Unusual Machines Inc (UMAC) 2026 Q2 法說會逐字稿

Greetings and welcome to Unusual Machines Second Quarter 2026 Financial Results Conference Call and Webcast.(Operator instructions)

各位好，歡迎參加 Unusual Machines 2026 年第二季財務業績電話會議與網路直播。（接線員指示）

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

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

Thank you, operator. Good morning, everyone. With us today, Unusual Machines CEO Allan Evans and CFO Brian Hoff.

謝謝，接線員。各位早安。今天與會的有 Unusual Machines 執行長 Allan Evans 與財務長 Brian Hoff。

During this call, management will make forward-looking statements regarding our expectations for product demand, revenue growth, manufacturing expansion, gross margins, and anticipated regulatory developments.

在本次電話會議中，管理層將就我們對產品需求、營收成長、製造擴張、毛利率以及預期監管發展的展望發表前瞻性陳述。

Actual results may differ materially due to factors including government program funding and timing, customer concentration, inventory risks, manufacturing challenges, supply chain disruptions, tariff impacts, and other risks described in our Form 10-K for the year ended December 31, 2025. We undertake no obligation to update forward-looking statements except as required by law. For a complete discussion of risk factors, please refer to our SEC filings and the shareholder letter. Accompanying this call. In the judicial reporting financial results in accordance with GAAP, we will discuss certain non-GAAP financial measures, including adjusted EBITDA. We believe these measures provide useful supplemental information to investors regarding our operating performance. A reconciliation of non-GAAP measures to the most directly comparable GAAP measures is included in the shareholder letter earnings press release, which are also available on our website and filed with the SEC.

由於包括政府計畫資金與時程、客戶集中度、庫存風險、製造挑戰、供應鏈中斷、關稅影響，以及我們截至 2025 年 12 月 31 日止年度 Form 10-K 中所述的其他風險等因素，實際結果可能與前瞻性陳述存在重大差異。除法律要求外，我們不承擔更新前瞻性陳述的義務。如需完整的風險因素討論，請參閱我們向 SEC 提交的文件以及股東信。本次電話會議隨附相關資料。除依據 GAAP 報導財務結果外，我們也將討論若干非 GAAP 財務衡量指標，包括調整後 EBITDA。我們相信這些指標可為投資人提供有關我們營運表現的有用補充資訊。非 GAAP 指標與最直接可比 GAAP 指標之調節表載於股東信的財報新聞稿中，亦可於我們網站取得並已向 SEC 申報。

As a reminder, this call is being recorded and a replay will be available on Unusual Machines' website at www.unusualmachines.com. Now, let me hand over the call to our CEO, Allan Evans. Please go ahead, Alan.

提醒各位，本次電話會議將被錄音，重播將於 Unusual Machines 網站 www.unusualmachines.com 提供。現在，讓我把電話交給我們的執行長 Allan Evans。Alan，請開始。

Thank you, Christine. Good morning, everyone, and thank you for joining us today. During this call, I will discuss our second quarter 2026 performance. In the second quarter, we generated more than $16.7 million in operating revenue this is a 687% year-over-year growth from the second quarter in 2025, and it's more than double the revenue we generated last quarter, the first quarter of 2026.

謝謝你，Christine。各位早安，感謝今天加入我們。在本次電話會議中，我將討論我們 2026 年第二季的表現。第二季我們創造了超過 1,670 萬美元的營運收入，較 2025 年第二季年增 687%，也超過我們上一季（2026 年第一季）營收的兩倍。

We generated a gap loss of approximately $7.8 million for the quarter which represents a net loss of $0.16 per share, and that's a reduction in loss when compared to the $0.32 per share from the second quarter of 2025. The key takeaway from this quarter for me is that we are continuing to dramatically increase revenue while getting closer to consistent profitability.

本季我們產生約 780 萬美元的 GAAP 虧損，相當於每股淨損 0.16 美元；相較於 2025 年第二季每股淨損 0.32 美元，虧損已縮小。對我而言，本季最重要的重點是：我們在大幅提升營收的同時，也更接近穩定獲利。

The Q2 results begin to reflect the underlying financial structure Unusual Machines is working to achieve. There is rapid continued growth, doubling to almost $17 million in revenue, with the growth driven entirely from our enterprise segment. At the same time, we've managed to reduce our non-GAAP adjusted EBITDA from a loss of $1.6 million last quarter to a loss of only $400,000 this quarter. Our margins have remained consistent and healthy with the slightly lower than target depression that we see from rapid growth and we finished the quarter with a 34.7% gross margin. This is in that backdrop of scaling as our headcount went from 141 employees to 240 employees as of July 1.

第二季的結果開始反映 Unusual Machines 正在努力達成的基礎財務結構。營收快速持續成長、倍增至接近 1,700 萬美元，而成長完全由企業客戶部門所帶動。同時，我們也將非 GAAP 調整後 EBITDA 從上一季虧損 160 萬美元，降低至本季僅虧損 40 萬美元。在快速成長帶來的些微低於目標的壓力下，我們的毛利率仍維持一致且健康，本季毛利率為 34.7%。這是在我們持續擴張的背景下達成的，截至 7 月 1 日，我們員工人數已由 141 人增加至 240 人。

A healthy balance sheet remains a priority for us, and we took the opportunity to raise another $60 million at $30 a share we did this with block ATM transactions. Right now, we have about $367.5 million in total working capital and no debt. It's very important to remember that we don't burn cash so this money remains in the war chest and enables us to both manage inventory and make investments that accelerate our customers and the entire drone marketplace. The success of this quarter and of the company just would not be possible without the hard work everyone on the entire Unusual Machines team puts in. Everybody works hard and brings incredible energy to all of the challenges we face.

維持健康的資產負債表仍是我們的優先事項，我們也把握機會以每股 30 美元再募資 6,000 萬美元，透過區塊式 ATM 交易完成。目前我們約有 3.675 億美元的總營運資金，且沒有負債。非常重要的一點是，我們不會燒錢，因此這筆資金仍保留在戰備資金中，使我們能同時管理庫存並進行投資，以加速我們的客戶以及整個無人機市場的發展。本季以及公司整體的成功，若沒有 Unusual Machines 全體團隊每一位成員的辛勤付出，是不可能達成的。大家都非常努力，並以驚人的能量面對我們所遭遇的各種挑戰。

I am confident we can handle continued growth because I am confident in everyone I have the pleasure of working with. So I want to say thank you to everyone working at Unusual Machines. I'll hand this call off to our CFO, Brian Hoff, to cover our financial results in detail. And then once he finishes, I'm going to go into more detail on both this quarter and our plans going forward. With that, I'm handing the call off to our CFO, Brian Hoff.

我有信心我們能應對持續成長，因為我對每一位有幸共事的同仁都充滿信心。因此，我想對所有在 Unusual Machines 工作的同仁說聲謝謝。接下來我將把電話交給我們的財務長 Brian Hoff，請他詳細說明財務結果。他結束後，我會再更深入說明本季表現以及我們未來的計畫。那麼，現在把電話交給我們的財務長 Brian Hoff。

Thank you, Alan, and thank you, everyone, for joining the call. As Alan just mentioned, we've had another strong quarter with $16.7 million recognized in revenue for the quarter, which, as he said, is 687% increase from the prior year and 107% increase from the prior quarter. That puts us at revenue year to date at $24.8 million and we continue to see this significant shift toward enterprise revenue that approximately 95% of our second quarter revenue was generated from enterprise customers, which is across a diverse base of customers and products.

