Unusual Machines Inc (UMAC) 2026 Q3 法說會逐字稿

Welcome to Unusual Machines Third Quarter 2026 Financial Results Conference Call and Webcast. (Operator Instructions).I will now turn the conference over to Christine Petraglia, Investor Relations, for Unusual Machines.

歡迎參加 Unusual Machines 2026 年第三季財務業績電話會議與網路直播。（接線員指示）現在我將把會議交給 Unusual Machines 投資人關係部的 Christine Petraglia。

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

謝謝，接線員。各位下午好。今天與我們一同出席的有 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 Q4 product demand, revenue growth, manufacturing expansion, our ability to handle this continued growth, gross margins, becoming a supply chain leader for small drones, and anticipated regulatory developments in future commercial drone applications.

在本次電話會議中，管理團隊將就我們對第四季產品需求、營收成長、製造擴張、我們因應持續成長的能力、毛利率、成為小型無人機供應鏈領導者，以及未來商用無人機應用中預期的監管發展等事項，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, tariffs, impacts, and other risks described in our Form 10-K for the year ended December 31th, 2025. We undertake no obligation to update forward-looking statements except required by law. For a complete discussion of risk factors, please refer to our. Filings and a shareholder letter accompanying this call. In addition to 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.

實際結果可能因多項因素而與前述陳述存在重大差異，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。除法律要求外，我們不承擔更新前瞻性陳述之義務。關於風險因素的完整討論，請參閱我們的申報文件以及隨本次電話會議一併提供的股東信。除依 GAAP 報告財務結果外，我們亦將討論若干非 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。

A reconciliation of the non-GAAP measures to the most directly comparable GAAP measures is included in the shareholder letter and earnings press release, which are available on our website and filed with the SEC. As a reminder, this call is being recorded and a replay will be available on Unusual Machines' website at unusualmachines.com. Now, let me hand the call over to CEO Allan Evans. Please go ahead, Allan.

非 GAAP 指標與最直接可比的 GAAP 指標之調節表，已載於股東信與財報新聞稿中；上述文件可於我們網站取得，並已向 SEC 申報。提醒各位，本次電話會議將被錄音，重播將於 Unusual Machines 網站 unusualmachines.com 提供。現在，讓我把電話交給執行長 Allan Evans。Allan，請開始。

Thank you, Christine. Good afternoon, everyone, and thank you for joining us today. During this call, I will discuss our third quarter 2026 performance. In the third quarter, we generated $13.9 million in revenue. This is a 551% year-over-year growth from the third quarter last year.

謝謝你，Christine。各位下午好，感謝今天加入我們。在本次電話會議中，我將討論我們 2026 年第三季的表現。第三季我們創造了 1,390 萬美元的營收，較去年第三季年增 551%。

We generated a net loss of approximately $25 million for the quarter, which represents a loss of $0.50 per share. The majority of that loss was driven by non-cash line items, which we will discuss later. The key takeaway from the rest of this call is that we are continuing to grow the company and we are now well positioned for the fourth quarter of all 2026 the way through 2027.

本季我們錄得約 2,500 萬美元的淨損，約合每股虧損 0.50 美元。該虧損的大部分來自非現金科目，我們稍後會討論。本次電話會議其餘部分的重點是：我們持續推動公司成長，且目前已為 2026 年第四季一路延伸至 2027 年做好充分布局。

The third quarter financial results require some interpretation to clearly see what Unusual Machines is working to achieve. We are generating rapid growth, with revenue growing more than 550% compared to the third quarter last year. At the same time, we are effectively managing costs and maintaining margins.

第三季財務結果需要一些解讀，才能更清楚看見 Unusual Machines 正在努力達成的目標。我們正實現快速成長，營收較去年第三季成長超過 550%。同時，我們也有效管理成本並維持利潤率。

We held non-GAAP adjusted EBITDA loss at approximately $700,000 for the quarter and our margins have remained consistent even with the growth. We finished the quarter with a 35.4% gross margin. This is all against a backdrop of investing for future growth and scale during the quarter. For example, our headcount increased from 240 employees to 276 employees. As of October 1st, and then to 325 employees after we formally closed the acquisition of Upgrade Energy. This continued success and rapid execution is impossible without collaboration across our entire team. I am confident in our ability to handle continued growth because I am extremely confident in the people we have in place and the people I get to work with.

本季我們將非 GAAP 調整後 EBITDA 虧損控制在約 70 萬美元，而即使在成長之下，我們的利潤率仍維持一致。本季毛利率為 35.4%。這一切是在本季為未來成長與規模化進行投資的背景下達成的。例如，我們員工人數自 240 人增加至截至 10 月 1 日的 276 人，並在正式完成收購 Upgrade Energy 後進一步增至 325 人。若沒有全體團隊的協作，這樣的持續成功與快速執行是不可能的。我對我們因應持續成長的能力充滿信心，因為我對現有團隊成員以及能與之共事的人才非常有信心。

I want to say thank you to everyone at Unusual Machines, including those who have just recently joined us from Upgrade Energy. 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 the quarter and on our plans going forward. With that, I'm handing the call off to our CFO, Brian Hoff.

我想向 Unusual Machines 的每一位同仁致謝，也包括最近從 Upgrade Energy 加入我們的夥伴。接下來我將把時間交給財務長 Brian Hoff，請他詳細說明我們的財務結果。他結束後，我會再更深入說明本季表現以及未來計畫。那麼，現在把電話交給財務長 Brian Hoff。

Thank you, Allan, and thank you, everyone, for joining us today.

謝謝你，Allan，也謝謝各位今天加入我們。

As Allan discussed, we're continuing to invest in growth through manufacturing capacity and.

如 Allan 所提到的，我們持續透過製造產能以及……來投資成長。

The supply chain needed to support our growth.

以及支撐我們成長所需的供應鏈。

From a financial perspective, our focus remains on maintaining a strong balance sheet, deploying capital strategically and building a business that can scale efficiently and eventually toward profitability. With that, let me walk to our third quarter results. We generated approximately $13.9 million in revenue during the third quarter.

從財務角度來看，我們的重點仍是維持強健的資產負債表、策略性地部署資本，並打造一個能高效率擴張、最終邁向獲利的事業。接下來我說明第三季業績：第三季我們創造約 1,390 萬美元的營收。

And as we've mentioned, an increase of 551% compared to the third quarter of 2025, and that's year-to-date revenue reaches $38.7 million, representing a growth of 515% over the comparable period last year. Enterprise customers accounted for approximately 90% of third quarter revenue and 88% year-to-date. Revenue was lower sequentially than the $16.7 million reported in Q2. As we focused on certain operational investments that will help continue scaling into the future, it's important to distinguish delivery timing and operational investments that we made from any other issues related to underlying demand. Gross margin was approximately 35.4%. And as we've discussed previously, margins fluctuate as we continue to scale manufacturing and shift toward a predominantly enterprise customer base.

