XTI Aerospace Inc (XTIA) 2026 Q1 法說會逐字稿

Good afternoon, and welcome to the XTI first quarter 2026 earnings Call. Joining us today from XTI are Scott Pomeroy, Chief Executive Officer, Brooke Turk, chief financial officer, and Jeremy Schneiderman, CEO of DroneNerds. Before we begin, please note that certain statements made during today's call may be considered forward-looking statements within the meaning of federal securities laws.

各位下午好，歡迎參加 XTI 2026 年第一季財報電話會議。今天與會的 XTI 團隊包括執行長 Scott Pomeroy、財務長 Brooke Turk，以及 DroneNerds 執行長 Jeremy Schneiderman。在開始之前，請注意，今天電話會議中所作的某些陳述，可能依據聯邦證券法之定義被視為前瞻性陳述。

These statements are subject to risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. A information regarding these risks and uncertainties can be found in the company's filings with the Securities and Exchange Commission.

這些陳述受到風險與不確定性影響，可能導致實際結果與前瞻性陳述中所描述者有重大差異。關於這些風險與不確定性的相關資訊，可在公司向美國證券交易委員會（SEC）提交的文件中查閱。

The forward-looking statements made today speak only as of today, and the company undertakes no obligation to update these statements except as required by law. In addition, during this call, we will make reference to certain non GAAP financial measures. A reconciliation of these non GAAP financial measures are available on the Investor Relations section of our website.

今日所作之前瞻性陳述僅以今日為準，除法律要求外，公司不承擔更新該等陳述之義務。此外，在本次電話會議中，我們將提及若干非 GAAP 財務衡量指標。這些非 GAAP 財務衡量指標之調節表可於我們網站的投資人關係（Investor Relations）專區取得。

Earlier today, the company posted its earnings news release slide presentation, and prepared remarks to the investor relations section of its website. Today's session will be conducted as a live video based earnings call. Scott Pomeroy, Brooke Turk, and Jeremy Schneiderman will be responding to questions from The discussion today will focus on first quarter 26 results.

公司於今日稍早已將財報新聞稿、簡報投影片以及事先準備之講稿，上傳至其網站的投資人關係專區。今天的會議將以即時視訊方式進行的財報電話會議。Scott Pomeroy、Brooke Turk 與 Jeremy Schneiderman 將回應提問。今天的討論將聚焦於 2026 年第一季的業績結果。

I will now turn the call over to Scott Pomeroy. Mr. Pomeroy, you may begin.

現在我將把電話會議交給 Scott Pomeroy。Pomeroy 先生，請開始。

Great. Thank you. Thanks, everybody, for joining us here this afternoon. it is great to have you here. As the moderator just pointed out, we did file earlier today, the along with the 10-Q, the earnings release, as well as the script. As with last quarter, our objective with that is really to avoid having to spend time on this call reading through the script and maximizing the time that we have to answer questions.

好的，謝謝。感謝各位今天下午加入我們，很高興各位在此。正如主持人剛才指出的，我們今天稍早已提交文件，並同時發布了 10-Q、財報新聞稿以及講稿。與上一季相同，我們這麼做的目的，是避免在電話會議上花時間逐字朗讀講稿，並將更多時間用於回答問題。

So we hope that continues to be an effective, mechanism and platform for you. And we will continue to do that. We have got good feedback. That it is helpful to carve out the time just for Q&A So we intend to do that. Really, since the acquisition in November, we have continued the transformational journey, of XTI. And we are now a revenue generating unmanned systems platform.

因此我們希望這能持續成為對各位有效的機制與平台，我們也會持續這麼做。我們收到不錯的回饋，表示把時間保留給問答環節很有幫助，所以我們打算延續。自 11 月完成收購以來，我們持續推動 XTI 的轉型之旅，而我們現在已是一個具備營收產生能力的無人系統平台。

We are focused on operational execution, on margin improvement and cash flow discipline. The 2026 marks the first quarter that we have had the full operating performance of DroneNerds in our results. And we have believe that we have demonstrated meaningful progress in reducing costs, improving operational alignment, and lowering our cash burn. That will continue throughout the balance of the year.

我們專注於營運執行、毛利率改善與現金流紀律。2026 年第一季標誌著我們的業績中首次完整納入 DroneNerds 的營運表現。我們相信，我們已在降低成本、改善營運協同、以及降低現金消耗方面展現了實質進展。這些工作將在今年剩餘期間持續推進。

But we are off to a good start. Based on our current operating plan, we continue to expect, to achieve positive and growing cash flow from operations. Throughout the balance of the year starting in the third quarter. As revenue scales and operating efficiencies improve.