謝謝你，Alan，也謝謝各位參加本次電話會議。如 Alan 剛才提到的，我們本季再度表現強勁，當季認列營收 1,670 萬美元；如他所說，較去年同期成長 687%，較上一季成長 107%。因此，我們年初至今營收達 2,480 萬美元；我們也持續看到營收結構明顯轉向企業端——第二季約 95% 的營收來自企業客戶，涵蓋多元的客戶基礎與產品。

Gross margin was 34.7% for the quarter, which is an increase from last quarter and slightly below our 2025 margins. We expect to continue to see these margin fluctuations as we can scale our manufacturing and work to capture the market demand. We anticipate additional margin fluctuation for the remainder of 2026, primarily related to our growth initiatives. However, we expect them to kind of continue to recover.

本季毛利率為 34.7%，較上一季提高，但略低於我們 2025 年的毛利率水準。隨著我們擴大製造規模並努力掌握市場需求，我們預期毛利率仍會持續出現波動。我們預期 2026 年剩餘期間毛利率仍將有額外波動，主要與我們的成長計畫相關。不過，我們預期毛利率將會逐步回升。

Our operating expenses also increased during the quarter to $13.6 million for Q2 of '26. This increase reflects deliberate investments and strategic decisions to support our continued growth and scale of our business. Things that are including of building out our G&A infrastructure, headcount, systems, process. Including it is also $5.7 million in non-cash stock compensation expense and about $1.8 million in non-recurring expenses. We continue to expect additional operating expenses as we continue to hire additional staff add additional manufacturing space, and have additional public company-related expenses. Please reference the tables at the end of the shareholder letter for the additional detail, which reflects our adjusted EBITDA.

本季營業費用亦增加至 2026 年第二季的 1,360 萬美元。此增幅反映我們為支持持續成長與業務規模擴張所做的審慎投資與策略性決策。其中包括建置我們的 G&A（一般及行政）基礎設施、人力編制、系統與流程。其中亦包含 570 萬美元的非現金股票酬勞費用，以及約 180 萬美元的一次性費用。隨著我們持續增聘人員、增加製造空間，並承擔更多與上市公司相關的費用，我們仍預期營業費用將進一步增加。更多細節請參閱股東信末尾的表格，其中亦反映我們的調整後 EBITDA。

As Allen said, we've brought this down from about $1.6 million in Q1 to about $400,000 in Q2, so showing very positive trends. In other income and expense, we had additional positive results from our investments. These investments are designed for strategic purposes and they create goodwill in the US drone industry to develop supplier partnerships and customer relationships. Our strategy is continuing to work. The results show a $2.3 million realized gain from investments during the quarter, which is a nice add-on to our overall cash without adding additional dilution. We also had interest income of about $1.8 million during the quarter.

如 Allen 所說，我們已將其從第一季約 160 萬美元降至第二季約 40 萬美元，呈現非常正向的趨勢。在其他收益與費用方面，我們的投資也帶來額外的正面成果。這些投資具有策略目的，並在美國無人機產業中建立商譽，以發展供應商夥伴關係與客戶關係。我們的策略持續奏效。結果顯示本季投資實現收益為 230 萬美元，為我們整體現金帶來不錯的增益，且未增加額外稀釋。本季我們也有約 180 萬美元的利息收入。

Our balance sheet also remains very strong and reflects our focus on positioning for anticipated growth. Our cash balance ended the quarter at $229 million, which included the $60 million from our ATM block funding in May at $30 a share. The balance sheet is also further supported by our short-term investments of over $86 million and inventory, which includes raw materials and finished goods, and deposits paid of about $42.4 million and we're going to see this continue to increase in Q3 and Q4 as we can make significant purchases to meet demand and do our part in managing supply chain issues as much as possible.

我們的資產負債表也依然非常穩健，反映出我們專注於為預期成長做好布局。本季末我們的現金餘額為2.29億美元，其中包含我們於5月以每股30美元進行ATM大宗融資所取得的6,000萬美元。資產負債表亦進一步受到我們超過8,600萬美元的短期投資與存貨的支撐；存貨包含原材料與成品，以及已支付約4,240萬美元的預付款項。我們預期在第三季與第四季這些項目將持續增加，因為我們可進行大量採購以滿足需求，並盡可能在供應鏈問題的管理上盡一份力。

Our total working capital is over $367 million, which puts us in a great position to capitalize on demand moving forward. I'd also like to reiterate what Alan just said. None of this is possible without the fantastic team working extremely hard to make things move. It's an exciting time to be at Unusual Machines and looking forward to the rest of the year. Thank you to our shareholders and partners for continuing to support our mission throughout it all. Back down.

我們的總營運資金超過3.67億美元，使我們在未來把握需求方面處於極佳位置。我也想重申Alan剛才所說的。沒有這支非常出色、極度努力推動各項工作進展的團隊，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，我也期待今年剩餘時間的表現。感謝我們的股東與合作夥伴一路以來持續支持我們的使命。回到你那邊。

Thanks, Brian. At a high level, it's been an impressive quarter. We keep scaling both sales and company size. We maintain a strong cash position we've added product categories through activities like the upgrade and energy acquisition, and we've been able to achieve these results while reducing our operating losses. We believe we remain well-positioned to be a supply chain leader for components for small drones as the domestic industry expands.

謝謝你，Brian。從整體來看，這是一個令人印象深刻的季度。我們持續擴大銷售規模與公司規模。我們維持強勁的現金部位，並透過升級與Energy收購等活動新增產品類別，同時也在降低營運虧損的情況下達成這些成果。我們相信，隨著國內產業擴張，我們仍具備良好條件，成為小型無人機零組件供應鏈的領導者。

I'm about to go into a lot more detail on the second quarter and also discuss our outlook going forward. I'd like to remind everyone that my comments coming forward from here definitely contain forward-looking statements and actual results may differ from those anticipated. Quarter 2. The second quarter is worth talking about in more detail.

接下來我會更深入說明第二季的細節，並討論我們未來的展望。我想提醒各位，從此刻起我的發言確實包含前瞻性陳述，實際結果可能與預期有所差異。第二季。第二季值得更詳細地談一談。

The second quarter is the moment where I've gone from hoping we could be a major supplier in the emerging drone industry to believing that we will be. Two major threads emerged in the second quarter that are not going to show up in the financial statements, but are really core to Unusual Machines' ability to effectively grow forward and be a larger company. The first was the supply chain issue.

