AIRO 2026年第2四半期決算説明会：売上高は76%急増、ドローンの受注残高は1億6300万ドルに到達

AIROは、ドローンの納入増加に伴い、2026年第2四半期の売上高と利益率が拡大したと発表しました。経営陣は通期の成長見通しを据え置く一方で、納入時期や為替変動が下半期の業績に影響を与える可能性があると注意を促しました。

主要なポイント

• 2026年第2四半期の売上高は前年同期比ほぼ76%増の4,320万ドルとなり、アビオニクスおよびトレーニング部門の低迷で一部相殺されたものの、ドローン部門が牽引しました。
• 売上総利益率は、ドローンへのプロダクトミックスのシフトを反映し、前年同期の61%から64%に上昇しました。
• 営業損益は、2025年第2四半期の1,970万ドルの営業赤字から170万ドルの営業黒字に改善しました。調整後EBITDAは470万ドルから680万ドルに増加しました。
• ドローンの受注残高は前四半期比で約9%増加し、およそ1億6,300万ドルとなりました。これは主にRQ-35の海外受注で構成されており、米国の受注残高はまだ含まれていません。
• 経営陣は、下半期に数百万ドル規模の追加的な為替逆風を見込んでいるものの、2026年通期の売上高成長率見通し（15%〜25%増）を改めて強調しました。
• RQ-35はBlue UAS認証を取得し、RQ-70の生産開始は2027年1月の予定を維持しています。JC250およびJX250は、2026年後半の初飛行に向けて順調に進展しています。

主要財務データ

事業および営業業績

ドローンシステム

第2四半期はドローンの納入が主な収益牽引役となりました。約1億6,300万ドルの受注残高はすべて海外からの注文で構成されており、主にRQ-35に関連しています。RQ-70の寄与はまだ一部にとどまっています。経営陣は受注残高の大部分が12か月以内に売上高に転換すると見込んでいます。

RQ-35はBlue UAS認証を取得し、国防権限法（NDAA）要件に基づく米国政府および国防調達の対象となりました。経営陣は、同社が米国の複数の見積依頼に対応したものの、米国での案件はまだ受注残高に追加されていないと説明しました。

AIROはまた、長距離ISRプラットフォーム「RQ-70」を発表しました。このシステムは、GPSが機能しない環境での運用を含め、最長8時間の飛行時間と100キロメートルの航続距離を備えるよう設計されています。経営陣は生産開始が2027年1月予定であることを改めて確認し、防衛顧客からの初期関心は非常に強いと述べました。

JC250およびJX250の開発

貨物用ドローン「JC250」およびISR派生型「JX250」は、2026年後半の初飛行に向けて予定通り進行しています。共通基盤、サプライヤー交渉、プラットフォーム間のシナジー、研究開発の着実な実施により、社内開発費用は内部予想を10%台前半下回る水準で推移しています。

経営陣は、これらの無人貨物およびISR派生型の開発費用は、同社が以前検討していた旅客用プラットフォームよりも大幅に低いと説明しました。

アビオニクスおよびトレーニング

アビオニクス事業の売上高は製品需要が安定しており前四半期比でほぼ横ばいとなりました。AIROはアビオニクス事業と拡大する米国のドローン事業をフェニックスに統合しており、今後の四半期で営業およびサプライチェーンのシナジー効果が生まれると期待しています。

トレーニング事業の業績は予想を下回る状況が続いています。経営陣は、現在の米国政府タスクオーダーとAIROの機能との整合性が限られていることや、同部門の資本集約的な構造を理由として挙げました。同社は戦略的代替案を検討中で、年内に部門の方向性を決定する見込みです。