不過我們已經有了良好的開局。依據目前的營運計畫，我們仍預期自第三季起，在今年剩餘期間，能夠達成來自營運活動的正向且逐步成長的現金流，隨著營收規模擴大與營運效率提升。

During the quarter, we continued to see broad based demand. in enterprise and government markets. That includes areas such as public safety, infrastructure, utilities, agriculture, education, surveying, mining, and energy customers. We also continue to benefit from the growing industry demand for NDAA compliant and domestically aligned drone solutions.

本季期間，我們持續看到企業與政府市場的廣泛需求，包括公共安全、基礎建設、公用事業、農業、教育、測量、採礦，以及能源等客戶。我們也持續受惠於產業對符合 NDAA 規範且與本土供應鏈更一致之無人機解決方案日益增加的需求。

As customers are increasingly focused on secure supply chains, and regulatory compliance. Jeremy can provide more color on that as we continue with our conversation here today. Our enterprise B2B pipeline strengthened throughout the quarter, and the momentum has continued into the second quarter.

因為客戶愈來愈重視安全的供應鏈與法規遵循。Jeremy 在我們今天的對話中可以就此提供更多說明。我們的企業端 B2B 商機管線在本季持續強化，且這股動能也延續到第二季。

Based on the current operating plan, we continue to expect full year 2026 revenue of approximately $160 million or greater. With projected gross margins of between 19%-21% and EBITDA margins of between 9%-10%. Ended the quarter with about $15.2 million in unrestricted cash, and cash equivalents along with some substantial liquidity available under our asset based lending arrangement.

依據目前的營運計畫，我們仍預期 2026 全年營收約為 1.6 億美元或更高，預估毛利率介於 19% 至 21%，EBITDA 利潤率介於 9% 至 10%。本季結束時，我們持有約 1,520 萬美元的非受限現金及約當現金，並且在資產擔保融資安排下仍有相當可觀的可用流動性。

As we move through the remainder of 2026, our priorities remain clear. it is about improving margins, strengthening liquidity, reducing cash burn, and continuing to build long term shareholder value through disciplined execution. With that, let me turn it back over to the moderator.

展望 2026 年剩餘期間，我們的優先事項依然明確：提升毛利率、強化流動性、降低現金消耗，並透過有紀律的執行持續為股東創造長期價值。接下來我把時間交回主持人。

(Operator Instructions)

（接線員指示）

Our first question is a written submission. Our question is, how should investors think about the difference between average EBITDA generation during the 2026 versus the EBITDA run rate the company expects to exit the year with.

我們的第一個問題為書面提問。問題是：投資人應如何看待 2026 年期間平均 EBITDA 產生能力，與公司預期在年底退出時的 EBITDA 走勢（run rate）之間的差異？

Yeah. Great question. So as you know, we guided to second half of between 2 and 3 million of positive cash flow. I think the real key point there to keep in mind is that the quarter-to-quarter performance is not flat. We expect revenue and EBITDA to continue to grow. Throughout the second half of the year. And cost efficiencies and initiatives to continue to take effect.

是的，這是個好問題。如各位所知，我們指引下半年將有 200 萬到 300 萬美元的正向現金流。我認為關鍵要點是，季度之間的表現並非持平。我們預期營收與 EBITDA 在下半年將持續成長，同時成本效率與各項改善措施也會持續發揮效果。

So you cannot really take the guidance of the full entire second half and extrapolate that into an average monthly or average quarter performance. The strength of the cash flows continues to grow as the year progresses. So it is really you know, we are looking to a solid fourth quarter and end of fourth quarter as being much more reflective of what our ongoing run rate will be.

因此，你不能把整個下半年的指引直接外推成平均每月或平均每季的表現。現金流的強度會隨著年度推進而持續增強。所以我們真正著眼的是第四季，以及第四季末的表現，因為那將更能反映我們持續性的常態化運行水準（run rate）。

Next question is a written submission. Our question is, how should investors think about the seasonality and quarterly revenue cadence during 2026?

下一個問題為書面提問。問題是：投資人應如何看待 2026 年的季節性與季度營收節奏？

Jeremy, why don’t you take that one?