如我們所提及，較 2025 年第三季成長 551%；年初至今營收達 3,870 萬美元，較去年同期成長 515%。企業客戶約占第三季營收的 90%，年初至今約占 88%。營收較第二季所報告的 1,670 萬美元呈現季減。由於我們專注於若干有助於未來持續擴張的營運投資，因此有必要區分交付時點與我們所做的營運投資，與任何與基本需求相關的其他問題。毛利率約為 35.4%。如先前所述，隨著我們持續擴大製造規模並轉向以企業客戶為主，毛利率會有所波動。

Despite these ongoing investments, we maintained margins in the mid-30% range, consistent with our expectations. We had a net loss of approximately $25 million. However, our adjusted EBITDA loss was around $700,000. We are continuing to maintain our adjusted EBITDA in line with expectations as we continue to grow and invest the business. Even as we're even more than doubled our workforce this year, we've remained focused on managing expenses. And building out the operational efficiency needed to scale profitably. Included in the net loss is approximately $5.5 million in non-cash stock compensation expense and approximately $18.4 million in non-cash unrealized losses on short-term investments. Our strategic investments strengthen relationships with manufacturers, suppliers and potential customers, creating opportunities to expand component sales and supporting domestic supply chains.

儘管持續進行這些投資，我們仍將毛利率維持在 30% 中段區間，符合我們的預期。我們的淨損約為 2,500 萬美元；然而，調整後 EBITDA 虧損約為 70 萬美元。隨著我們持續成長並投資業務，我們仍將調整後 EBITDA 維持在符合預期的水準。即使今年我們的人力規模已增加至兩倍以上，我們仍專注於費用管理，並建置可支撐獲利性擴張所需的營運效率。淨損中包含約 550 萬美元的非現金股票薪酬費用，以及約 1,840 萬美元的短期投資未實現非現金損失。我們的策略性投資可強化與製造商、供應商及潛在客戶的關係，創造擴大零組件銷售的機會，並支持國內供應鏈。

During the quarter, we deployed an additional $35 million of capital across multiple investments, which includes a loan receivable within the industry. A full reconciliation of GAAP results to adjusted EBITDA is included in Table 2 of our shareholder letter. We ended September with approximately $162 million in cash, $98.4 million in short-term investments and $342 million in working capital.

本季我們在多項投資上額外部署了 3,500 萬美元資本，其中包括產業內的一筆應收貸款。GAAP 結果與調整後 EBITDA 的完整調節表載於股東信表 2。9 月底我們的現金約為 1.62 億美元、短期投資 9,840 萬美元，營運資金為 3.42 億美元。

As presented in Table 3 of the shareholder letter. During Q3, we used approximately $24.8 million of cash for inventory purchases, $3 million for equipment, including our automated motor manufacturing line, and as mentioned previously, $35 million for the short-term investments. Table 1 of the shareholder letter provides a full breakdown of cash uses during the quarter.

如股東信表 3 所示，第三季我們約使用 2,480 萬美元現金用於採購庫存、300 萬美元用於設備（包括我們的自動化馬達製造產線），以及如前所述用於短期投資的 3,500 萬美元。股東信表 1 提供本季現金用途的完整明細。

As anticipated last quarter, inventory and related deposits increased from approximately $42.4 million at the end of Q2 to approximately $65.9 million at September 30, including $23.3 million of prepaid inventory. This investment in inventory helps us manage supply chain constraints and support larger customer orders as we continue to prepare for significant growth in 2027.

如上季所預期，庫存及相關預付款自第二季末約 4,240 萬美元增加至 9 月 30 日約 6,590 萬美元，其中包含 2,330 萬美元的預付庫存。這項庫存投資有助於我們管理供應鏈限制，並在我們持續為 2027 年顯著成長做準備之際，支援更大規模的客戶訂單。

Other things we're working on during Q4 include looking at approximately 100,000 sq ft of additional space to expand manufacturing operations, scaling additive manufacturing and bringing the automated production line in Q4. As we look ahead, our focus is on translating the investments we've made in inventory and manufacturing capacity into stronger operating performance. While quarterly results may fluctuate as we scale, we believe these investments position us to support higher production volumes, improve efficiency and capitalize on anticipated demand in 2027 while maintaining the financial discipline needed to move toward profitability. As Allan said, thank you to our entire team and welcome to the Upgrade Energy team and to our thank you to our shareholders and partners for their continued support. With that, I'll turn it back to Allan.

我們在第四季進行的其他工作包括：評估約 10 萬平方英尺的額外空間以擴大製造營運、擴大增材製造規模，並在第四季導入自動化生產線。展望未來，我們的重點是將在庫存與製造產能上的投資轉化為更強的營運表現。雖然在擴張過程中季度結果可能波動，但我們相信這些投資使我們能支援更高的產量、提升效率，並在維持邁向獲利所需財務紀律的同時，把握 2027 年的預期需求。正如 Allan 所說，感謝我們整個團隊，也歡迎 Upgrade Energy 團隊加入；並感謝股東與合作夥伴持續支持。接下來我把時間交還給 Allan。

At a high level, I'm very proud of what our team achieved this quarter, and I want to take some time to provide more detail. First and foremost, we chose this quarter to invest in initiatives that will allow us to sustain long-term growth. There were several initiatives we focused effort on simultaneously. This includes changing our electronics vendor, installing the highly automated motor production line, improving quality and tracking systems, scaling upgrade energy as we worked. Closing the acquisition and beginning to add additive manufacturing capabilities. We made great progress toward all these initiatives in the quarter and our team still hit the top end of the $12 million - $14 million revenue target range that we had set out.

從整體而言，我對團隊本季的成果感到非常自豪，也想花些時間提供更多細節。首先也是最重要的，我們選擇在本季投資於能讓我們維持長期成長的各項計畫。我們同時在多個計畫上投入心力，包括更換電子零件供應商、安裝高度自動化的馬達生產線、改善品質與追蹤系統、在推進作業的同時擴大 Upgrade Energy 的規模、完成收購並開始導入增材製造能力。本季我們在所有這些計畫上都取得了重大進展，而團隊仍達成我們所設定 1,200 萬至 1,400 萬美元營收目標區間的上緣。

This work really positions unusual machines to become a supply chain leader for components for small drones as our customers are still rapidly growing with what is an expanding market and very quickly everywhere. I'm going to go into more detail on the third quarter and also discuss our outlook going forward. I'd like to remind you that the following comments contain forward-looking statements and actual results may differ materially from those we anticipate.