経営陣の業績見通し

• AIROは2026年通期の売上高成長率見通し（前年比15%〜25%増）を維持しました。
• 大型ドローンの納入が第3四半期から第2四半期へ前倒しされた結果、上半期の売上高は経営陣の現在の通期予想の約50%を占めました。
• 経営陣は下半期の売上高について、上半期と同等か、わずかに上回ると予想しています。
• 第3四半期の売上高は第2四半期比で減少したのち、第4四半期には回復する見込みです。経営陣は第4四半期の売上高が第2四半期をわずかに上回ると予想しています。
• 追加的な為替逆風により、下半期の売上高は従来想定を数百万ドル押し下げると見込まれます。この影響は維持された見通しに含まれています。
• 通期の売上総利益率は2025年比でわずかに低下し、2026年上半期の水準とおおむね同程度にとどまる見込みです。
• 通期の調整後EBITDAは引き続き1,000万ドル台半ばから後半の赤字となる見通しで、四半期業績はおおむね売上高の推移に連動する予定です。
• 経営陣は2027年以降にフリーキャッシュフローが黒字化すると見込んでいます。

リスクおよび注視事項

AIROの四半期業績は大型ドローンの納入時期に左右されやすい傾向が続いています。大口出荷の第2四半期への前倒しが、第3四半期の売上高減少の要因になると予想されています。

海外市場への不確定要素があるため、為替変動も足元の制限要因となっています。経営陣は下半期の売上高への影響が以前の想定より大きくなると見込んでいます。

トレーニング部門は引き続き資本集約的であり、業績が予想を下回っているため戦略的見直しが進められています。また経営陣は、ウクライナ政府が関与する許認可問題がNordおよびBullittとの合弁事業の進捗に影響を与えていると述べつつも、成長が特定の単一パートナーシップに依存するものではないと強調しました。

AIROは生産能力や新製品への投資を継続しています。JC250およびJX250の開発支出は計画を下回っているものの、経営陣は通期の調整後EBITDAが大幅な赤字にとどまると引き続き予想しています。

アナリスト質疑応答のハイライト

アナリストは、受注残高の構成、米国での受注機会、RQ-70の需要、開発支出、およびフリーキャッシュフローに注力しました。経営陣は、現在の1億6,300万ドルの受注残高には米国の注文が含まれていないことを明確にしました。Blue UAS認証の取得は、米国の案件パイプラインを確定注文や受注残高へ変換するための重要なステップと位置付けられています。

流動性について、経営陣は7月31日時点と比較して6月30日時点の現金残高が少なかった理由を、主に四半期末の納入および売掛金回収時期のタイミングによるものと説明しました。その後の回収により、概算の現金残高は約5,600万ドルまで増加しました。

経営陣はトレーニング部門の戦略的代替案が引き続き検討中であることを明らかにし、ドローンとアビオニクスを資本配分の優先コア事業と位置付けました。AIROはまた、四半期ごとの売上変動を低減させながら、ドローン、アビオニクス、エレクトロニクスのポートフォリオを拡大できるパートナーシップや買収も評価しています。

決算説明会トランスクリプト全文

決算説明会の完全なトランスクリプト

経営陣による説明

Operator

Thank you for standing by. My name is Jonathan, and I will be your conference moderator today. At this time, I would like to welcome everyone to the Aero Q2 2026 earnings call. [Operator Instructions]

I would now like to turn the call over to Jack Senft, Investor Relations at Aero. Please go ahead.

Unknown Executive

Thank you, Operator, and good morning, everyone. Welcome to the Aero Group Holdings, Incorporated second quarter 2026 earnings call. We appreciate you joining us today and look forward to sharing an update on our progress and performance. With me on the call are Dr. Chiranjeev Kathuria, our Executive Chairman, Captain Joseph Burns, our Chief Executive Officer, and Dr. Mariya Pylypiv, our Chief Financial Officer. Today's call will include forward-looking statements within the meaning of the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to statements relating to Aero's 2026 outlook.