Jeremy，你來回答這題如何？

Well, first, thank you, everybody, for joining us today. To tell you a little bit his historically about DroneNerds, you know, first quarter has always traditionally been one of our slower quarters, and we always see an eventual ramp up into the fourth quarter for multiple reasons. You have procurement cycles, You have seasonality in agriculture. Public safety has different budget timelines.

好的，首先感謝各位今天加入我們。就 DroneNerds 的歷史而言，第一季傳統上一直是我們較慢的季度之一，而我們通常會因多種原因在第四季前逐步拉升。包括採購週期、農業的季節性，以及公共安全不同的預算時程。

But historically, if you look at our business, fourth quarter is always our strongest quarter with that ramp up into fourth quarter. If you were to compare Q1 2026 versus Q1 2025, you would have to really look a little deeper into what happened in Q1 2025. We had major supply constraints at the 2024 where we saw some of those sales move over into Q1 2025. So if you were to look comparatively over the two, it really would not be true indicative of what normal business would look like.

但從歷史來看，如果你看我們的業務，第四季一向是最強的季度，並且會在第四季前逐步走高。如果要比較 2026 年第一季與 2025 年第一季，你必須更深入地看 2025 年第一季發生了什麼。由於 2024 年出現重大的供應限制，我們看到部分銷售遞延並轉移到 2025 年第一季。因此若直接比較兩者，其實並不能真實反映正常業務應有的樣貌。

So Q1 was a little bit overstated Jeremy, of 2025 and Q4 understated.

所以 2025 年第一季的數字有點被高估，而第四季則被低估，對嗎，Jeremy？

Absolutely.

完全正確。

Next question is a written submission. Our question is, DroneNerds is the largest US enterprise drone distributor with $100 million-plus in 2024 revenue. Third-party research from Grandview, Drone Industry Insights and Fortune Business Insights sizes the US commercial drone market in roughly the $6 billion to $8 billion range today, growing double-digits, with strong policy tailwinds from Executive Order 14307. FCC foreign UAS action and DOW drone dominance. That implies drone nerds holds roughly 1% to 1.5% share of the multi-billion dollar high fragmentated market. As the number one domestic player, how do you size the US enterprise drone distribution and services TAM and how fragmented is the long tail behind you?

下一個問題為書面提問。問題是：DroneNerds 是美國最大的企業級無人機經銷商，2024 年營收超過 1 億美元。Grandview、Drone Industry Insights 與 Fortune Business Insights 的第三方研究估計，美國商用無人機市場目前約在 60 億至 80 億美元規模，並以雙位數成長，且受行政命令 14307、FCC 外國 UAS 行動以及 DOW 無人機主導地位等政策利多推動。這意味著 DroneNerds 在這個數十億美元、且高度分散的市場中約有 1% 至 1.5% 的市占。作為排名第一的本土業者，你們如何估算美國企業級無人機經銷與服務的 TAM（可服務市場總量），以及你們之後的長尾市場有多分散？

Jeremy, maybe touch on that and then we could also weigh in a little bit.

Jeremy，也許你先談談，之後我們也可以再補充一些看法。

Absolutely. So we see the US enterprise drone distribution and services TAM as a multi-billion dollar range. With our position at over $100 million in revenue and being the number one domestic player in the market, we see a market where the tail is about 100 plus regional resellers, mostly that sub $5 million range. With very little infrastructure to deliver really robust solutions that we provide.

當然可以。我們認為美國企業級無人機經銷與服務的 TAM 處於數十億美元的規模。以我們超過 1 億美元的營收、且作為市場上排名第一的本土業者來看，我們看到的市場長尾大約有 100 家以上的區域型經銷商，多數規模在 500 萬美元以下，且幾乎沒有足夠的基礎設施來交付我們所提供的那種真正完善、強健的解決方案。

So we see that as a very opportunistic consolidation opportunity for us and our position in the market is we're set up for success to capture it.

因此，我們將其視為對我們而言非常具機會性的整併契機，而我們在市場上的定位也已為成功掌握這個機會做好準備。

The follow-up, given that fragmentation, the policy environment and strategic capital, how should investors. Think about drone nerds runway to consolidate share organically and through tuck-in M&A over the next 24 to 36 months.