這些工作確實讓 Unusual Machines 具備條件，隨著客戶在一個持續擴張且快速遍及各地的市場中仍然快速成長，我們將成為小型無人機零組件供應鏈的領導者。我將更深入說明第三季表現，並討論我們未來的展望。我想提醒各位，以下評論包含前瞻性陳述，實際結果可能與我們預期存在重大差異。

By most metrics, the third quarter should be considered very successful. Revenue was up over 550% from a year ago, while margins remained steady at 35.4%. We had a narrow EBITDA-adjusted loss of only $700,000 while having over $342 million in working capital. All demand signals remain strong and there has been nothing preventing us from continuing to grow.

以大多數衡量指標來看，第三季應被視為非常成功。營收較去年同期成長超過 550%，同時毛利率維持穩定在 35.4%。在擁有超過 3.42 億美元營運資金的情況下，我們的 EBITDA 調整後虧損僅 70 萬美元。所有需求訊號依然強勁，沒有任何因素阻礙我們持續成長。

All of that being said, this quarter reminds me a lot of the third quarter last year. The third quarter last year was where we built an operational base from which we started scaling. The second and third quarters last year were really close in revenue and it seemed to have flattened out a little over $2 million a quarter.

話雖如此，本季讓我想起去年第三季。去年第三季是我們建立營運基礎、並從該基礎開始擴張的時點。去年第二季與第三季的營收其實非常接近，看起來每季略高於 200 萬美元的水準有些趨於平坦。

But in the third quarter, we started driving inventory, capacity and space to grow with the industry that was just starting to get orders from programs like Drone Dominance and PBAS. We were intentional about positioning the company for a year of growth. This quarter feels the same way, except for the new revenue base we are positioning around is substantially higher than it was a year ago. The financial indicators. Match these operational indicators I'm talking about and they suggest that we positioned to scale from here again. For instance, we grew from 240 to 276 employees in the quarter and are now actually over 340 employees after the Upgrade Energy acquisition closed through today.

但在第三季，我們開始推動庫存、產能與空間的配置，以便隨著產業成長；當時產業才剛開始從 Drone Dominance 與 PBAS 等計畫取得訂單。我們有意識地讓公司站在一個可迎接成長的一年之位置。本季的感覺也一樣，只是我們正在圍繞的新營收基礎，遠高於一年前。這些財務指標與我所談的營運指標相互呼應，顯示我們已再次就此處開始擴張做好定位。舉例來說，本季員工數從 240 人增加到 276 人，而在 Upgrade Energy 併購案完成後截至今日，我們實際上已超過 340 名員工。

We've made an additional $3 million investment in equipment purchases, which includes things like additive manufacturing and more importantly, automated motor production. Our inventory and prepaid inventory increased from $42.4 million at the end of the second quarter to $65.9 million at the end of the third quarter. And this wasn't driven by finished goods, which only increased from $4.4 million - $9.3. So that's raw material we can now process.

我們額外投入 300 萬美元購置設備，其中包括增材製造（3D 列印）以及更重要的自動化馬達生產。我們的存貨與預付存貨從第二季末的 4,240 萬美元增加至第三季末的 6,590 萬美元。而這並非由成品帶動，成品僅從 440 萬美元增加到 930 萬美元。因此，這些增加主要是我們現在可以加工處理的原材料。

Our accounts receivable increased from $9.3 million - $18.7 million. These are all financial indicators that reinforce these operational frameworks we've set and that we see every day doing the work. Anyway, I guess that's enough on our position in the third quarter and what happened. Let's talk about the future.

我們的應收帳款從 930 萬美元增加到 1,870 萬美元。這些都是財務指標，強化了我們所建立、且在日常工作中每天都能看到的營運架構。總之，我想關於我們第三季的狀況與發生的事情就談到這裡。接下來談談未來。

First and foremost, last quarter, we set our revenue target for the fourth quarter would be $25 million. That remains our target. In addition, the demand that we've always seen remains strong and really hasn't changed. The current US marketplace continues to be supply constrained, and we see demand outstripping supply the rest of the year and all the way through 2027.

首先也是最重要的，上季我們設定第四季營收目標為 2,500 萬美元。這仍然是我們的目標。此外，我們一向看到的需求依然強勁，基本上沒有改變。目前美國市場仍受供給限制，我們看到今年剩餘時間一直到 2027 年，需求都將持續超過供給。

We are continuing to scale into this demand as fast as we can, and we don't see any signs of softness even though there may be some short-term concerns from the change in the political environment. The primary driver of this demand remains the Department of War.

我們正以最快速度持續擴產以滿足這些需求；即使政治環境變化可能帶來一些短期疑慮，我們也沒有看到任何需求轉弱的跡象。這些需求的主要驅動力仍然是戰爭部（Department of War）。

The Drone Dominance Gauntlet program issued orders on time for Phase 2 in September and placed those orders in October. And it also appropriated 2026 dollars for Phase 3, which begins in early 2027. So that's already funded. Counter drone demand growth has been a really strong segment for us. This was evidenced by the $16.9 million order from Powerus for components for the Guardian Interceptor drone, amongst a few other things. I think that order also shows some of the importance of the work we do with our strategic investments, which we think will help drive our relationships there long-term. And so really, there's already enough appropriated funding from 2026 and enough demand that we are already pretty much fully allocated through the first quarter of 2027, and we don't need to see any more environmental orders or large programmatic orders for us to be in a good position.

Drone Dominance Gauntlet 計畫在 9 月按時針對第二階段（Phase 2）發出訂單，並於 10 月下單。同時也為第三階段（Phase 3）編列了 2026 年度預算，而第三階段將於 2027 年初開始，因此這部分已經有資金來源。反無人機需求成長一直是我們非常強勁的業務區塊。這可由 Powerus 對 Guardian Interceptor 無人機零組件等項目所下的 1,690 萬美元訂單看出。我認為該訂單也顯示了我們透過策略性投資所做工作的部分重要性，我們相信這將有助於長期推動我們在那裡的合作關係。因此，實際上，來自 2026 年的已編列資金已相當充足，加上需求也足夠，使得我們到 2027 年第一季幾乎已滿載配置；即便不再看到任何額外的環境型訂單或大型計畫型訂單，我們也已處於良好位置。

The commercial domestic market is also probably going to start to scale late in 2027. We expect the FAA proposed Part 108 rule for drone operations to be finalized in the next six months. And we also see several companies like Google Wing, Amazon Prime Air, DoorDash and Zipline working with Walmart, they're all already expanding their delivery footprints. So we expect that their accumulated history of performance. Along with these new rules, will create a very strong demand cycle on the commercial side that will match and complement the current demand cycle we're seeing from the Department of War. All that being said, I do want to spend a few minutes to proactively address a few broader topics that aren't related exactly to the operations of the company.