Forward-looking statements involve known and unknown risks and uncertainties that may cause our actual results, performance, or achievements to be materially different from those expressed or implied by the forward-looking statements. Forward-looking statements represent management's beliefs and assumptions only as of the date made. Information on factors that could affect the company's financial results is included in the company's most recent annual report on Form 10-K and other filings with the SEC from time to time. In addition to our prepared remarks, our earnings press release, SEC filings, and a replay of today's call can be found on our Investor Relations website at investor.theaerogroup.com. We have also posted our earnings presentation on the Investor Relations section of our website.

In addition, during today's call, we will discuss non-GAAP financial measures. These non-GAAP financial measures are in addition to, and not a substitute for, or superior to measures of financial performance prepared in accordance with GAAP. Reconciliations between GAAP and non-GAAP financial measures and the discussion of the limitations of using non-GAAP measures versus their closest GAAP equivalents is available in our earnings release. Additionally, we plan to discuss drone segment backlog, a definition of which can be found in our earnings release. We will also discuss our cash balance as of July 31, 2026, which is a preliminary estimate based on information available to us as of the date of this presentation. Additional information on this metric can be found in the earnings presentation on our Investor Relations website.

With that, I will turn it over to our Executive Chairman, Dr. Chiranjeev Kathuria.

Chirinjeev Kathuria

Thanks, Jack, and thank you all for joining us today. Aero delivered a strong second quarter that was marked by revenue outperformance against expectations driven by solid execution within our drone segment. Gross margins improved to 64%, leading to a small operating profit for the quarter, a big improvement from the loss we saw in the same period last year. Looking ahead, and as Mariya will discuss in her section, we are reiterating full-year revenue growth guidance of 15% to 25%. She will detail some additional thoughts to think through the rest of the year. On top of this, total drone backlog grew roughly 9% from last quarter to approximately $163 million.

On the strategic front, it was also a busy quarter. The RQ-35 drone achieved Blue UAS certification, which opens up meaningful new opportunities in U.S. defense procurement. We also unveiled our new RQ-70 long-range ISR platform. Development continues on the JC250 and the JX250 cargo and ISR drone variants, and costs there are coming in below expectations, with the first flight still on track for later this year. We remain squarely focused on the unmanned drone market. Second quarter was a solid quarter of execution, and we expect that momentum to continue as we scale manufacturing, diversify our revenue base, and stay disciplined on cost, all while continuing to invest in Aero's next phase of growth.

With that, let me turn it over to Joe to discuss our strategy and the operational highlights.

Joseph Burns

Thank you, Chiranjeev, and thank you all for joining us on today's earnings call. I am happy to report second quarter results that exceeded expectations, finishing out a strong first half of the year. Our second quarter results were marked by on-time drone deliveries plus multiple announcements. These recent developments highlight our execution on strategy, but we are not done here. While second quarter top-line results mark sequential growth versus our 1Q performance, this demonstrates the variable nature of our business. Still, second quarter results topped expectations. We are reiterating our full-year guidance ranges we previously provided. Mariya will walk through the financial details later in the call.

Now let me provide some updates on our portfolio and strategic positioning at Aero. We have a solid, growing portfolio of products and services. We remain focused on the overall drone market, whether it be through new product developments or through partnerships and inorganic opportunities. We are actively working to reduce quarterly variability by expanding our international and domestic revenue base. One such milestone on our product side, and one that I'm especially pleased to highlight, is that our RQ-35 drone is now officially Blue UAS certified. With this approval, the RQ-35 is recognized by the Department of Defense as a secure, compliant unmanned aircraft system, eligible for government and defense procurement under NDAA requirements.

As most of you know, Blue UAS streamlines access to the DoD and federal procurement channels, accelerating our ability to compete for and secure U.S. defense contracts, which we expect will support Aero's long-term revenue growth across domestic and international markets. We believe the Blue UAS milestone is a testament to the RQ-35, from its embedded technology, use cases, and performance on the battlefield. The RQ-35 and now our recently unveiled RQ-70 continue to set our technology apart from the rest of the pack. The RQ-35 is battle-tested, having been deployed in the Ukraine conflict, and the platform is extremely quiet, hand-launched, and purpose-built for ISR missions. It has demonstrated real resilience, even against electronic warfare and in GPS and GNSS-denied environments.