接續問題是，考量到市場分散、政策環境與策略性資本，投資人應該如何看待 Drone Nerds 在未來 24 到 36 個月內，透過有機方式以及透過補強式併購（tuck-in M&A）來整併並提升市占的跑道？

Well, I think there's a couple of ways that we should be looking at that. Obviously, as Jeremy just outlined, those being the largest by orders of magnitude domestically here in the US with really no close second player, it sets the market up strategically. For interesting consolidation opportunities. And so we will look to capitalize on that. It also suggests that with some internal investment, we can compete organically and take share.

我認為我們應該從幾個角度來看。顯然，正如 Jeremy 剛才所概述的，我們在美國國內的規模以數量級計是最大的，且幾乎沒有接近的第二名，這在策略上為市場創造了有趣的整併機會。因此我們會尋求把握並加以利用。這也意味著只要進行一些內部投資，我們就能以有機方式競爭並取得市占。

So if I look at the broad base of this industry that's growing by any mechanism or by any forecast you want to look at, it's growing at 20% plus. So you've got a business that's going to grow at 20% plus just by keeping holding share. And then our ability to continue to consolidate and take share should add fuel to that growth rate over time. So we think these opportunities trade our direction.

如果我看這個產業的廣泛基礎，不論用任何機制或任何你想看的預測，它都以 20% 以上的速度成長。所以即使只是維持市占，你也有一個會以 20% 以上成長的業務。而我們持續整併並取得市占的能力，應該會隨時間推進為這個成長率再添柴火。因此我們認為這些機會正朝著對我們有利的方向發展。

We'll be opportunistic in looking at that. We don't need to go out and consolidate 100 companies. There are a handful that make good sense for us. To consider the rest of them. It's a competitive dynamic. It's also a potential for margin expansion as well as you eliminate some of those additional players that are in the market. So we look at the entire landscape as it being ripe for consolidation growth and margin expansion.

我們會以機會主義的方式來看待這件事。我們不需要出去整併 100 家公司；有少數幾家對我們而言很有意義值得考慮。其餘的則屬於競爭動態。同時，當你淘汰市場上一些額外的參與者時，也可能帶來毛利率擴張。因此我們認為整體版圖已成熟，適合進行整併、推動成長並擴張毛利率。

Our next question comes from Robert Barrow. Robert, please unmute your line and ask your question. Robert, you may now unmute your line and ask your question. All right, we're going to move to our next question. Our next question comes from Matthew Galinko with the Maxim Group. Matthew, please unmute your line and ask your question.

我們的下一個問題來自 Robert Barrow。Robert，請解除靜音並提問。Robert，您現在可以解除靜音並提問。好的，我們將進入下一個問題。我們的下一個問題來自 Maxim Group 的 Matthew Galinko。Matthew，請解除靜音並提問。

Hey, good afternoon. Thanks for taking my question. I was hoping you could maybe touch on what your visibility into the next nine months, 12 months is for revenue for drone nerds and sort of how do you build that forecast? Thank you.

嗨，下午好。謝謝讓我提問。我想請你們談談，對於 Drone Nerds 未來九個月、十二個月的營收能見度大概如何？以及你們是如何建立這個預測的？謝謝。

Jeremy, maybe touch on that just a little bit as you look at your pipeline and your forward-looking elements. Of it and maybe a generalization. We haven't given quarterly guidance. We've just given annual, but we've talked about the first quarter being the low watermark, the fourth quarter being the high watermark of the year, but maybe just some general commentary on that.

Jeremy，也許你可以稍微談一下，當你看你們的管線以及其中一些前瞻性要素時的看法，並做一些概括性的說明。我們沒有提供季度指引，只提供年度指引；但我們談到第一季是全年低點、第四季是全年高點。不過也許你可以就此做一些一般性的評論。

Yeah, great question. Really, it's about how are we going to execute to hit the 160 million number that we've put out there. What we do really well is serve the enterprise market. We've increased our revenue year over year with very strategic investments focusing on that segment of our business.

是的，這是個好問題。核心在於我們要如何執行以達成我們提出的 1.6 億美元目標。我們做得非常好的是服務企業市場。我們透過非常策略性的投資、聚焦在該業務區塊，讓營收逐年成長。

What we've done this year and we've just started to implement is increase our enterprise direct sales channel with investments into our sales team. We've made strategic investments into marketing specifically into those verticals. And with deep focus on specific verticals like public safety, agriculture.