國內商用市場也很可能在 2027 年下半年開始放量。我們預期 FAA 提出的無人機操作 Part 108 規則草案將在未來六個月內定案。我們也看到 Google Wing、Amazon Prime Air、DoorDash 與 Zipline 等多家公司與 Walmart 合作，且都已在擴大其配送覆蓋範圍。因此，我們預期他們累積的營運績效歷史，加上這些新規則，將在商用端形成非常強勁的需求循環，與我們目前從戰爭部看到的需求循環相互匹配並形成互補。話雖如此，我確實想花幾分鐘主動回應幾個較宏觀、且不完全與公司營運直接相關的議題。

First, we are still in discussions with the Office of Strategic Capital. Media leaks are the reason why there's awareness about it and why we are in conversations. Another company that was in the same media leak, Neros, just announced a loan, so I would say that the timing is not unusual or dragged out. I don't know if we will get a loan or when our discussions will resolve one way or another.

第一，我們仍在與戰略資本辦公室（Office of Strategic Capital）進行討論。媒體外洩是外界之所以知道此事、以及我們之所以正在對話的原因。同樣出現在那次媒體外洩中的另一家公司 Neros，剛宣布了一筆貸款，因此我會說這樣的時程並不反常，也不算被拖延。我不知道我們是否會獲得貸款，或我們的討論何時會以某種方式告一段落。

That is all I can say about the topic, and I look forward to sharing whatever resolution comes from it with all of our investors and shareholders as soon as we know. The election. In my personal opinion, this election outcome is the second best possible outcome for unusual machines. That may seem counterintuitive, but I'd like to take a moment to explain. For unusual machines, we just need the government to stay open and govern. As long as budgets get passed and things run on time, then that ends up being good for us. We see steady demand regardless of the total appropriations of the defense bill, et cetera, because there is a strong shift toward dual use, toward drones, and toward autonomous systems. The outcome from this election was very certain, and so this allows our elected officials to get back to work very quickly and there's not this long period of determining who won the election.

關於這個主題，我能說的就這些；一旦我們知道結果，我也期待能盡快與所有投資人與股東分享任何最終結論。至於選舉：以我個人看法，這次選舉結果對 Unusual Machines 而言是第二好的可能結果。這聽起來或許有些反直覺，但我想花點時間解釋。對 Unusual Machines 來說，我們只需要政府保持運作並進行治理。只要預算能通過、各項事務能按時運轉，對我們就會是好事。無論國防法案的總撥款額等如何，我們都看到穩定需求，因為市場正強烈轉向「軍民兩用」、轉向無人機、以及轉向自主系統。這次選舉的結果非常明確，因此能讓民選官員很快回到工作崗位，而不會出現一段很長的時間用來判定誰贏得選舉。

This makes it much more likely that a budget gets passed sooner rather than later. And the overwhelming public response increases the likelihood that there's going to be compromise as people work together to move things forward rather than the gridlock we see with really slim majorities. Additionally, and I think most positively, many of the newly elected and re-elected officials from both parties are large components and advocates of both re-industrialization and of drones.

這使得預算更有可能早些而非晚些通過。而壓倒性的民意回應也提高了妥協的可能性，因為人們會更傾向於合作推動事情向前，而不是在極其微弱的多數下出現我們所看到的僵局。此外，而且我認為最正面的部分是，兩黨許多新當選與連任的官員，都是再工業化與無人機的堅定支持者與倡議者。

So what we do and where we do it, which is drone parts made in America, has wide bipartisan support. So the working government and where we sit we think is going to be positive for us. Zooming out, it seems investor sentiment in the drone market is changing. Across the segment, share price multiples have come down substantially, new financings are less common, et cetera.

因此，我們所做的事以及我們在哪裡做——也就是在美國製造的無人機零組件——獲得廣泛的兩黨支持。所以，我們認為政府有效運作以及我們所處的位置，將對我們有利。從更宏觀的角度看，投資人對無人機市場的情緒似乎正在改變。在整個產業區塊中，股價倍數已大幅下修，新一輪融資也較不常見，等等。

This could be for a variety of reasons, higher treasuries, the recent election, inflation, et cetera, I don't know. But this sentiment change has reduced the unrealized value of our investments and is the primary driver of our GAAP loss of $25 million in the quarter. Interestingly, the investor sentiment is not representative of the marketplace. Demand is scaling rapidly and there's an overwhelming interest in drones and drone parts.

這可能有多種原因，例如公債殖利率上升、近期選舉、通膨等等，我也不確定。但這種情緒變化降低了我們投資的未實現價值，並且是我們本季 GAAP 虧損 2,500 萬美元的主要原因。有趣的是，投資人情緒並不代表實際市場狀況。需求正在快速擴張，市場對無人機與無人機零組件的興趣極為強烈。

What it does is it creates an environment that strongly favors well-capitalized companies like ours and it actually positions us to take a more dominant market position than we might otherwise have been able to. To summarize, the third quarter of 2026 positions Unusual Machines for sustained growth through 2027. Revenue was $13.9 million from 35.4% margins and an adjusted EBITDA loss of only $700,000.

它所造成的是一種強烈有利於像我們這樣資本充足公司的環境，並且實際上讓我們有機會取得比原本可能更具主導性的市場地位。總結而言，2026 年第三季讓 Unusual Machines 得以在 2027 年之前維持持續成長。營收為 1,390 萬美元，毛利率 35.4%，調整後 EBITDA 虧損僅 70 萬美元。

We have advanced several growth initiatives, including closing the acquisition of Upgrade Energy and are ready to continue growing with the industry through the end of 2026 and into 2027. Our business is well capitalized and healthy, which gives us a strong advantage in the current market environment. We are continuing to grow as fast as we can, and I'm confident our team is up for the challenge.

我們推進了多項成長計畫，包括完成對 Upgrade Energy 的收購，並已準備好在 2026 年底至 2027 年期間，隨著產業持續成長。我們的業務資本充足且健康，這使我們在目前的市場環境中具備強大優勢。我們正以最快速度持續成長，我也有信心我們的團隊能迎接挑戰。

I want to say thank you to our entire staff, all of our shareholders, and everyone interested in the company.

我要向我們全體員工、所有股東，以及所有關心本公司的人致謝。

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

接下來，我想開放電話會議進入提問環節。

Austin Bohlig, Needham and Company. (Operator Instructions).