With up to 50 kilometers of range and 150 minutes of flight time, it delivers extended time on target, quick frontline serviceability with a smart battery for reliable performance. The RQ-35 platform also offers onboard AI with edge computing, which enables real-time identification and classification of enemy assets and threats, while strengthening navigation, situational awareness, and mission execution. This drives faster, more informed decisions in the field. As a note, edge computing brings our flying servers closer to the battle, allowing us to significantly speed up and improve target recognition and decision speed, which reduces the already jammed bandwidth required by other competitor systems. Our goal is to embed AI across all of our product and service offerings at Aero.

The RQ-70 is our newest platform, built on years of RQ-35 battle data and leveraging our existing manufacturing and NDAA supply chain. We are already engaged with multiple defense customers on future deployment. It offers configuration flexibility between standard, long-range, and VTOL configurations and includes a modular design that lets it serve as a standalone ISR drone for NATO and allied customers. Our RQ-70 is built for up to 8 hours of endurance, 100 kilometers of range, and resilience in GPS-denied environments. We are reaffirming expected production start in January 2027. Capabilities such as these further set Aero apart with strong customer validation to date. We are building on that momentum with new initiatives and will continue to provide updates in the quarters ahead.

On the product side, we're making great progress developing our cargo and ISR drone variants, the JC250 and JX250. We have been strategically evaluating and selecting suppliers for the vehicle, and we are reaffirming our expectation for the first flight later this year. I am also happy to report that Aero-specific costs for development are running below our internal expectations by a low double-digit percent. There are a few driving factors. First, because the cargo and ISR variants share a common foundation, we are developing them at a fraction of the cost of their passenger counterpart. Second, we have made real progress in supply chain negotiations, which is lowering our input costs. Third, we are realizing synergies across the platform faster than we had modeled. And finally, our R&D team has been executing efficiently, which is keeping development costs disciplined. Taken together, these factors are giving us confidence in the cost trajectory of this program.

While still in the early innings, all the developments that I mentioned represent our efforts in diversifying our product portfolio and stabilizing revenue variability over time. On the avionics and electronics side of our portfolio, Aero delivered largely flat revenue quarter-over-quarter as demand for our avionics products remained stable and consistent with the prior quarter. Despite the static growth year-to-date, we are actively advancing next-generation sensor and navigation solutions, which were on display at the EAA AirVenture Oshkosh in late July. We received solid feedback at the trade show with customers highlighting our product reliability and functionality. Avionics continues to play a critical and strategic role within our broader company profile. With our avionics and ramping U.S. drone operations now consolidated under one roof in Phoenix, we expect synergies here to begin bearing fruit in the coming quarters.

These dynamics are part of what reinforces Aero's long-term competitive advantage. Over time, we expect to bring more avionics systems in-house across our unmanned platforms, streamlining operations, reducing supply chain complexity, and ultimately strengthening our gross margin profile. Lastly, on the services side, we are continuing to evaluate strategic alternatives for training, and we expect to have an update on that direction by the end of the year. We believe the training segment remains a valuable asset with a significant long-term opportunity, although the segment is capital-intensive and often requires meaningful ongoing investment. Recall, while underlying demand persists within this segment, performance here has been below expectations. This is driven by the fact that the task orders coming out of the U.S. government are not within the strengths of Aero.

We believe this narrative will shift over time, and we are positioning, investing, and strengthening our training asset to pursue upcoming long-term close air support training opportunities. That said, we are exploring all possible avenues for the business, but our focus remains on unmanned systems. Overall, we are encouraged by the momentum generated across our portfolio during the second quarter. From achieving Blue UAS certification for the RQ-35 and advancing customer engagement around our new RQ-70 platform to progressing development of our cargo and ISR drone variants and positioning our avionics business for future synergies, we continue to execute on our strategy of expanding capabilities, diversifying revenue streams, and embedding AI across our offerings. While there is still work ahead, we believe these milestones reinforce the strength of our technology and market position, and we look forward to building on this momentum in the quarters to come.