第二季是我從「希望我們能成為新興無人機產業的重要供應商」，轉變為「相信我們將會成為」的關鍵時刻。第二季出現了兩條重要主線，這些不會反映在財務報表上，但卻是Unusual Machines能夠有效向前成長、成為更大公司的核心。第一個是供應鏈問題。

During the quarter, we outgrew one of our electronics vendors, and we had to work through challenging supply chain challenges as we replaced different components and where we got parts as we still fulfilled products for our customers. Our sales and operations team did an incredible job of navigating this and putting in the extra hours and working with customers, and I cannot be more proud of those teams. And how they handled what was this really challenging situation to deliver for our customers and keep our business on track. The second challenge was that we had a quality issue with one of our motor SKUs. There was this intermittent issue that required deep coordination with our product team, our motor production team, and our customers to go in and find the root cause of the intermittent challenge. They then had to go through and. Create remedies to our production processes as well as new ways to do quality testing to eliminate the issue from everything we're doing going forward. These two challenges are both pretty normal types of issues for a company like ours at scale. They should be expected. But this is really the first time that we've faced either one of these types of challenges at this scale.

在本季期間，我們的成長超出了其中一家電子供應商的承載能力；在我們更換不同零組件與調整零件來源的同時，仍需持續為客戶履行交付，因此必須克服艱鉅的供應鏈挑戰。我們的銷售與營運團隊在應對這些狀況上表現非常出色，投入額外工時並與客戶密切合作，我對這些團隊感到無比自豪。他們在這個極具挑戰的情境下仍能為客戶交付並讓業務維持正軌。第二個挑戰是我們其中一個馬達SKU出現品質問題。這是一個間歇性問題，需要我們產品團隊、馬達生產團隊與客戶之間進行深度協調，找出該間歇性問題的根本原因。接著他們必須逐一處理並且。對我們的生產流程制定補救措施，同時建立新的品質測試方法，以在未來所有作業中徹底消除該問題。對於像我們這樣規模化運作的公司而言，這兩類挑戰都屬於相當常見的問題類型。本來就應該會發生。但這確實是我們第一次在這樣的規模下，面對這兩種挑戰中的任何一種。

At the same time, they both showed up simultaneously. Either one of these operating issues could have easily been used to justify a flat quarter, could have easily derailed what we were doing or slowed it down. Our team members could have treated this as routine. They could have not put in the 10 to 12 hour days and worked the long hours required to be sure our customers were in the best place they could be. They didn't.

同時，這兩件事又在同一時間發生。任何一個營運問題都很容易被拿來合理化「本季持平」的結果，也很容易讓我們正在做的事情偏離軌道或放慢速度。我們的團隊成員本可以把這當作例行公事。他們也可以不必每天投入10到12小時、加班到很晚，只為了確保客戶能處於最佳狀態。但他們沒有這麼做。

Watching everyone and I mean everyone involved work through these challenges and still deliver the kind of growth we've seen and the margins that we've seen has me fully believing that we have the team and the mindset to be successful as we continue to grow. I absolutely believe in the team we have and what we are continuing to build. That's probably enough on the second quarter, but I think it's important for everyone to understand that as it doesn't show up. So now let's talk about the future. First and foremost, demand remains strong.

看著每一位——我指的是所有參與其中的人——一起克服這些挑戰，仍交出我們所看到的成長與毛利表現，讓我完全相信：隨著我們持續成長，我們具備成功所需的團隊與心態。我絕對相信我們現有的團隊，以及我們正在持續打造的一切。關於第二季大概說到這裡就夠了，但我認為讓大家理解這些很重要，因為它不會反映在報表上。那麼現在來談談未來。首先也是最重要的，需求仍然強勁。

The current US marketplace remains very supply constrained, and we still see demand outstripping supply both this year and deep into 2027. We are continuing to build the company and procure raw material to grow into this demand as fast as we possibly can, and we don't see any signs of softness now or in the near future.

目前美國市場仍然受到供給嚴重限制，我們仍看到今年以及一直到2027年更深處，需求都將超過供給。我們持續建置公司能力並採購原材料，以盡可能快的速度承接這波需求成長；我們目前或在可預見的近期都沒有看到需求轉弱的跡象。

The primary driver of this demand growth continues to be the Department of Board. The Drone Dominance Gauntlet program remains on track as Phase 2 is currently in the final selection process, and more than 60,000 drones are expected to be ordered in the second half of 2026, mostly in the fourth quarter. The NDAA continues to move forward through legislation with big increases in spending for autonomous systems and in addition to that, there are drone programs and counter drone orders for the same parts that counter drone is really becoming another emergent addressable market segment that's creating immediate and near-term demand.

推動這波需求成長的主要動力仍然是「董事會部門」。Drone Dominance Gauntlet（無人機制霸挑戰）計畫仍按進度推進，目前第二階段正處於最終遴選流程；預計在2026年下半年將下單超過60,000架無人機，且多數會集中在第四季。NDAA也持續透過立法程序推進，對自主系統的支出大幅增加；此外，還有無人機計畫與反無人機（counter-drone）訂單，所需零組件相同。反無人機正快速成為另一個新興的可服務市場區隔，帶來即時與短期的需求。

There have also been orders that have been propagated through the sort of Department of War procurement process and I just want to give some examples, there was a $90 million UAS order counter for Power U.S there was $500 million in counter UAS from Aero Environment, $500 million in counter UAS orders from Perennial Autonomy, a $500 million IDIQ for FPV drones from Euros, which is an extension of the TBAS program, and very recently an $820 million loan from the OSC to PDW.These and other orders are really just starting to propagate through the supply chain, and we expect that they're going to create additional demand here in late Q3 and Q4 and then into 2027. So one thing we did learn in the second quarter is that we do not yet have the infrastructure to support hundreds of millions or billions of dollars in annual revenue.

此外，也有一些訂單已透過所謂的「戰爭部門」採購流程逐步傳導；我想舉幾個例子：Power U.S有一筆9,000萬美元的反無人機UAS訂單；Aero Environment有5億美元的反無人機UAS；Perennial Autonomy有5億美元的反無人機UAS訂單；Euros有一筆5億美元的FPV無人機IDIQ合約（這是TBAS計畫的延伸）；以及最近OSC向PDW提供的8.2億美元貸款。這些以及其他訂單才剛開始在供應鏈中傳導，我們預期它們將在第三季末與第四季帶來額外需求，並延續到2027年。因此，我們在第二季學到的一件事是：我們目前尚未具備支撐每年數億甚至數十億美元營收的基礎設施。

The massive amount of money flowing into the drone marketplace is coming faster and is larger than we anticipated. And so we are in the middle of transforming unusual machines. And we now very strongly believe that we only have until the end of the third quarter to complete this transformation because of this demand wave.

大量資金流入無人機市場的速度更快、規模也比我們預期更大。因此，我們正處於轉型Unusual Machines的過程中。而且我們現在非常堅定地相信，因應這波需求浪潮，我們只有到第三季末的時間完成這次轉型。

Our high-speed motor production line is just in the process of being installed the components are in Florida, and it's going to take some time to bring that online. Our HR team is very busy in California, even this week, actively working on helping upgrade energy, hire people, scale their team and process, and prepare for integration into the unusual machines.