Austin Bohlig，Needham and Company。（接線員指示）

Hey, guys. Thanks for taking my question, and congrats on the solid results here.

嗨，各位。謝謝讓我提問，也恭喜你們這次交出穩健的成果。

First, just wanted to talk about the Q4 $25 million revenue guide. What's the visibility there? Just kind of curious on how much we should be assuming you're going to recognize from this second big order from Power Us, and then also the incremental contribution from Upgrade?

首先，想談一下第四季 2,500 萬美元營收指引。這方面的能見度如何？我有點好奇，我們應該假設你們會從 Power Us 的第二筆大型訂單認列多少營收，以及 Upgrade 帶來的增量貢獻會是多少？

Yeah, we don't break that out specifically, but I appreciate the question, Austin. I mean, at this point, for us to maintain that target, you'd assume we have pretty good visibility. So, pretty high confidence in that as a target, and we've seen the power U.S. Order is one example of orders that we've seen that.

是的，我們不會特別拆分揭露，但我很感謝你的問題，Austin。我的意思是，就目前而言，若要維持該目標，你可以假設我們的能見度相當不錯。因此，作為目標我們有很高的信心；而 Power U.S. 的訂單就是我們所看到的訂單例子之一。

We feel we don't need anything else to get there except for us to execute on an operational side. So I think the risk is us continuing to scale effectively internally, not demand.

我們覺得要達到那個目標不需要其他任何東西，除了我們在營運端把執行做好。所以我認為風險在於我們能否在內部持續有效擴張，而不是需求端。

We definitely have the demand already in place.

我們確實已經有需求在那裡了。

Okay, perfect. And then I guess if I could ask about 2027, and if there's any way to give us some context on kind of growth as we head into next year, ending a year at about $100 million run rate, do you guys feel that you guys can continue to grow sequentially off of the larger Q4 number as we enter next year?

好，完美。那我想再問一下 2027 年，如果可以的話，能否給我們一些背景脈絡，談談我們邁入明年時的成長情況：以大約 1 億美元的年化營收（run rate）結束今年，你們覺得明年一開始，能否在第四季較大基數之上，仍然維持逐季成長？

Right now, I would say yes, there are a couple of limits. First, we're starting to reach...

就目前來看，我會說可以，但有幾個限制。第一，我們開始接近……

Sort of the productivity limit of our total space. So as Brian mentioned, we're looking at about 100,000 square foot space to add. So we're going to need to get more real estate and that'll be a dependency.

我們整體場地的生產力上限。正如 Brian 提到的，我們正在評估新增大約 10 萬平方英尺的空間。所以我們需要取得更多不動產，這會是一個依賴因素。

And then I'm making the assumption, and I think this election helps with that assumption, that we don't see major hiccups in the domestic demand from like a very extended lack of a government budget or something. But otherwise, that is my expectation, absolutely.

另外我有一個假設，而且我認為這次選舉有助於支持這個假設：我們不會因為政府預算長期無法通過之類的情況，而在國內需求端出現重大卡關。但除此之外，這確實就是我的預期。

All righty. Well, guys, keep up the great work. Thanks for taking the question.

好的。各位，繼續保持出色的表現。謝謝讓我提問。

Thank you, Austin.

謝謝你，Austin。

Mike Latimore, Northland Capital Markets. (Operator Instructions).

Mike Latimore，Northland Capital Markets。（接線員指示）

Thank you. Yeah, congrats on the growth and strong gross margins there.

謝謝。是的，恭喜你們成長亮眼、毛利率也很強。

Allan, when you say you're fully allocated through 1Q27, I guess, does that include drone dominance too and then this power U.S. Order? I guess, what does it not include?

Allan，你說你們的產能/排程已經完全分配到 1Q27，我想確認一下：這也包含 Drone Dominance II 以及這筆 Powerus 的美國訂單嗎？也就是說，哪些包含、哪些不包含？

We have several different customers, so it includes Powerus, includes some of the stuff from Drone Dominance II, doesn't include Drone Dominance III. And what we do is we don't require payment up front. We sort of slot customers in as they work with us based on what their expected delivery needs are.

我們有好幾個不同的客戶，所以包含 Powerus，也包含 Drone Dominance II 的一些項目，但不包含 Drone Dominance III。我們的做法是，我們不要求預付款；我們會依照客戶與我們合作的進度、以及他們預期的交付需求，把客戶排進時程。

And that becomes more important now as a lot of the customers are private companies.

而且現在這點更重要，因為很多客戶是私人公司。

And with the downturn in the markets, there's just less access to cash.

在市場下行的情況下，取得現金的管道也變少了。

But there's enough demand for us to go pretty much all the way through quarter one without seeing any new U.S. Budgetary initiatives or anything. So we're in a good spot.

但即使沒有任何新的美國預算倡議之類的新增因素，我們的需求也足以讓我們幾乎一路排到第一季結束。因此我們目前狀況不錯。

And then in the shareholder letter, you highlighted that, funds have been allocated for drone diamonds, too, and the counter drone initiatives, I guess.

另外在股東信中，你們提到 Drone Dominance II 以及反無人機（counter-drone）倡議已經分配了資金，我想問……

What's your level of confidence that those don't change and that, in fact, holds throughout, whatever cycle we go through here?

你對於這些資金不會被改變、並且在接下來不論經歷什麼週期都能維持的信心程度有多高？

90% - 95%, given on how budgets work.

以預算運作方式來看，大概 90% 到 95%。

The reason why Gauntlet III was announced on September 30th is it was out of last year's defense budget. So it is allocated, it's just not contracted and committed. Same with the $4.5 billion worth of IDIQs that were awarded for counter-grown stuff across 10 companies. So because that's out of last year's budget and the money has already been sort of pulled out and set aside the contract, that.

Gauntlet III 之所以在 9 月 30 日宣布，是因為它來自去年的國防預算。所以資金已經分配了，只是還沒有簽約、也尚未正式承諾。同樣地，針對反無人機相關項目，跨 10 家公司授予的總額 45 億美元 IDIQ 也是如此。因為這些都出自去年的預算，資金已經被某種程度上撥出並預留給合約，所以……

That's going to very likely not going to move around.

這些資金非常有可能不會被挪來挪去。

I would say, in the continuing resolution, we're seeing matching elements go, and so I think we'll see that through the end of the year. I assume they're going to move the continuing resolution into January and then come around with budgets, which will probably still shift more money toward autonomy, regardless of what the top-line is.

我會說，在持續決議（continuing resolution）之下，我們看到相對應的要素仍在推進，所以我認為我們會一路看到年底。我假設他們會把持續決議延到 1 月，然後再回來處理預算；不論總額（top-line）如何，預算很可能仍會把更多資金轉向自主化（autonomy）。

Those programs already, funded. So it's very rarely does that change.