We remain disciplined on our capital initiatives. We continue to evaluate inorganic opportunities carefully, focusing on acquisitions that would be accretive in the near term and that strategically enhance our product portfolio, namely for drones, avionics, and electronics. We also see M&A as having the potential to play an important role in reducing Aero's quarterly revenue variability over time. As I have discussed in the past, our balance sheet gives us real flexibility to act when the right opportunity comes along, and selective M&A will continue to play a vital role in how we endeavor to maximize long-term shareholder value. With the multiple drone deliveries in 2Q, and given the timing of these drone deliveries at quarter end, our cash balance as of July 31, 2026, was approximately $56 million, significantly strengthening Aero's balance sheet.

In closing, the initiatives, discipline, and efforts we have employed to date bolster our strategy of delivering mission-ready ISR systems that can be produced, upgraded, and supported at scale. I'm also grateful for the colleagues beside me today and for every employee who makes this company what it is. Our leadership team brings extensive industry experience to the table, and as we continue to add key personnel, we are further strengthening our competitive position in the market. With that, I will turn it over to Mariya, who will walk you through the financial results in more detail. Mariya?

Mariya Pylypiv

Thank you, Joe, and good morning, everyone. For the second quarter of 2026, revenue was $43.2 million, compared to $24.6 million in the second quarter of 2025. This represents growth of nearly 76% year-over-year. Revenue for the quarter was ahead of expectations, driven by outperformance against expectations in our drone segment, partially offset by underperformance in avionics and training. Gross profit for the quarter was $27.7 million, representing a gross margin of 64%, compared to a gross profit of $15 million and gross margin of 61% versus the same period last year. The improvement in gross margins, both sequentially and year-over-year, was also driven by a product mix shift back towards drone products, consistent with expectations. Recall, our first quarter margins were impacted by upgrade revenue, negatively impacting margins.

Operating income for the quarter was $1.7 million versus negative $19.7 million in the second quarter of 2025. This year-over-year improvement is a result of higher revenue, improved gross margins, and IPO-related costs incurred in the prior year period. We remain disciplined on costs while continuing to invest selectively in the infrastructure needed to support our growth. Our second quarter net loss was $2 million versus a net income of $5.9 million in the second quarter 2025. Second quarter 2026 EBITDA was $5.1 million compared to $18.9 million in the prior year period. On an adjusted basis, EBITDA was $6.8 million, up from $4.7 million in the second quarter 2025.

As Joe mentioned, on the cost side for our JC250 and JX250 platform, I am happy to report that development costs are tracking below our internal expectations. The shared foundation between our cargo and ISR variants means we are developing them at a fraction of the cost of the passenger version, and we are realizing savings beyond our original projections by roughly a low double-digit percentage. We retain flexibility to adjust our spending pace up or down as conditions warrant. Right now, though, we believe the right path forward is deliberate, efficient investment to put the required infrastructure in place to support our next phase of growth.

Turning to cash flow and liquidity, as of June 30, 2026, we had $25.9 million in cash on the balance sheet, with $6.8 million in debt. Accounts receivables were higher than usual at quarter end, driven by the multiple drone deliveries late in the quarter. As of July 31, we had approximately $56 million of cash, primarily reflecting the subsequent collection of international drone receivables outstanding at quarter end. This strengthened our liquidity position and provides us with continued flexibility to execute against our strategic priorities. As of June 30, 2026, we had roughly $163 million in drone backlog. We expect the majority of this backlog to convert to revenue within the next 12 months. We will be updating our backlog to include U.S. opportunities and ongoing pursuits in the coming quarters. We expect this will meaningfully increase the total backlog as those orders are incorporated.