我們今年所做、且剛開始落地執行的是：透過對銷售團隊的投資，擴大我們的企業直銷通路。我們也在行銷上做了策略性投資，特別聚焦在那些垂直領域，並深度聚焦於特定垂直領域，例如公共安全、農業。

These are the verticals that we're really starting to see that hockey stick growth. And we know we need to be in the center of that. With the recent FCC regulations that have passed, we've seen an uptick for NDA compliant products. We're well positioned to serve that market because if you look at kind of. What we do. We're kind of the centerpiece for manufacturers to get to customers.

這些垂直領域我們確實開始看到曲棍球棒式成長。我們知道我們必須站在成長的中心。隨著近期通過的 FCC 法規，我們看到對符合 NDAA 的產品需求上升。我們很有利於服務這個市場，因為如果你看我們所做的事，我們某種程度上是製造商觸達客戶的核心樞紐。

With the NDAA solutions, there's a much more complicated full suite of solutions to sell that. We're making a heavy effort into making sure that we are capitalizing in that marketplace. We're starting to see, as Scott mentioned, our pipeline is.

在 NDAA 解決方案方面，要銷售的是更複雜的一整套完整解決方案。我們正大力投入，確保能在該市場中把握機會。我們也開始看到，如 Scott 提到的，我們的管線正在。

Larger than it was year over year, which is a good indication of what sales are going to be. We're going to continue to make those investments into those programs that's going to continue that shift into our highest margin segment of our business.

比去年同期更大，這是銷售走勢的一個良好指標。我們將持續對這些計畫投入，進一步推動業務組合轉向我們毛利率最高的區塊。

Our next question is a written submission. Our question is, why does management believe Drone Nerds is differentiated versus a traditional drone reseller?

我們的下一個問題是書面提交。我們的問題是：管理層為何認為 Drone Nerds 相較於傳統無人機經銷商具有差異化？

Jeremy, I'm going to keep coming to you. I think that's a good one for you to touch on.

Jeremy，我還是請你來回答。我覺得這題很適合你來談。

Great question. So we don't think of ourselves as a reseller, and I don't think the market does either, right? A typical reseller is one that would just move boxes. We look at us as we're a platform between manufacturers and the enterprise customer. And it comes down to four different things that are kind of like our secret sauce, right?

好問題。我們不把自己視為經銷商，我也不認為市場是這麼看我們的，對吧？典型的經銷商只是搬箱子。我們把自己定位為製造商與企業客戶之間的平台。這可歸結為四個面向，有點像我們的獨門祕方。

Our scale, where we are in our scale. The guy that's just a reseller moving simple box, they don't have the plethora of inventory and the portfolio of products that we have. They don't have the repair infrastructure, the training capacity, really what it takes to scale up the largest programs in the United States.

第一是規模，以及我們目前所處的規模位置。那種只是經銷商、賣簡單盒裝產品的人，沒有我們這麼大量的庫存與產品組合；他們也沒有維修基礎設施、訓練量能，以及在美國要把最大型專案規模化所需的一切。

A reseller is really good at selling one or two boxes, but if you want to stand up a large program, there's a lot more to it than just buying the drone. Having the right selection of products to serve enterprises is one of our keys. We've got, I always say we have the largest toolbox in the industry.

經銷商很擅長賣一兩台設備，但如果你要建立一個大型專案，遠不只是買無人機而已。擁有正確的產品選擇來服務企業客戶，是我們的關鍵之一。我常說我們擁有業界最大的工具箱。

To sell a full solution, you have to have the right hardware, the right software, the right sensor, ultimately the right service to stand behind it to stand up the large programs. So we don't see ourselves as your traditional reseller. We are much more sophisticated and pretty unmatched in the industry because of our scale.

要銷售完整解決方案，你必須具備正確的硬體、正確的軟體、正確的感測器，最終還要有能夠支撐其後的正確服務，才能建立大型專案。因此我們不把自己視為傳統經銷商。由於我們的規模，我們更為成熟，在業界幾乎無可匹敵。

Our next question is a written submission. Our question is, what gives management confidence that XTI can achieve positive cash flow in quarter three 2026?

我們的下一個問題是書面提交。我們的問題是：是什麼讓管理層有信心 XTI 能在 2026 年第三季達成正向現金流？

Brooke, maybe you can take that one.

Brooke，也許你可以回答這題。

Hi, everyone. Good to see everybody. Yeah, so we are at a really important inflection point at the company this year. As you saw, we've been steadily decreasing our cash burn as we reflected in our EBITDA results. We came down from a negative $10 million EBITDA in Q4 2025 and down to negative five at the end of Q1 2026.