那些計畫本來就已經獲得資金支持，所以很少會改變。

Okay, great. And then just last, obviously Powerus, nice order in the counter drone space. Can you provide any more color on how many other customers you might have in the counter drone space?

好，很好。最後一個問題：顯然 Powerus 在反無人機領域下了很不錯的訂單。你能否再多談一些，在反無人機領域你們大概還有多少其他客戶？

They're the first big one really going forward. So we're in discovery with others, but we don't have anybody else in the same magnitude.

就往後看，他們算是第一個真正的大客戶。我們也在和其他對象進行需求探索（discovery），但目前沒有其他客戶能達到同樣的量級。

Amit Dayal, HC Wainwright. (Operator Instructions).

Amit Dayal，HC Wainwright。（接線員指示）

Thank you. Good afternoon, everyone.

謝謝。各位下午好。

Allan, just congrats on the quarter, by the way.

Allan，順帶一提，恭喜這一季的表現。

The $25 million target for 4Q, is that all defense or is there any sort of Enterprise and other segments in that.

第四季 2,500 萬美元的目標，全部都是國防相關嗎？還是其中也包含一些企業端（Enterprise）或其他部門？

It's probably going to be dominated by defense. It tends to be our best retail quarter.

應該會以國防為主。我們的零售通常在第四季表現最好。

So we'll see a little bit of uptake in retail. We have seen some initial work with commercial consumer. But right now, super majority of the work we're doing ends up in defense end markets, and I expect that to be Q4, too. I don't expect us to see substantial shifts toward the commercial market starting in 2027 as people develop their platforms, and then probably late 2027, we'll see.

所以零售會看到一些回升。我們也看到一些商用消費端的初步合作。但目前我們做的工作絕大多數最終都落在國防終端市場，我預期第四季也是如此。我不預期在 2027 年就會看到明顯轉向商業市場；要等到大家把平台開發出來，然後可能到 2027 年下半年，我們才會看到……

More significant revenue volumes move to that segment as they start to scale up their fleets after what I think the FAA Part 108 rulemaking is finished.

當他們在我認為 FAA Part 108 規則制定完成後開始擴大機隊規模時，會有更顯著的營收量轉移到那個部門。

Understood.

了解。

Thank you. And I apologize if you've already discussed this.

謝謝。也抱歉如果你們之前已經談過。

But, what's the size of the pipeline for you specifically for unusual machines from the drone dominance program?

不過，就你們而言，來自 Drone Dominance 計畫、針對 Unusual Machines 的管線（pipeline）規模有多大？

Uncertain.

不確定。

If you look, we're constantly working with all the different vendors to try to capture more market share. So, I hope it's 100% of all the parts that we do and we keep adding parts, which would be, a couple hundred million dollars through 2027. But again, as they change the requirements and they change the awardees, that's constantly shifting, both in and away from us, depending on how it goes.

如果你看，我們一直在和各家供應商合作，試著拿到更多市占。所以我希望是我們所做的所有零件的 100%，而且我們還在持續增加零件品項；這樣到 2027 年可能會是數億美元的規模。但同樣地，隨著他們調整需求、也調整得標者，這會不斷變動；依進展而定，可能對我們有利、也可能不利。

I would say if we're able to service most of that program, that alone would keep us busy through scaling.

我會說，如果我們能服務該計畫的大部分內容，光是那個就足以讓我們在擴產過程中忙個不停。

We don't anticipate that until we're working on other things. But yeah, that alone is a substantial source of parts and everything else.

我們不預期只做那個、而不去做其他事情。但對，那本身就是一個相當可觀的零件與其他需求來源。

Understood.

了解。

Thank you. And this last one, I guess, the funds from the Office of Strategic Capri, is there a specific use of those funds or is that just going to be general working capital and growth needs, et cetera?

謝謝。最後一個問題：來自戰略資本辦公室（Office of Strategic Capital）的資金，是否有特定用途？還是會作為一般營運資金與成長需求等用途？

Where we can't talk about our specific interactions with the Office of Strategic Capital, you'll see that some of the other loans that have been given to companies like PDW or Neros do have specific use cases. Those use cases are for drone parts in a lot of ways or other manufacturing things. And so, I would make the assumption that we're probably going to have the same nature of loan that the other.

我們不能談我們與戰略資本辦公室的具體互動。不過你會看到，其他一些提供給像 PDW 或 Neros 這類公司的貸款，確實有特定用途。那些用途在很多情況下是用於無人機零件或其他製造相關事項。因此我會假設，如果我們被選中，我們的貸款性質大概也會和其他……

Two companies that received loans were had disclosed. That is if, we are selected for it.

兩家已獲貸款、且已揭露內容的公司相似。也就是說，前提是我們確實被選上。

Okay. That's all I have.

好，我就這些問題。

Thank you.

謝謝。

I really appreciate that.

非常感謝。

Josh Sullivan, Jones Trading. (Operator Instructions).

Josh Sullivan，Jones Trading。（接線員指示）

Hey, good evening.

嗨，晚安。

Hey, Josh.

嗨，Josh。

Just want to get you started on that, the Part 108 ruling. It sounds like it maybe isn't a pistol start. It sounds like there's going to be a ramp there. But, I mean, how do you think the commercial world is going to find its footing? I mean, is there a desire to be everywhere at once, or is it going to be kind of a growth market?

我想從 Part 108 的裁定開始問起。聽起來它可能不是那種一聲槍響就全面起跑的情況，似乎會有一段爬坡期。不過，我是說，你覺得商業端會如何站穩腳步？會不會想要一次到位、到處鋪開，還是會比較像一個逐步成長的市場？

Well, first I.

嗯，首先我……

I think you're already seeing elements of the growth. You saw Zipline just close a financing that values at $20 billion. You're seeing DoorDash announce that they're expanding under Part 135 waiver, and so you're seeing all these zone tests of drone delivery.

我認為你已經看到一些成長的跡象。你看到 Zipline 剛完成一輪融資，估值達到 200 億美元；你也看到 DoorDash 宣布他們在 Part 135 豁免下擴張，所以你會看到各種無人機配送的區域測試。

You're seeing that sort of implementation right now. And what that'll do is it'll create a framework for them to expand globally, or at least across the country without having to get specific waivers. I do think it'll be not all at once, that it'll be a ramp, but I think that ramp will look very substantial compared to the size of the industry now.