我們的高速馬達生產線正處於安裝階段，零組件在佛羅里達州，將需要一些時間才能讓產線上線運作。我們的人資團隊在加州非常忙碌，即使是本週也在積極協助升級能源、招募人員、擴編團隊與流程，並為整合進 Unusual Machines 做準備。

Greater umbrella, even though we're not going to see any revenue from that acquisition in this quarter until we close. Our supply chain team is working closely with them to drive battery vendors and work on bringing in the cells and the material. And that is a long-term endeavor in terms of transitioning and qualifying new electronics providers. And these are all to address some of the challenges we had in the second quarter and are a ton of work that we're setting up for the long-term future.

Greater Umbrella，即使在我們完成交割之前，本季也不會從該項收購看到任何營收。我們的供應鏈團隊正與他們密切合作，推動電池供應商並著手導入電芯與材料。而在轉換並認證新的電子供應商方面，這是一項長期工作。這些措施都是為了解決我們在第二季遇到的一些挑戰，也是一大堆我們正在為長期未來所建立的工作。

These activities, all of this work will not show up in the topline for the third quarter, but this is the work that positions us to continue our dramatic growth during the fourth quarter and into 2027 as this massive demand wave starts too fully manifest.

這些活動、所有這些工作不會在第三季的營收上反映出來，但這些工作讓我們得以在第四季以及一路到 2027 年持續維持我們的爆發性成長，因為這波龐大的需求浪潮正開始更全面地顯現。

To summarize, the second quarter of 2026 showed strong results despite operating challenges. We doubled revenue to almost $17 million and reduced our adjusted EBITDA loss to $400,000. We continued our staircase financing strategy, and we're now focused on building a strong foundation with the industry through the end of '26 and into 2027.

總結來說，2026 年第二季在營運挑戰之下仍展現強勁成果。我們的營收倍增至接近 1,700 萬美元，並將調整後 EBITDA 虧損縮小至 40 萬美元。我們持續推進階梯式融資策略，目前聚焦於在 2026 年底前並延伸至 2027 年，與產業共同建立穩固的基礎。

Unusual Machines remains at the forefront of the domestic components market and the market is growing in a way never anticipated with additional demand from CounterDrone pushing things even faster. Our business is well capitalized and healthy and we're continuing to grow as fast as we possibly can and I am now confident and believe that our team is positioned to meet this demand.

Unusual Machines 仍站在國內零組件市場的最前沿，而市場的成長速度超乎以往預期，反無人機（CounterDrone）的額外需求更進一步加速推動。我們的業務資本充足且營運健康，我們正以最快速度持續成長；我現在有信心並相信，我們的團隊已具備滿足這項需求的能力。

I want to say thank you again to our entire staff and to all of our shareholders who are part of this with us. And with that, I would like to open up the call to questions.

我想再次感謝我們全體員工，以及所有與我們一路同行的股東。接下來，我想開放電話會議進入提問環節。

Austin Bohlig, Needham & Company.

Austin Bohlig，Needham & Company。

Thanks guys for taking my question and congrats on the great results. First, Alan, just wanted to kind of dive a little bit more into kind of the revenue outlook for the rest of the year. I think prior, you guys were talking about trying to grow internally 50% quarter over quarter, understanding this is at a much larger base is the plan to still try and grow sequentially throughout the year.

謝謝各位讓我提問，也恭喜你們取得很棒的成果。首先，Alan，我想更深入了解一下今年剩餘期間的營收展望。我記得先前你們提到希望內生成長能達到每季季增 50%；在基期已經更大的情況下，計畫是否仍是希望今年能逐季成長？

Austin, appreciate your question. We don't historically give guidance, I think I'm going to give you what our internal targets are and why here, and you know this is a unique situation. In the second quarter, we ran in front of our inventory a little bit, so we have some shortages as we go through the changeover to different electronics vendors.

Austin，謝謝你的提問。我們過去一向不提供財測；我想我可以分享我們的內部目標以及背後原因，因為這確實是個特殊情況。第二季我們的出貨有點跑在庫存前面，因此在切換到不同電子供應商的過程中出現一些短缺。

And we also, H1stly, our motor factory right now is in a construction zone, and we're prioritized putting in our high-speed line. So our internal targets, which are not the same as guidance, these are sort of where we really work toward, and we've done a good job of this historically. Internally, because of all the efforts we're putting in, we're targeting $12 to $14 million in the third quarter, and then that positions us to go after our internal target of $25 million for the fourth quarter.

另外，首先，我們的馬達工廠目前就像在施工區，我們優先導入高速產線。因此，我們的內部目標（不等同於財測）是我們實際努力的方向，而我們過去在達成這些目標方面表現不錯。在內部，由於我們投入的各項努力，我們第三季的目標是 1,200 萬到 1,400 萬美元，接著讓我們有條件去追求第四季 2,500 萬美元的內部目標。

So those are our internal targets and we're really spending this quarter rushing to build out everything to start to meet what will be drone dominance and the counter drone demand coming in the fourth quarter. And so we're applying a lot of work not toward building and selling but to positioning to start to explode into quarter four and the time after that.

以上就是我們的內部目標；本季我們正全力加速把各項建置做起來，以開始滿足第四季將到來的「無人機主導」以及反無人機需求。因此我們把大量工作重心放在「定位與準備」而非單純「生產與銷售」，以便在第四季及其後迎來爆發式成長。

Okay, perfect. And then I guess too on kind of the counter UAS market because I think that's just as hot as the FPV drone dominance market. How many customers are you guys working with in that space?

好的，完美。另外，關於反無人機（Counter UAS）市場，我認為它跟 FPV 無人機主導市場一樣火熱。你們在這個領域目前正在合作的客戶有多少家？

I am not sure if the number right now, it is definitely more than one already. And some of the same customers that are FPV customers buy the same parts for Counterdrone. So I would have to dive into that specifically. But it is definitely a major driver for us. And the first customer that we announced that we were doing it with where we're the furthest along was PowerUS.

我不確定目前的確切數字，但肯定已經不只一家。而且有些 FPV 客戶也會購買同樣的零件用於反無人機。所以我需要再針對這點深入確認。但這絕對是我們的一個主要成長驅動因素。我們先前宣布合作、且目前進展最超前的第一個客戶是 PowerUS。

And they were the first ones to start to see large contracts.

他們是第一批開始看到大型合約的公司。

So now that we're seeing other. Companies get counter-drawn contracts, we'll have better granularity on that probably in another month or two as they finalize their supply chains.

因此，現在我們也看到其他公司取得反無人機合約；隨著他們完成供應鏈定案，我們大概在一到兩個月後就能對此有更細的掌握。

Okay. And then just was curious on the pricing environment. I think historically you guys have just tried to, for your customers, maintain pricing, but I've just heard just due to the really imbalance of supply and demand, definitely is an environment that favors you, just curious of how you guys. Have been thinking about pricing of components this year and next.

了解。另外我也想問一下定價環境。我認為過去你們多半是為了客戶而維持價格，但我也聽說由於供需嚴重失衡，市場環境確實更有利於你們；想請教你們如何看待今年與明年的零組件定價？

Yeah, I think we could absolutely increase our pricing to drive margin, but we view our company and always will as competing in the global marketplace. And so our customers very often have had overseas suppliers and they're being forced to switch. And we really think it's important for us to understand their cost sensitivities as well and be a place where they can switch. And not break their downstream costs or make products that are too expensive for the American people. So we try to combine the, looking at it to have a 40% gross margin so we have a healthy business, but also being price competitive to imported motors from Taiwan or Japan or China so that we don't break their downstream model. So we're not looking to use this moment to create margin expansion at the expense of our customer. We think if we serve them really well, then we'll have a multi-year relationship with all of them and be able to provide them with the parts they need at a competitive price so they can compete in the marketplace.