大家好，很高興見到各位。是的，今年公司正處於非常重要的拐點。如各位所見，我們的現金消耗一直在穩步下降，這也反映在我們的 EBITDA 結果中。我們從 2025 年第四季 EBITDA 負 1,000 萬美元，降到 2026 年第一季末的負 500 萬美元。

So we continue to ramp our revenue. It'll continue to ramp throughout the rest of the year. We're expanding our margin for the rest of the year. And then we're continuing to tighten our belts and cut additional costs. So what you're going to see is the lines are going to cross. And so as we continue to ramp up revenue and costs come down, you're going to see that starting to reflect in our Q3 and Q4 results.

因此我們會持續拉升營收，且在今年剩餘時間會持續成長。我們也會在今年剩餘時間擴大利潤率。同時我們會持續勒緊褲帶、進一步削減成本。所以你會看到兩條線會交叉。也就是說，當我們持續拉升營收、成本下降時，你會開始在第三季與第四季的結果中看到反映。

Our next question is a written submission. Our question is, what progress has the company made on liquidity and balance sheet stability? That sounds like a quick question.

我們的下一個問題是書面提交。我們的問題是：公司在流動性與資產負債表穩定性方面取得了哪些進展？聽起來像是個簡短的問題。

Sure does. Sure, yes. So we entered the quarter with about $15.2 million in cash and cash equivalents. As we. We stood up a $20 million ADL with JP Morgan in Q1, of which we had drawn by the end of the quarter about $4.8 million down. And then that left us with a little over $8 million in borrowing base still to borrow against, so still strong liquidity available to us. So we guided that we'll end the year at around $15 to $17 million in Cash. So we feel like the balance sheet is very stable this year.

確實是。是的。我們在本季開始時，現金與約當現金約為 1,520 萬美元。在第一季我們與摩根大通（JP Morgan）建立了一筆 2,000 萬美元的 ADL，截至季末我們已動用約 480 萬美元。這使得我們仍有略高於 800 萬美元的借款基礎可供動用，因此可用流動性仍然強勁。我們也指引今年年底現金約為 1,500 萬至 1,700 萬美元。因此我們認為今年資產負債表非常穩健。

Our next question is a written submission. What gives management confidence that XTI can achieve positive cash flow in quarter 3 2026? Excuse me. We already asked that question. I think we just asked that question. This is a good time, I think, to prompt the audience. If anybody wants to raise their hand for a question, please click on the raise hand button, which can be found on the black bar at the bottom of your screen. When it's your turn, you will receive a message on your screen from the host allowing you to talk. You will then hear your name called. Please accept, unmute your audio, and ask your question. We'll wait another moment to allow the queue to form.

我們的下一個問題是一則書面提問。管理層為何有信心 XTI 能在 2026 年第三季達成正向現金流？不好意思，我們已經問過那個問題了。我想我們剛剛才問過那個問題。這也是個好時機，我想，提醒一下聽眾。如果有人想舉手提問，請點擊舉手按鈕，該按鈕位於您螢幕底部的黑色工具列上。輪到您時，主持人會在您的螢幕上發送訊息，允許您發言。接著您會聽到叫到您的名字。請接受、解除靜音，並提出您的問題。我們再稍等片刻，讓提問隊列形成。

Okay. Our next question comes from Robert Barrow. Robert, please unmute your line. And ask your question.

好的。我們的下一個問題來自 Robert Barrow。Robert，請解除您線路的靜音，並提出您的問題。

Guys, how you doing? And girls, I'm sorry. Yeah. Is there, with drone, well, we've all invested what we can because we trust the company and we trust what you guys are doing.

各位，你們好嗎？還有各位女士，抱歉。對。關於無人機，嗯，我們都已經在能力範圍內投資了，因為我們信任公司，也信任你們正在做的事情。

And biggest question is, besides the US government military, are you working with other countries also with drones?

最大的問題是：除了美國政府軍方之外，你們也有和其他國家在無人機方面合作嗎？

Yeah, Jeremy, if you'd touch on that, I think it's a good question.

對，Jeremy，如果你能談談這點，我覺得這是個好問題。

Great question. We do provide other parts of the world drones. We have a strategic partnership in Colombia where we provide and to Colombia, the Latam market is a significant market for us as well. And we've also supported Poland with technology as well as Israel. So we are a global company.