你現在就正在看到那種落地實施。而這會為他們建立一個框架，讓他們能在全球、或至少在全國範圍內擴張，而不必再去申請特定豁免。我確實認為不會一口氣全部發生，會是一段爬坡，但我認為相較於目前產業規模，那個爬坡看起來會非常可觀。

And the drivers of that ramp are.

而推動那段爬坡的因素是……

Very large companies with really deep pockets and a lot of interest in scaling it. I think if you look at comparable autonomy rollouts like the Tesla and the Waymo cyber taxis, you see a lot of units being deployed very quickly, even in the limited geographies.

資金非常雄厚、而且對擴張有高度興趣的大型公司。我想如果你看類似的自主化推廣，例如 Tesla 和 Waymo 的自駕計程車，你會看到即使在有限的地理範圍內，也能非常快速地部署大量車隊。

And I think this is going to be supply chain limited.

而我認為這會受到供應鏈限制。

Amazon, Google, Walmart, DoorDash, these are the entities that are going to be scaling. So I think we're, from a social perspective, we may say, hey, it's going to look slow. From a domestic drone industry perspective, it's going to look like a tidal wave.

Amazon、Google、Walmart、DoorDash，這些才是會擴張規模的主體。所以我認為，從社會觀感來看，我們可能會覺得「看起來很慢」；但從美國國內無人機產業的角度來看，會像是一道巨浪。

And then I guess relatedly, just on the scaling up of upgrade energy.

然後我想相關地，關於 Upgrade Energy 的擴產。

How has customer response been to that related to the commercial market as well and the battery swapping model that you might be contemplating there? Just curious how that's all coming together.

客戶對此的反應如何，特別是商用市場以及你們可能在那邊考慮的電池換電模式？只是好奇這些目前整體進展如何。

Still very early, so just starting those discussions. But I think the first responsibility we have is to continue to work with the upgrade energy team to scale production.

目前仍然非常早期，所以才剛開始進行那些討論。但我認為我們的首要責任，是持續與 Upgrade Energy 團隊合作，把產能擴大。

We got to get a lot bigger really fast to be big enough to support the scale that these customers are going to want.

我們必須非常快速地把規模做大，才能大到足以支撐這些客戶想要的規模。

So I think there's excitement because I think everybody's seen that we're on the starting process of being able to scale to be a large enough provider to meet their needs. But I think we have another six to nine months of execution that we're really going to require to get into a range of quality and scale and traceability and everything where they go, all right, yes, let's do it.

所以我認為大家是興奮的，因為大家都看到我們正處於起步階段，開始能夠擴張到足以成為符合他們需求的大型供應商。但我認為我們還需要再執行六到九個月，才能在品質、規模、可追溯性等各方面達到一個區間，讓他們覺得「好，對，就是這樣，我們做吧」。

So it's been a really positive initial feedback, and I think, our team's doing a great job going so fast. But, these really big players, they're very open-minded, but we got to cross some of these thresholds still. And so we're working really hard to do that as quickly as we can.

所以初期回饋非常正面，我也覺得我們團隊以這麼快的速度推進做得很棒。不過這些非常大的玩家，他們心態很開放，但我們仍然必須跨過一些門檻。因此我們正非常努力，盡可能快速做到。

Thank you for the time.

謝謝你撥冗。

Yeah, I appreciate it, Josh.

是的，謝謝你，Josh。

Craig Irwin, Roth Capital. (Operator Instruction).

Craig Irwin，Roth Capital。（接線員指示）。

Hi.

嗨。

Thank you for taking my questions, and congratulations on a strong quarter.

謝謝讓我提問，也恭喜你們本季表現強勁。

Allan, most of my questions have been answered, but the one that's outstanding that we've been getting from investors is your supply position at Neros. So they obviously performed incredibly well at Gauntlet II.

Allan，我大多數問題都已經被回答了，但還有一個投資人一直在問的問題：你們在 Neros 的供應地位。因為他們在 Gauntlet II 的表現顯然非常出色。

And book themselves a $100 million order. The Office of Strategic Capital is obviously rewarding them for their verification.

並且拿下了一筆 1 億美元的訂單。戰略資本辦公室（Office of Strategic Capital）顯然也因為他們的驗證而給予獎勵。

And, you've been rumored to be sort of in the same small group, so I wouldn't be surprised if there was substantial content. Can you clarify for us?

而且外界傳聞你們也在同一個小圈子裡，所以如果其中有相當多的內容我也不意外。你能為我們澄清一下嗎？

Are some of the things set out there, accurate that you are an important supplier to Neros on their Archer?

外面所說的那些事情是否屬實，也就是你們是 Neros 在其 Archer 專案上的重要供應商？

Neros is a great company doing great work.

Neros 是一家很棒的公司，做得非常好。

We have a policy to not talk about our customers or potential customers, so I can't confirm or deny or comment on it outside of.

我們有一項政策是不談論我們的客戶或潛在客戶，所以我無法證實、否認或對此發表評論。

I think they're a great company and they're doing a really great job. So that's about all I can say about that.

我只能說我認為他們是一家很棒的公司，而且做得非常出色。這大概就是我能說的全部。

That's perfect. That's perfect. Then the leaks regarding the Office of Strategic Capital, right, have gotten a lot more specific.

這樣很好，這樣很好。那麼關於戰略資本辦公室的傳聞，對吧，現在變得更具體了。

We're now not talking about a couple $100 million. We're talking about $220 million.

我們現在談的已經不是幾個 1 億美元，而是 2.2 億美元。

Can you maybe just give us a little bit of an update as far as how you might invest that amount of capital?

你能否就你們可能如何投資這筆資本，給我們一點更新？

What would be your near-term priorities as far as product line, manufacturing capabilities, product focus, potential expansion of the ecosystem you currently supply as a priority on that list?

就產品線、製造能力、產品聚焦、以及你們目前供應的生態系可能擴張等面向而言，你們短期的優先順序會是什麼？

Yeah, and I'll provide this theoretically.

可以，我會以假設性的方式來說明。

We're trying to scale as fast as possible.

我們正試圖以最快速度擴張。

I think for a long time, the Department of War has stated a desire to have the capacity to build across the US a million drones a year or more.

我認為長期以來，戰爭部（Department of War）一直表達希望在全美具備每年生產 100 萬架以上無人機的產能。

It would be irresponsible of us to blindly rush toward that level of capacity without checking demand.

如果不先確認需求就盲目衝向那樣的產能水準，對我們而言是不負責任的。

And so it would make sense if.

因此，如果——

We were working with somebody who had stated that level of demand to determine what it would take to finance that capacity. And if that capacity was financed, then it would be a very strong indicator that that demand was actually there.