是的，我認為我們確實可以提高價格來帶動毛利，但我們看待公司、也一直會如此看待：我們是在全球市場中競爭。因此，我們的客戶過去經常有海外供應商，而他們現在被迫轉換供應來源。我們認為理解他們對成本的敏感度也很重要，並成為他們可以順利切換的選擇。而不是破壞他們下游成本，或讓產品對美國民眾而言變得過於昂貴。所以我們會把兩者結合：一方面以 40% 毛利率為目標，確保公司健康經營；另一方面也要在價格上能與從台灣、日本或中國進口的馬達競爭，避免破壞他們的下游商業模式。因此，我們不打算利用這個時點，以犧牲客戶為代價來擴張毛利。我們相信只要把客戶服務好，就能與他們建立多年合作關係，並以具競爭力的價格提供他們所需零件，讓他們能在市場上競爭。

All right, well, guys, thanks for taking my question. Again, keep up the great work.

好的，謝謝你們回答我的問題。再次，請繼續保持出色表現。

Thanks, Austin.

謝謝你，Austin。

Josh Sullivan, Jones Trading.

Josh Sullivan，Jones Trading。

Hey, Mike, I'm trying. That's on the big ramp here in quarter. Just wanted to get some additional thoughts on working capital positioning now and where it might need to be next year as this ramp really comes through. And then where are the supply training stress points currently for yourselves?

嗨，Mike，我想請教。關於本季的大幅拉升（ramp）。想再聽聽你對目前營運資金配置的看法，以及隨著這波拉升在明年真正到來時，營運資金可能需要到什麼水位。另外，就你們而言，目前供應鏈的壓力點在哪些地方？

Yeah, so if you look, this is a great example. As Brian had mentioned, we have about $42.7 million in inventory, raw material, finished goods, prepaid inventory, and that's on a $16 million quarter and multiply that by four, you're at $60 million I think it historically said we always expect about 1X working capital to forward-looking revenue, so I think that is in that ballpark it matches sort of our baseline models as we go into next year, I think we're going to be seeing.

是的，所以如果你看，這是一個很好的例子。如 Brian 提到的，我們大約有 4,270 萬美元的庫存，包括原材料、成品、預付庫存，而這是建立在一個 1,600 萬美元的季度之上，把它乘以四，你大概會到 6,000 萬美元。我想歷史上我們一直預期，營運資金大約是前瞻性營收的 1 倍，所以我認為這大致就在那個區間，與我們進入明年的基準模型相符，我想我們將會看到。

Still a year of forward-looking revenue in there, and we've always said that we aspire to do about $250 million of revenue, if possible, in 2027 if we're successful and don't run into hiccups. So we think we're going to need to land around there across for next year. I do think as we scale into that, there are options that are not equity financing, right? There's loans, et cetera, that could be possible and then hopefully that answers the first question. And do you mind repeating the second question so we have it on record

那裡面仍然包含一年的前瞻性營收，而我們也一直說，如果一切順利、沒有遇到波折，我們希望在 2027 年能做到大約 2.5 億美元的營收。所以我們認為明年我們需要大致落在那個水準。我確實認為，當我們擴張到那個規模時，有一些不是股權融資的選項，對吧？例如貸款等等，都有可能，然後希望這回答了第一個問題。第二個問題你介意再重複一次嗎？這樣我們可以把它記錄在案。

Yeah, the second one is just, here's where your stress points are in the supply chain at this point.

好的，第二個問題就是：就目前而言，你們供應鏈的壓力點在哪裡。

So the stress points are everywhere. If you look, electronics vendors across the board, and this is especially true because you just saw yesterday China make drone export restrictions harder It's a very dynamic environment where the sort of isolation is creating regulatory changes. So, if there's even, you could say like on an F7 flight controller, the only place where they make the OSC chip is out of China. So working around that, is more expensive if you use a microcontroller to program it and then you have to go find it. We've had to place orders for Sony sensors already for cameras that won't even be delivered till December. Because there's a shortage of camera sensors that are outside of China. If you look for magnets, we have to order nine months out for magnets from Japan as we scale our production line and do design where magnets from other areas can be shorter There's probably 20 different, very challenging items to source for our supply chain teams on top of it and does an incredible job and those are just some I know off the top of my head and it gets harder as the rules are changing on short notice.

所以壓力點無所不在。如果你看，整體電子供應商都是如此，尤其是因為你昨天剛看到中國加嚴了無人機出口限制。這是一個非常動態的環境，某種程度的隔離正在造成監管變化。所以，即使你可以說像 F7 飛控，唯一生產 OSC 晶片的地方就在中國境內。因此要繞開這點，如果你用微控制器來編程再去找替代來源，成本會更高。我們已經必須先下單採購 Sony 的感測器，用於相機，但要到 12 月才會交付。因為中國以外的相機感測器供應短缺。如果你看磁鐵，隨著我們擴大產線並進行設計（讓其他地區的磁鐵交期可以更短），我們必須提前九個月向日本訂購磁鐵。大概有 20 種不同、非常具挑戰性的料件，需要我們的供應鏈團隊去採購；此外團隊做得非常出色。以上只是我隨口能想到的一些，而當規則在短時間內變動時，情況會更難。

Maybe just one last one, just to follow-up on the counter drone market. What do you think the magnitude of the counter drone market is going to be versus the legacy STD market?

也許最後再問一個，跟反無人機市場相關的追問。你認為反無人機市場的規模，會相對於傳統 STD 市場有多大？

So I think the counter drone market is probably going to be larger, and I think it's going to be larger because I think counter drones will be used more. I think there's a lot more global defense activity and I think a lot easier U.S. Export for defense activity. I'll give you an example right now in Iran and the Middle East, the Gulf states all would want counter drones in addition to things like Patriot missiles and I think it's a lot easier to say, hey, here are counter drones where then we're not facilitating or engaging in a conflict If you look, there was a great effort done by the government during FIFA with a full drone task force. You're going to see the same thing with the Olympics, et cetera. So, if you think the counter drone and the small incredible drone markets are the same size, I think you're going to see more routine rollover and deployment in the counter drone market that's going to be a more consistent demand driver long-term.

所以我認為反無人機市場可能會更大，而且我認為會更大是因為反無人機會被更頻繁地使用。我認為全球國防活動多了很多，而且美國在國防活動方面的出口也更容易。我舉個例子：現在在伊朗與中東地區，海灣國家除了像愛國者飛彈這類系統之外，也都會想要反無人機。我認為更容易去說：嘿，這裡有反無人機，因為那樣我們並不是在促成或介入衝突。你看，政府在 FIFA 期間做了很大的努力，成立了完整的無人機特遣隊。你也會在奧運等活動看到同樣的情況。所以，如果你認為反無人機市場和小型（性能很強的）無人機市場規模相當，我想你會在反無人機市場看到更常態性的更新換代與部署，這將在長期成為更穩定的需求驅動因素。

Great.