We define backlog as orders we reasonably expect to convert to revenue over the next 12 months. As this metric provides visibility into near-term demand, our broader pipeline continues to expand, underscoring the long-term demand trends we have discussed throughout today's call. Based on our current visibility, we are reiterating our full-year revenue growth guidance of 15% to 25% year-over-year. Let me provide some additional context on the expected cadence for the remainder of the year. First, 1 material drone delivery originally expected in the third quarter was completed in the second quarter. As a result, first half revenue represented approximately 50% of our current full-year expectations. Second, reflecting that pull forward, we currently expect second half revenue to be in line with, or modestly above, first half revenue. Within the second half, we expect third quarter revenue to decline sequentially from the second quarter, followed by a stronger fourth quarter. We currently expect fourth quarter revenue to be modestly above the second quarter.

Third, given the international nature of our business, foreign exchange remains a factor in our outlook. We now anticipate greater FX headwinds in the second half, with an incremental revenue impact of a few million dollars compared with our prior expectations. We have incorporated that impact into our outlook and remain confident in our full-year guidance range. We continue to expect modest gross margin compression versus 2025, with full-year gross margin broadly in line with first half levels.

Turning to profitability, we continue to expect full-year 2026 adjusted EBITDA in the negative mid to high teens millions, with the quarterly cadence expected to broadly follow revenue. In closing, our strategy remains focused on 3 priorities: diversifying our revenue base, scaling manufacturing, and accelerating new product introductions. As those products ramp up and make up a larger share of revenue, we expect that to reduce quarterly volatility and strengthen backlog growth over time. Specifically, with the introduction of the RQ-70, the first delivery of the Zentra camera suite, and the JC250 and JX250 coming online late next year, we expect to begin seeing the benefits of that revenue stability next year, with continued improvements in the quarters and years to follow.

That progress is exactly why fiscal year '26 is a year of accelerated investment for us. As I have said before, we are still early in our growth phase and we intend to invest accordingly, while staying disciplined on costs and preserving flexibility to adjust our cost structure as needed. That balance supports our confidence in Aero's long-term growth trajectory. With that, Operator, we're ready for questions.

Operator

[Operator Instructions] Our first question is from the line of Colin Canfield from Cantor Fitzgerald. Your line is now open. Please go ahead.

質疑応答

Colin Canfield

Maybe if we could start on drone order trends to parse out the mix of U.S. and international drone orders for the RQ-35, discuss the milestones that you need to see to essentially increase the backlog. The comment you made on materially increasing backlog, basically, what milestones does it take to recognize that backlog increase? And then if you could also talk about early customer interest for the RQ-70.

Mariya Pylypiv

Hi Colin, thank you for your question. So I'll start. Our $163 million backlog represents international drone backlog and does not currently include any U.S. backlog. We expect that the majority of that backlog will convert to revenue over the next 12 months. So naturally, the portion of it extends into 2027. In terms of the U.S., we have responded to a number of RFQs and continue to see a growing pipeline of opportunities. And as those opportunities convert into orders, and we expect them to be able to convert into backlog, it will provide additional visibility for U.S. backlog, which will incrementally add to the $163 million backlog we are currently reporting today. As far as additional products being included, it's mostly composed out of the RQ-35. There's a very small percentage of the RQ-70 being added to this number right now.

Joseph Burns

And if I, this is Joe, good morning, Colin, if I could follow on with that. Some of the milestones, obviously key milestones for us were the Blue UAS certification, which will allow us into the U.S. market. So that was a big one. The RQ-70 announcement and launch of that product are also a big milestone to enhance our expansion of our margin profile. You also mentioned or asked a question about early customer interest in the RQ-70. It's been very strong because it does fill a gap in sort of that high-end ISR market, that long duration flight, ease of operations, and low costs. So we feel very, very strong about the RQ-70 filling in the interest category as well.