好問題。我們確實也向世界其他地區提供無人機。我們在哥倫比亞有一個策略合作夥伴關係，我們向哥倫比亞提供（產品/服務）；而拉丁美洲市場對我們來說也是一個重要市場。我們也向波蘭提供過技術支援，以及以色列。所以我們是一家全球性公司。

Yeah, good. All right. Thank you.

好，很好。好的，謝謝。

Our next question comes from Matthew Galinko. Matthew, please unmute your line and ask your question.

我們的下一個問題來自 Matthew Galinko。Matthew，請解除您線路的靜音並提出您的問題。

Hey, thanks for taking my follow-up. Maybe, I guess looking a little bit past this year and, into when it gets a little bit more complex to deliver NDAA and. Kind of qualified, domestic source products, how do you see that affecting your gross margin and kind of EBITDA margin over time? And should we expect to see some of the incremental value that you deliver in the margin? And what timeframe should we be thinking about for that?

嗨，謝謝讓我追問。也許，我想把視角稍微放到今年之後，當交付符合 NDAA、以及某種程度上已認證的國內來源產品變得更複雜時，你們認為這會如何影響你們的毛利率以及長期的 EBITDA 利潤率？我們是否應該預期你們所交付的增量價值會反映在利潤率上？以及我們應該用什麼時間框架來思考這件事？

Why don't you start that, Jeremy, and then I'll pile on a little bit.

Jeremy 你先回答，然後我再補充一點。

So I would say we're already selling NDAA products and Blue UAS products today. We have been since the Blue UAS program has started. So I think it's only going to get better. I don't think it's going to get more difficult. I think your question mentioned it's going to get more complicated. I think it's actually going to get easier in the future as our partners that are OEMs that are providing this technology continue to scale up.

我會說，我們今天已經在銷售 NDAA 產品以及 Blue UAS 產品了。自從 Blue UAS 計畫開始以來我們就一直在做。所以我認為只會越來越好。我不覺得會變得更困難。我知道你的問題提到會更複雜，但我認為未來其實會更容易，因為我們的合作夥伴——提供這些技術的 OEM——會持續擴大規模。

And what I'd probably add to that, Matt, is as that scale occurs, the margin profile is better for us with those newer NDAA compliant sellers, OEMs. So we expect the mix to work in our favor. But also, I think your question also implied the notion of some of these other services. That we provide and the enhancement of those services tends to drive margin up as well, which we would agree.

我可能要補充的是，Matt，隨著規模擴大，對我們而言，這些較新的、符合 NDAA 的供應商/OEM 的毛利結構更好。因此我們預期產品組合會朝對我們有利的方向發展。不過，我也覺得你的問題也隱含了另一個概念：我們提供的某些其他服務。這些服務的強化往往也會推升利潤率，這點我們同意。

Right now, the services tends to be quite a low percentage of our overall mix. And so as we see more in the area of repair, maintenance, training, et cetera, some of the areas that Jeremy talked to, we would expect margin to expand. So the question behind the question is what do we believe about margins?

目前，服務在我們整體組合中的占比仍然相當低。因此，當我們在維修、保養、訓練等（Jeremy 提到的一些領域）看到更多需求時，我們預期利潤率會擴張。所以，問題背後的問題是：我們對利潤率的看法是什麼？

Over time. And this is a business that can see a fairly, as a percentage, a fairly significant increase from where we are today. It's not infinite, but we can see better than the '19 to '21 that we've guided to. We would expect that to be higher in future years.

從長期來看。這是一門業務，其利潤率（以百分比計）有機會相較於我們目前水準出現相當顯著的提升。它不是無上限的，但我們可以看到會優於我們所指引的 19% 到 21%。我們預期未來年度會更高。

(Operator Instructions) Our final question will be a follow-up from Robert Barrow. Robert, please unmute your line and ask your question.

（接線員指示）我們最後一個問題將是 Robert Barrow 的追問。Robert，請解除您線路的靜音並提出您的問題。

When it gets $10 a share, can I get a vest like yours?

當股價到每股 10 美元時，我能拿到一件像你那樣的背心嗎？

I'd probably get you a vest sooner than that, Robert. I'm not going to be greedy. I won't wait till 10.

Robert，我可能會在那之前就送你一件背心。我不會那麼貪心，不會等到 10（美元）。

I just think I'd add a little white heartedness to the whole thing.