很好。

Thank you for your time.

謝謝你撥冗。

Thanks, Josh.

謝謝，Josh。

Craig Irwin, Roth Capital.

Craig Irwin，Roth Capital。

Good morning and thanks for taking my questions. So, Alan, it's rare for a growth company to have, a double in revenue and for margins to hang in there. Usually there's fairly substantial margin compression when companies are scaling, and you've delivered the opposite despite some of the challenges that you had in the quarter. Can you maybe give us a little bit more detail on your planning for scaling as far as how you allocate resources for employees hiring Infrastructure necessary, how are you actually delivering on margins that are healthy and expanding modestly while scaling at such a rapid rate?

早安，謝謝讓我提問。所以，Alan，對一家成長型公司來說，營收翻倍且毛利率仍能維持，這其實很少見。通常公司在擴張規模時，毛利率會有相當明顯的壓縮，但你們在本季面臨一些挑戰的情況下，反而交出了相反的結果。你能否更詳細說明一下你們在擴張規劃上的做法，例如在人員招募、必要的基礎設施等資源配置方面；你們究竟是如何在如此快速擴張的同時，仍能交付健康且小幅擴張的利潤率？

I think that's a great question and thank you for the observation. Everybody in the company cares about building a sustainable business where you see a lot of companies reduce margin for growth, they have to create demand and as we've always talked about, there's a market vacuum here, and so our costs to create demand aren't the same as other emergent environment and so we have the benefit then of being able to understand and build with discipline to maintain and grow those margins.

我覺得這是個很好的問題，也謝謝你的觀察。公司裡每個人都在意打造一個可持續的事業。你會看到很多公司為了成長而犧牲毛利率，他們必須去創造需求；而如同我們一直談到的，這裡存在市場真空，因此我們創造需求的成本，和其他新興環境中的公司不一樣。也因此我們有優勢，能以紀律來理解並建構業務，以維持並提升那些毛利率。

Our goal and our belief is that we're going to be able to be operating cash flow positive in the new year. Now, again, as I had mentioned, for the third quarter, we're putting in a ton of work. So right now, we were at about 70,000 square feet of total space we've added 15,000 square feet in Orlando for batteries, another 4,000 square feet in Orlando for operating staff, overhead staff, DNA, the 18,000 square feet for upgrade energy will close, and we're actually looking for another 100 to 200,000 square feet over the next nine months, because at our current rate, we've sort of filled up the space that we have faster than we expected.

我們的目標與信念是：明年我們將能達到營運現金流轉正。不過再次強調，如我提到的，第三季我們投入了大量工作。目前我們總面積大約是 70,000 平方英尺；我們在奧蘭多新增了 15,000 平方英尺用於電池，另外在奧蘭多新增 4,000 平方英尺用於營運人員、後勤人員、DNA；用於 Upgrade Energy 的 18,000 平方英尺也將完成交割；而且我們正在尋找未來九個月內再增加 100,000 到 200,000 平方英尺的空間，因為以我們目前的速度，我們把現有空間填滿的速度比預期更快。

It's all being operational and it's all generating margin. The other thing that is true is everybody on our team puts in the work and so I think when you look at gross margin expansion, a lot of our gross margin costs come from labor and people are really efficient and work really hard and I think we have an incredible workforce that has helped us achieve that. So those are the two pieces that I think have let us do that is not having to spend wildly on demand generation and then a really effective workforce with a senior leadership that has an attitude toward constantly building a business with profitability. I think one other thing to note, and this will create a changeover in 2027, most of our loss is driven by equity comp.

這些全部都在運作中，而且都在產生毛利。另外一個事實是，我們團隊的每個人都很投入，所以我認為當你看毛利率擴張時，我們很多毛利成本來自勞動力，而大家效率很高、工作非常努力；我認為我們有一支非常出色的團隊，幫助我們達成這點。所以我認為讓我們能做到這件事的兩個因素是：不需要為了創造需求而大手筆花錢，以及一支非常有效率的團隊，加上高階領導層持續以獲利為導向來打造企業的態度。我想還有一點要注意，這會在 2027 年帶來一個轉換：我們的大部分虧損是由股權薪酬所驅動。

Myself and the senior executives have no longer taken restricted stock. We moved to options. And so I think where you may see some more gap stuff in the third and fourth quarters, by 2027, a lot of that gap loss will be ameliorated as we all believe in the future and are structured for growth.

我本人以及高階主管已不再領取限制型股票。我們改為期權。因此我認為你可能會在第三季與第四季看到一些更多的 GAAP 相關差異，但到 2027 年，隨著我們都相信未來並以成長為導向來設計薪酬結構，許多 GAAP 虧損將會得到緩解。

Thank you for that. So another major item that wasn't specific to UMAC this last quarter, but specific to the industry was Performance Drone Works getting their conditional loan commitment. That's $820 million. That's a big amount of money for the Department of War to commit to the build out of this infrastructure, this industry that you are clearly a leader in. You were obviously mentioned, your company was mentioned in several of those press reports that talked about potential government investments. So I don't want to ask specifically about your status there, but I'd love to ask about how you could potentially use money if you did have a couple $100 million come in. What would this mean now that you've proven that you can use your capital wisely?

謝謝你。那麼，另一個重大事項雖然在上一季並非UMAC特有，但屬於產業層面的是 Performance Drone Works 獲得了有條件的貸款承諾。金額是8.2億美元。對於戰爭部（Department of War）而言，承諾投入這麼大一筆資金來建置這項基礎設施、這個你們顯然是領導者的產業，這是很大的數字。你們也很明顯被提到，你們公司在多篇談到潛在政府投資的新聞報導中被點名。所以我不想具體詢問你們在那方面的進展狀態，但我很想問的是：如果你們真的有幾億美元資金進來，你們可能會如何運用？既然你們已經證明能夠明智地運用資本，這會代表什麼？

Great question. I'd like to say congratulations to the PDW team. I've known Ryan and James and Matt over there since the early DRL days, and they're great stewards of what they're doing. I think they're a great company in the industry. What we would do, what we could contribute and it is very shortly we're going to have a complete, let's call it motor production unit, a full supply chain, a mid-tier introductory line with the ability to do things all the way through a high volume line where we could do, let's call it 100,000 motors a month with hundreds of millions of dollars, we could take that production unit and parallelize it. We could rubber stamp it out and adjust it to match so if there was the desire to do a million motors a month to support the drone and counter drone industry, we could take that base unit, which was confirmed and validated along with a full supply chain and the variance that we have there, and at this point, we could stamp out 10 of them.