我們正在與某個已表達那種需求水準的對象合作，以釐清要如何為那樣的產能提供融資，這會是合理的。而如果那個產能獲得融資，那將會是需求確實存在的一個非常強烈的指標。

So, you'd look at the numbers as being what it would take to build the capacity to build 4 million motors a year, give or take, for drones.

所以，你會把那些數字視為：要建立每年可生產約 400 萬顆（上下浮動）無人機馬達的產能，需要多少資金。

And.

而且——

Then we'd want that financed. So I think if you look at it that way from us making responsible decisions as management and not pausing to look around to determine where and what demand was at a much earlier level so we didn't overshoot on inventory or do some of the other things that are very risky for a hardware company, then you could probably back out how that number might have resulted in a leak.

接著我們會希望那部分是有融資支持的。所以我認為，如果你從我們作為管理層做出負責任決策的角度來看——不會在更早期就停下來四處張望、去判斷需求在哪裡、是什麼水準，以免庫存超買或做出其他對硬體公司非常高風險的事情——那你大概就能推算出那個數字為什麼可能會以「外流」的形式出現。

Of course. Thanks. I'll take the rest of my questions offline.

了解。謝謝。我其餘的問題會私下再問。

Appreciate it, Craig.

謝謝你，Craig。

Matt Galinko, Maxim Group. (Operator Instructions).

Matt Galinko，Maxim Group。（接線員指示）。

Hey, good afternoon. Thanks for taking my question. I just maybe following up on some of the prior questions and assuming no, additional influx of capital comes in and assuming capital gets a little bit tighter, we've seen pullback in the last day or two.

嗨，午安。謝謝讓我提問。我想延續前面一些問題，假設沒有額外資金流入，且假設資金環境變得更緊，我們也看到過去一兩天市場有所回落。

Can you talk about how you approach expansion opportunities in that environment and how your disposition on capital deployment changes?

你能談談在那樣的環境下，你們如何看待擴張機會，以及你們在資本部署上的取向會如何改變嗎？

Thank you.

謝謝。

Yeah, so right now we are -- we feel like we're fully allocated on our investment portfolio until it comes back because of the way the market is.

好的，所以目前我們——由於市場狀況，我們覺得在投資組合上已經是完全配置，直到市場回來為止。

If you look, we have, $65 million-ish in inventory or prepaid inventory plus another $160 million in cash, really $220 million of stuff or money.

如果你看一下，我們大概有 6,500 萬美元左右的庫存或預付庫存，再加上約 1.6 億美元的現金，等於大概 2.2 億美元的資產或資金。

And, that puts us in a really strong position to.

而這讓我們處於非常有利的位置，可以——

Do at least that much in annual revenue without needing to drive any other financing.

在不需要再進行任何其他融資的情況下，至少支撐相當於那個規模的年度營收。

I think right now, until we scale revenue a little bit, hit some of the numbers that we're targeting, we're probably not going to be very interested in acquisition or investment or anything but scaling and to de-risk the business. I would say, let's assume we're able to hit our target at 25% and move forward from there. As we start to hit those business milestones, I think other sources of financing become reasonable cost of capital for us beside equity raising. If the markets don't come back, we could do inventory financing or factoring on our accounts receivable, et cetera, to stretch our cash balance to enable us to scale even more. And I think it's once we see those business performance objectives and we look at what cost of alternative capital is and where the market is. I think until we feel really comfortable that it's a really good deal, that, we wouldn't be looking to be really acquisitive or anything else because we wouldn't want to ever compromise that inventory cash flywheel that is fundamental to our rapid growth.

我認為目前，在我們把營收規模再拉高一些、達成我們鎖定的一些數字之前，我們大概不會對併購或投資或任何事情感興趣，除了擴張與降低業務風險。我會說，假設我們能達到 25% 的目標並持續往前。當我們開始達成那些營運里程碑時，除了增發股權之外，其他融資來源對我們而言就會變成合理的資本成本。如果市場沒有回來，我們可以做庫存融資或應收帳款保理等，來拉長我們的現金餘額，使我們能擴張得更快。我認為一旦我們看到那些業務績效目標，並評估替代資金的成本以及市場狀況——在我們非常確信那是一筆很划算的交易之前——我們不會想要很積極地去併購或做其他事情，因為我們不想在任何時候犧牲那個對我們快速成長至關重要的「庫存—現金飛輪」。

So I think you're probably, assuming market conditions don't change much, you're probably looking at us being relatively boring on the external front.

所以我想你大概可以預期，若市場狀況沒有太大改變，我們在外部面向上會相對「無聊」。

For the next six months as we really hammer down and drive operations. And then I think sometime in early quarter two of next year, we'll unlocked more of the tools that larger operating companies have and we'll be able to make decisions at that point based on where those tools sit.

接下來六個月，我們會專注把營運打磨到位、全力推進。然後我認為在明年第二季初的某個時間點，我們會解鎖更多大型營運公司所具備的工具，屆時就能根據那些工具的可用性來做決策。

Awesome.

太好了。

Thank you.

謝謝。

Appreciate the question, Matt. Anything else?

謝謝你的問題，Matt。還有其他問題嗎？

(Operator Instructions). Mr. Evans for any closing remarks.

（接線員指示）。請 Evans 先生做結語。

I want to thank everybody again. This quarter was a building quarter. We laid the foundation for the next year. It reminds me of us doing it this time last year.

我想再次感謝大家。本季是一個打底的季度。我們為明年奠定了基礎。這讓我想起去年這個時候我們也在做同樣的事。

I think the execution of the team over the last year has been beyond expectation and I have no reason to believe that we're not going to be able to do it again. So I'm really excited. I know the macro environment is a little bit rough and I think H1stly it favors our company because of our current positioning and allows us to operate this way where some people that might be competitors or otherwise aren't going to have the same flexibility.

我認為團隊過去一年的執行表現超出預期，我沒有理由相信我們做不到再來一次。所以我非常興奮。我知道宏觀環境有點艱難，但我坦白說（H1stly）這反而有利於我們公司，因為我們目前的定位，使我們能以這種方式運作；而有些可能是競爭對手或其他公司，將不會有同樣的彈性。

I really look forward to it. I look forward to getting back to work and I do appreciate everybody's time. So thank you.

我非常期待。我期待回去繼續工作，也很感謝大家撥冗參與。謝謝。

And lastly, thank you to everyone that works at Unusual Machines. You guys are awesome. I really appreciate you and the hard work you guys do.

最後，也謝謝所有在 Unusual Machines 工作的同仁。你們很棒。我非常感謝你們，以及你們所付出的辛勤努力。

I hope everybody has a good night.

希望大家今晚愉快。

(Operator Instructions).

（接線員指示）。