Colin Canfield

Maybe if we could talk about free cash flow. The foundational building blocks and kind of the level of investment related to the defense transport platform. Just kind of walk through how you think about the investment on that program and flexing down, and perhaps maybe kind of how you think about that relative to the company's ability to generate free cash flow. Thank you.

Mariya Pylypiv

Thank you, Colin. So I'll start and then I'll let Joe add anything I missed. So in terms of free cash flow, we are very comfortable right now with our liquidity position, and it's closely tracking our internal expectations. The biggest factor for the quarter was timing as we were building inventory to support deliveries. So those deliveries occurred at the end of the quarter, a significant portion of receivables converted into cash. And as I mentioned earlier, as of July 31, our cash and cash equivalents were approximately $56 million.

In terms of investments for the air mobility, our costs have been reduced, which Aero is very comfortable with. Right now they're running in the low double digits below initial expectations. And while we have not provided the size of the investments, we are still tracking on time. And overall, because we shifted our focus on ISR and cargo drones, it significantly reduced our expected development costs compared to the passenger platform, which obviously provides significant upside for our liquidity. And if we think about moving forward, free cash flow, we anticipate there should be a shift into positive cash flow in 2027 and beyond.

Joseph Burns

That's great. Thank you. And to expand on the JX250 and the JC250, our ISR and cargo variants of that large cargo transport, you know, we've talked about in the past about eVTOL. This is an eVTOL aircraft, but it's different than what we had previously discussed in the passenger realm. We don't carry passengers on this. It's basically a large cargo drone. Very long duration, hybrid drive can use conventional fuels. So we think there is a new and growing market for this type of transport if you think about sort of combat operations, the ability to resupply, get critical medical information to and from, etc. So for us, it's a real opportunity to jump into somewhat of a new market. You're starting to see that, obviously, in this industry as well.

Operator

Thank you. Your next question comes from the line of Andre Madrid from U.S. Bancorp BTIG. Your line is now open. Please go ahead.

Andre Madrid

I was wondering if you could provide us an update on where you're at with Nord and Bullitt, those JVs.

Joseph Burns

Sure. This is Joe. Good question, Andre. So as you probably know at this point, there are some significant order issues or significant issues with the Ukrainian government's permitting process. You know, in their current [indiscernible] government, there is [indiscernible] of aircraft coming into [indiscernible] transfers. We are still [indiscernible] and we're working [indiscernible] council over there and [indiscernible] these permits. But that said, the partnerships and JVs like these are really a compelling route for us. I want to make it clear that we're not dependent on any one of them for growth.

The partnership and JVs will expand our access to multiple markets and help accelerate our growth plans. We're currently evaluating additional partnerships as well in this particular market, and those specifically for drone dominance. So we're excited about other opportunities. It's really opened our eyes as to what's available, what the markets look like for us. And with the ability for our certification routes, we're excited about [indiscernible] in these things moving forward.

Andre Madrid

That's really helpful. And then maybe pivoting to training for a bit. I know you guys had mentioned last quarter your decision to pursue strategic alternatives or consider strategic alternatives there. Is there any update that you can provide as to maybe how that's tracking and when the decision might be made?

Joseph Burns

Sure, we're planning to have decisions by year-end. We're making a lot of discussions around it. As we mentioned before, we're actively evaluating a range of strategic options. And our intent in disclosing this is to be transparent with the market. Well, really our core focus right now is on drone and avionics operations. And we see limited synergies between the training segment and our core business, which is important while we're evaluating the long-term strategic fit. Training is expensive. We have made a significant investment so far, but we're still excited about the opportunities in this particular business. But as always, drones are our main focus, and that's where we want to look at focusing most of our capital.

Andre Madrid

Yes, that's really helpful, Joe. I appreciate it. I'll leave it there. Thanks.

Operator

Thank you. There are no further questions. We have reached the end of the Q&A session. This concludes today's call. Thank you for attending. You may now disconnect.