好問題。我想先恭喜PDW團隊。我從早期DRL時期就認識那邊的Ryan、James和Matt，他們對自己在做的事情是很好的管理者。我認為他們是這個產業裡很棒的一家公司。至於我們會怎麼做、我們能貢獻什麼——很快我們就會擁有一個完整的、姑且稱之為馬達生產單元：完整供應鏈、一條中階入門產線，並具備一路延伸到高產量產線的能力；若有數億美元資金，我們可以做到每月10萬顆馬達。屆時我們可以把這個生產單元平行化。我們可以把它複製貼上並調整匹配；如果有需求要做到每月100萬顆馬達以支援無人機與反無人機產業，我們可以用這個已被確認與驗證的基礎單元——連同完整供應鏈以及我們在其中的變異管理——在這個時間點，我們可以複製出10套。

And I think. In that way with our leadership position and motor production and our quality improving through strong partnership and feedback with our customers and the hard work of our team, I think that's where you would see us go and what you can see us do with sort of a mandate that it would be desirable.

而我認為。以這種方式，憑藉我們在馬達生產的領導地位、透過與客戶的緊密合作與回饋讓品質持續提升，以及團隊的努力，我認為那就是你會看到我們前進的方向；如果有某種授權或任務要求、且被認為是可取的，你也會看到我們能做到的事情。

Excellent. Well, congratulations on the strong progress. I'll go ahead and hop back in the queue.

太好了。那麼，恭喜你們取得強勁進展。我先回到排隊序列。

Thank you, Craig.

謝謝你，Craig。

Amit Dayal, HC Wainwright.

Amit Dayal，HC Wainwright。

Thank you. Good morning, everyone. Thank you for taking my questions. Just to begin with, did I just hear the targeted revenue for 2027 is roughly $250 million.

謝謝。各位早安。謝謝讓我提問。先從一個問題開始，我剛剛聽到你們2027年的目標營收大約是2.5億美元嗎？

That is not guidance we said all the way along. That is the available TAM from the Drone Dominance Program. And so we are aggressively trying to grow a company to fill as much of that demand as we can.

那不是我們提供的財測指引；我們一路以來的說法都是。那是「無人機優勢計畫」（Drone Dominance Program）所對應的可取得TAM。因此我們正積極擴張公司，盡可能承接那樣的需求。

Just so in that context, what revenue capacity will your manufacturing infrastructure support going into 2027?

那在這個脈絡下，你們的製造基礎設施到2027年能支撐多少營收產能？

I would say, as of today, with the 70,000 square feet, we're probably getting close to the limit, so that's probably $20 million. We'll know better when we put in a high-speed automated line, but we're actively looking for another couple of hundred thousand square feet to scale out. So we're trying to build the infrastructure, and that's really what quarter three is about, is that foundation. We're trying to build the infrastructure to meet the market potential of $250 million in 2027 and we're going to, have to take a moment and really build out the base to be ready to do that.

我會說，以今天的狀況來看，憑藉7萬平方英尺的空間，我們大概快接近上限了，所以大概是2,000萬美元。等我們導入高速自動化產線後會更清楚，但我們正積極尋找另外幾十萬平方英尺的空間來擴張。所以我們正在建置基礎設施，而這也正是第三季的重點：打地基。我們正在建置基礎設施，以符合2027年2.5億美元的市場潛力；我們必須先停下來一段時間，把底座真正建好，才能準備好做到那一步。

Thank you. And just any update on, the announcement in May or the news in May about potential U.S. Government investment. Any has that discussion moved forward Any update on that would be helpful. Thank you.

謝謝。另外，關於5月的公告或5月的消息——有關潛在的美國政府投資——有沒有任何更新？那個討論有往前推進嗎？任何更新都會很有幫助。謝謝。

Yes, as I said all the way along, we are in discussions with the OSC and that's all I can say.

是的，如同我一路以來所說，我們正在與OSC進行討論，我能說的就只有這些。

Okay, that's all I have, guys. Appreciate it.

好的，我就這些問題，各位。感謝。

Thank you, Amit. Appreciate you.

謝謝你，Amit。感謝你。

Barry Sein, Litchfield Hills Research.

Barry Sein，Litchfield Hills Research。

Hey, good morning, gentlemen. A couple of questions if you don't mind. First, Alan, you've been incredibly busy on the M&A front. If you look back at the stack now, number one, if you look at the components required to manufacture a drone, you pretty well fill that out, especially with batteries recently, maybe frames or antennas. Anything else there and anything else you might go beyond, just drone components, you've thought about services pull back, what are you thinking on M&A?

嗨，各位先生早安。如果不介意，我有幾個問題。首先，Alan，你在併購（M&A）方面一直非常忙。如果你回頭看現在的佈局，第一，若看製造一台無人機所需的零組件，你們幾乎已經把它補齊了，尤其是最近把電池也納入，可能還差機架或天線。還有其他缺口嗎？以及你是否也想過超出無人機零組件、往服務端延伸？你對M&A的想法是什麼？

Right now, we're really focused on closing upgrade energy. And then when we look at M&A, integration is a lot of work. We don't take that lightly. And I think until we have scaled to service what is the powertrain that we're working on and we feel more comfortable That were there, that we're really focused on driving this organic growth that we saw in the last quarter. And I think our team has demonstrated we can really start to drive rapid organic growth. We're always looking at adjacencies or at new product categories with where we sit in terms of capitalization and support from the shareholders, we're in a position that if something makes sense, we could go after it, but at the same time. Our core focus right now is getting batteries in-house and really scaling what we have because there's a lot of demand for it.

目前我們真的專注在完成Upgrade Energy的交割。然後當我們看M&A時，整合是非常多的工作。我們不會輕忽。我認為在我們把正在做的動力總成（powertrain）擴大到可服務的規模、並且我們更有把握我們已經到位之前，我們會更專注於推動我們在上一季看到的有機成長。我認為我們的團隊已經證明，我們確實能開始推動快速的有機成長。我們一直在看相鄰領域或新的產品類別；以我們目前的資本結構以及股東的支持，如果有合理的機會，我們有能力去做，但同時。我們現在的核心重點是把電池納入內部並把現有業務真正做大，因為市場需求非常強。

Okay, so it sounds like you're in pretty good shape for now. Shifting gears, talking about gross margin, there's a lot of work in progress you're ramping up the facilities now, but you're going to do a step change increase in square footage next year. You've got to get batteries closed and up and running and a mirror plant in Orlando. If we look out, once that's done, I don't know if there's a steady state ever for unusual machines. What do gross margins look like longer-term on this business Are we at 50% gross margin. What should investors think about that you can do once you're really at scale?

好的，所以聽起來你們目前狀況相當不錯。換個話題談毛利率，你們現在有很多在製品（WIP），也正在擴建設施，但明年你們的面積會有一個階梯式的大幅增加。你們必須把電池交易完成並啟動運轉，還要在奧蘭多建一座鏡像工廠。如果我們往後看，一旦這些都完成了，我不知道對Unusual Machines來說是否存在所謂的穩態。這項業務長期的毛利率會是什麼樣子？我們會到50%的毛利率嗎？當你們真正達到規模化之後，投資人應該如何看待你們能做到的毛利水準？

Yeah, I think what we've said is why we're scaling. We figure, around 30, low 30% gross margin is our target. I think we've demonstrated we can hit that. I think that's what you're going to look at as long as we're scaling we're doing everything we can structurally to keep 40% gross margin as we start to flatten out as our target, which we think is fair to both us and our customers. I think once we get there and we don't see the growth that we're seeing, if we settle into 10% year-over-year growth or some really mature state, we'll have to look around and decide then do we need to expand into other industries to drive continued growth or do we need to look at margin improvements. And I would say very recently, the SEC just put out another ban which. Creates expansion in that they banned all light show drones immediately. But more importantly, they banned humanoid robots and even robot vacuums from being imported to China. So if we see a components ban in those categories, which would follow the same pattern as the drone marketplace, there are millions of robot vacuums that were sold in the U.S. Last year, and right now all of them are made in China. We would have the choice to pursue margin expansion or continued TAM and revenue expansion at that point and I think when we get there, investors should be excited that we have decisions we get to make.