我只是想讓整件事多一點輕鬆的氣氛。

Yeah, no, thank you very much. Thank you. And as the last question. I do want to, again, reiterate our gratitude for you spending time with us here again this afternoon. Hopefully the information is substantive. It's on point. It's clarifying. Our objective is to be transparent and forthcoming with both our performance, our current performance and our anticipated performance with the business. Our focus, again, as a business is really.

是的，非常感謝。謝謝。作為最後一個問題，我也想再次重申，我們非常感謝各位今天下午再次撥冗與我們相聚。希望這些資訊是有實質內容的、切中要點的、並且能釐清疑問。我們的目標是對我們的表現——包括目前的表現以及對業務的預期表現——保持透明並坦誠溝通。我們作為一家公司的重點，再次強調，確實是。

On the DroneNerds platform, our unmanned systems platform, we think we're extremely well positioned as a company. Many of you may have heard my use of the predicate of Amazon. And I know it's a bold statement, but I think it's absolutely appropriate that DroneNerds is the Amazon of the drone industry and the commercial and enterprise space.

聚焦在 DroneNerds 平台、我們的無人系統平台上。我們認為公司處於極佳的有利位置。你們很多人可能聽過我用 Amazon 來做比喻。我知道這是個大膽的說法，但我認為非常恰當：DroneNerds 就是無人機產業、商用與企業市場的 Amazon。

And what does that mean at the end of the day? Well, what that means is we understand all the demand signals that are out there. We know why people are buying. We know what they're buying. We know what matters. We know what configurations matter to them. And then that kind of insight evidenced through the data gives us almost infinite ability to maneuver in the future.

那麼，歸根結底這代表什麼？這代表我們理解市場上所有的需求訊號。我們知道人們為什麼買、買什麼、重視什麼、以及哪些配置對他們重要。然後，這種透過數據所呈現的洞察，讓我們在未來幾乎擁有無限的操作與調整空間。

Whether that's in the area of manufacturing or that's in the area of really expanding ourselves into government work. But none of that is possible if we don't have our base solid and solidified. So right now, our focus is squarely on ensuring that Drone Nerds is optimized fully.

不論是在製造領域，或是在真正把我們的業務擴展到政府專案領域。但如果我們的根基不夠穩固、沒有被鞏固，這些都不可能實現。所以現在，我們的重點完全放在確保 Drone Nerds 被充分最佳化。

And we will be opportunistic in other areas. We will limit any kind of. Spending that we're doing right now on anything other than Drone Nerds. And we'll just simply allow the market to evolve around us as we enjoy the fruits of the labor here with Drone Nerds. And we continue to see revenue growth, margin expansion, cash flow improvement.

而在其他領域，我們會把握機會。我們會限制目前任何非 Drone Nerds 相關的支出。並且只是讓市場在我們周圍自然演進，同時我們享受在 Drone Nerds 上耕耘的成果。我們也持續看到營收成長、利潤率擴張、現金流改善。

And once you have that base solidified, there's a number of things you can do with the business. But until that's, until your house is in order, you can't. And we're in the process of coming off of a longstanding development, design and development business. We had to focus on radical cost reduction. We're continuing that in through the second quarter as we realign our cost structure for the business that we are today.

一旦你把這個根基鞏固好，這門生意就有很多事情可以做。但在那之前——在你把家裡整理好之前——你做不到。我們正在從一個長期以來以開發、設計與研發為主的業務模式轉型。我們必須專注於大幅度的成本削減。我們會在第二季持續推進，因為我們正在重新調整成本結構，以符合我們今天的業務樣貌。

You'll see that in the numbers as each quarter progresses and we anticipate very productive, very significant things for the company in the future. So thank you all for your support, for your continued interest in us. And we just invite all of you to keep taking a look at us, holding us accountable, and we'll keep bringing you the information. So thanks, appreciate it. And we'll talk to everyone either on the road or next quarter.

隨著每一季的推進，你們會在數字上看到這些變化；我們也預期公司未來會有非常有成效、非常重大的發展。再次感謝各位的支持，以及對我們持續的關注。我們也邀請各位持續關注我們、督促我們負責，我們也會持續向各位提供資訊。謝謝，感謝大家。我們會在路演上或下個季度再與各位交流。

This concludes today's call. Thank you for joining us. You may now disconnect.

今天的電話會議到此結束。感謝各位參與。您現在可以掛線。