by the end of quarter 2, quarter 3, it will really stabilize and that we'll then see our ability to generate revenue per employee start to really expand as efficiencies increase.

但我認為我們正走向每人成本相當——開始穩定的狀態。我認為到第二季末、第三季時會真正穩定下來，然後隨著效率提升，我們每位員工創造營收的能力會開始明顯擴張。

Well, we appear to have reached the end of our question-and-answer session. And I will now hand back over to Allan for any closing remarks.

看起來我們已經到達問答環節的尾聲。我現在把時間交回給 Allan，請他做結語。

No, again, everybody for listening. Really appreciate it. Really appreciate all the support. I think without the investor community, without our customers, without people who are interested in believing us we're not in a position to help onshore production and create these jobs and really be part of the transformation of the American Drone Ecosystem. So I do want to say thank you. If people have questions or are interested, always reach out. We try to be as transparent as possible and appreciate your continued interest and support.

沒有，再次感謝各位收聽。非常感謝。也非常感謝大家的支持。我認為如果沒有投資人社群、沒有我們的客戶、沒有願意相信我們的人，我們就不會有能力協助把生產帶回本土、創造這些工作機會，並真正成為美國無人機生態系轉型的一部分。所以我確實想說聲謝謝。如果大家有問題或有興趣，隨時聯繫。我們會盡可能保持透明，也感謝各位持續的關注與支持。

This does conclude today's conference call. You may disconnect your phone lines at this time, and have a wonderful rest of the day. We thank you for your participation.

今天的電話會議到此結束。此刻您可以掛斷電話線，祝您今天剩餘時間愉快。感謝您的參與。