是的，我想我們所說的就是我們為什麼要擴大規模。我們認為，大約 30%、三十出頭的毛利率是我們的目標。我想我們已經證明我們可以達到那個水準。我想只要我們仍在擴大規模，你們就會看到我們在結構上竭盡所能，在開始趨於平緩時把 40% 的毛利率作為目標，我們認為這對我們和客戶都公平。我想一旦我們到達那裡，而我們不再看到目前這樣的成長，如果我們穩定在年增 10% 或進入某種非常成熟的狀態，我們就必須環顧四周並做出判斷：那時我們是否需要擴展到其他產業以推動持續成長，或是需要著眼於毛利率改善。而我想說的是，就在最近，SEC 又發布了另一項禁令，這。帶來了擴張機會，因為他們立即禁止所有燈光秀無人機。但更重要的是，他們禁止人形機器人，甚至機器人吸塵器進口到中國。因此，如果我們在這些類別看到零組件禁令，而這將遵循與無人機市場相同的模式，美國去年售出了數百萬台機器人吸塵器，而目前它們全部都是在中國製造。到那時，我們可以選擇追求毛利率擴張，或是持續擴大 TAM 與營收；我想等我們走到那一步，投資人應該會感到興奮，因為我們將有一些決策可以做。

And just lastly, just a detailed question. What percent of revenue was rotor riot this quarter?

最後，再問一個比較細的問題。本季 Rotor Riot 佔營收的百分比是多少？

The retail channel, not the brand, was only about 6% of revenue.

零售通路（不是品牌）只約佔營收的 6%。

Great. Those are my questions.

很好。我的問題就這些。

Thank you.

謝謝。

Thank you very much, Barry.

非常感謝你，Barry。

Matthew Galinko, Maxim Group.

Matthew Galinko，Maxim Group。

Hey, nice results and thanks for taking my question. Alan, you framed the market as supply constraint through 2027. So is that a function of line of sight that you have today or do you expect suppliers to catch up with demand in 2028?

嗨，成果很不錯，謝謝讓我提問。Alan，你把市場描述為供給受限直到 2027 年。所以這是基於你們目前的能見度，還是你預期供應商會在 2028 年追上需求？

Just line of sight. I think there's no suppliers that are close and the continued regulatory environment is restricting supply further and so I think, we'll continue to pay attention and Q2 2027, I think we'll have better line of sight looking forward. But right now that's just as far out as we can see.

只是基於能見度。我認為沒有任何供應商接近，而且持續的監管環境正在進一步限制供給，所以我想我們會持續關注；到 2027 年第二季，我想我們對未來會有更好的能見度。但目前我們只能看到那麼遠。

Great. Thank you.

很好。謝謝。

Thanks.

謝謝。

Josh Sullivan, Jones Trading.

Josh Sullivan，Jones Trading。

Hey, I just wanted to get your thoughts on the evolution of the commercial drone delivery market at this point. Yeah, I know you're already a blood in your plate scaling into drone dominance alone, but given the longer-term battery swap opportunity, just wanted to check in on your thoughts on.

嗨，我想聽聽你對目前商用無人機配送市場演進的看法。是的，我知道你們光是擴大規模、在無人機領域取得主導就已經忙得不可開交，但考量到長期的電池更換機會，我想再確認一下你對此的想法。

I think most importantly that you saw DoorDash just got their 135 they'll begin testing. I think they're going to have very interesting results, and that'll be my belief is food delivery is going to be the first thing that unlocks with 108 and so I think what we see from them publicly in terms of how customers are reacting to their early testing with the 135, I think is going to tell us a lot about what to expect from that market. I do think that you're looking at drone delivery being constrained in terms of developing new products by the FIA finishing the regulation for Part 108. In particular, the sort of detect and avoid requirement, because if it requires an antenna and a radio etc., Then any companies building drones for that next FAA cycle won't be able to launch them until after they can qualify them. So right now, my guess as to the scaling of component demand for delivery is going to be probably late 2027 with deployment. My guess is in 2028, and I think food delivery is really the first use case that's going to scale. And so. I think it'll be really interesting to see what information DoorDash shares over the next year to give us really good indicators of what that market's going to look like.

我認為最重要的是，你看到 DoorDash 剛拿到他們的 135，將開始測試。我想他們會有非常有意思的結果；而我的看法是，餐食外送會是第一個在 108 下被解鎖的應用，所以我認為我們從他們公開資訊中看到的——就客戶對其 135 早期測試的反應——將會告訴我們很多，讓我們知道可以對那個市場有什麼期待。我確實認為，你會看到無人機配送在開發新產品方面受到限制，原因在於 FAA 正在完成 Part 108 的法規。特別是「偵測與避讓」的要求，因為如果它需要天線、無線電等，那麼任何為下一個 FAA 週期打造無人機的公司，在完成資格認證之前都無法推出。所以目前，我對配送用零組件需求擴大的猜測，可能要到 2027 年末才會開始部署。我猜是在 2028 年，而我認為餐食外送確實會是第一個規模化的使用情境。因此。我想接下來一年 DoorDash 會分享哪些資訊將非常值得關注，因為那會給我們很好的指標，讓我們了解那個市場會是什麼樣子。

Thank you.

謝謝。

Thank you, Josh.

謝謝你，Josh。

Hey, we appear to have reached the end of our question-and-answer session. I will now hand back over to Alan for any closing comments.

各位，我們似乎已經到了問答環節的尾聲。我現在把時間交回給 Alan，請他做任何結語。

Again, this quarter is the one where I've gone from hoping to believing. It's because of the team and the energy that everyone put in and our ability to rise to the occasion. I think we're extremely well positioned going forward, and I want to say thank you to everyone for their time. I appreciate everybody that's a shareholder, and I look forward to working with everyone to continue to build the drone industry. So thank you. I hope you have a great morning.

再次強調，這一季是我從「希望」轉為「相信」的一季。這要歸功於團隊，以及每個人投入的能量，還有我們在關鍵時刻挺身而出的能力。我認為我們未來的布局非常到位，我也想感謝大家撥冗參與。我感謝每一位股東，也期待與大家一起努力，持續打造無人機產業。所以謝謝。祝大家早安愉快。

Thank you very much, Alan, and thank you everybody. This does conclude today's conference call. You may disconnect your phone lines at this time and have a wonderful day. We thank you for your participation.

非常感謝你，Alan，也謝謝各位。今天的電話會議到此結束。各位現在可以掛斷電話線，祝大家有美好的一天。感謝各位的參與。