Title

Presentation

Ondas Holdings Inc. beats earnings expectations. Reported EPS is $0.81, expectations were $-0.03.

Operator: Welcome to the Ondas Inc. First Quarter 2026 Earnings and Business Update Conference Call. [Operator Instructions] Before we begin, the company would like to remind you that this call may contain forward-looking statements. While these forward-looking statements reflect Ondas best current judgment, they are subject to risks and uncertainties that can cause actual results to differ materially from those implied by these forward-looking statements. These risks are discussed in Ondas periodic SEC filings and in the earnings press release issued today, which are both available on the company’s website. Ondas undertakes no obligation to revise or update any forward-looking statements to reflect future events or circumstances, except as required by law.

During this call, on this, we’ll refer to certain non-GAAP financial measures. These non-GAAP measures are not prepared in accordance with generally accepted accounting principles. A reconciliation of the non-GAAP financial measures to the most directly comparable GAAP measures as shown in our press release issued today, which is available at the Investor Relations section of our website. This non-GAAP information is provided as a supplement not as a substitute or superior to, measures of financial performance prepared in accordance with GAAP. However, management believes these non-GAAP measures provide investors with valuable information on the underlying trends of our business. Please note this event is being recorded. I would now like to turn the presentation over to Eric Brock, Chairman and CEO.

Please go ahead, sir.

Eric Brock: Thank you, operator, and good morning, everyone. We appreciate you joining us today and your continued interest in Ondas. Before we begin, I want to thank [ SincReal ] for allowing us to share his systems of systems music video ahead of the formal program. He is an Ondas investor and a talented creator active on X. We are grateful for his support, appreciate his creativity and look forward to seeing more of his work. With that, let me set the stage for today’s discussion. Our plan is working. Over the past year, we laid out a clear core strategic growth strategy to build Ondas into a scaled global operating platform for unmanned and autonomous systems, serving defense, security, industrial in critical infrastructure markets.

We believe our results in today’s update increasingly validate that strategy. We are building a world-class systems of systems portfolio across air, ground and now the Stratosphere. Through internal innovation, disciplined execution and strategic acquisitions, we continue to add differentiated capabilities across multiple operational layers. At the same time, we are executing against our operating plan and capturing growth synergies across the Ondas platform. We are leveraging shared customer relationships, expanding go-to-market reach and building a broader global footprint to scale efficiently. We are also expanding our global market opportunity as reflected in growing customer traction, strategic partnerships, major program opportunities and a larger backlog.

All of this continues to support what we believe is a powerful financial model driven by strong market tailwinds, operating leverage, scalable infrastructure and attractive long-term returns on capital. We believe the strategy is sound, execution is improving quarter-by-quarter, and the market is increasingly recognizing the value of what we are building, as shown by growing support from customers, strategic partners and institutional investors. Today, we look forward to updating you on our progress and explaining why we remain highly optimistic about Onda’s future. Let’s turn to today’s agenda. This morning, we will outline how the business is scaling across our technology portfolio, operating platform, go-to-market capabilities and financial model.

I’ll begin with key first quarter 2026 highlights and our progress against our strategic objectives. Neil will then review our Q1 financial results. Next, we will provide an operational update on customer momentum, global expansion and progress across our product, solutions and go-to-market road maps. We will also take a closer look at WorldView our multi-domain ISR road map and our work with Palantir to advance mission autonomy and layered ISR capabilities for defense and security customers. We’ll close with an updated 2026 outlook and then open the call for questions. I’m also pleased to be joined this morning by key members of our leadership team. Joining me today are Neil Laird, our Chief Financial Officer; Oshri Lugassy, Co-CEO of Ondas Autonomous Systems and Meir Kliner, President of OAS.

All of whom are well known to many of our investors and stakeholders. We are also joined by Ryan Hartman, President and CEO of WorldView who will provide additional insight into our multi-domain ISR capabilities and long-term strategic road map. Neil and I will lead today’s presentation and we’ll aim to be efficient with your time while providing meaningful detail on the progress we are making across the business. Oshri will provide the operational update for OAS. Let’s now turn to some of the key takeaways from the start of 2026. We began the year with tremendous momentum, which we have sustained I’m extremely proud of our performance and want to recognize our employees, partners and customers for their exceptional efforts and support. We believe we have built a highly talented and mission-driven organization at Ondas and that team is executing at a very high level.

In the first quarter, we generated more than $50.1 million in revenue, representing tenfold growth year-over-year and over 25% above the high end of our prior target. To put that into perspective, our Q1 revenue alone was approximately equal to all of the revenue Ondas generated during full year 2025. We believe that clearly demonstrates the pace at which we are scaling the business and expanding our financial model. Revenue growth during the quarter was driven by strong performance across our counter drone and defense-related markets, with particularly strong contributions from our Centrix cyber over RF platform and our iron drone interceptor systems. We also saw upside contribution from Bird Aero Systems, where demand for airborne missile defense and protection systems continues to strengthen as threats to both military and commercial aircraft increasingly evolve.

Importantly, we achieved product company level EBITDA profitability during the first quarter, approximately 2 quarters ahead of our internal plan. We believe this is another important validation point for the operating and financial model we have been building. At the same time, it is important to recognize that we continue to make substantial investments across the organization, including leadership expansion, operational infrastructure, global go-to-market capabilities and strategic growth initiatives designed to support the next phase of scale. So while we are pleased to reach this milestone ahead of schedule, we also believe there remains significant operating leverage ahead of us as the platform continues to mature. As Neil will discuss in greater detail, our strengthening financial profile is also reflected in the continued expansion of our backlog and the strength of our balance sheet.

Following the closing of the WorldView and Mistral acquisitions in April, backlog increased to more than $450 million, providing significant visibility into our 2026 outlook and beyond. Our focus now is on efficiently converting that backlog into customer deliveries, revenue growth and cash flow generation. Our balance sheet also remains a major strategic advantage. With approximately $1.4 billion in cash and short-term investments, we have substantial financial flexibility to continue investing in the business, supporting organic growth initiatives and advancing our strategic growth program. We believe that capital position gives Ondas a meaningful competitive advantage as we continue to scale the platform and pursue additional accretive opportunities.

Finally, based on the strength we are seeing across the business, we are pleased to raise our full year 2026 revenue outlook to at least $390 million. In summary, 2026 is off to a terrific start and we are demonstrating our ability to execute against our long-term objectives and financial model, which we believe is allowing us to create substantial shareholder value. Over the past year, Ondas has transformed from a small unmanned systems developer into a growing global enterprise with increasing operational scale across markets and geographies. As shown on this slide, we now operate across 15 offices in key regions supporting engineering, manufacturing, business development, customer operations and field support worldwide. Our customer footprint is also expanding with active deployments in more than 45 countries across defense, homeland security, critical infrastructure and public safety markets.

This expansion is not just geographic. It reflects the build-out of a scalable operating platform for large customers, complex deployments and long-term strategic programs worldwide. And now has more than 1,000 employees globally, supporting operations, engineering, manufacturing, integration and customer delivery, positioning us to meet growing demand and keep scaling. In unmanned and autonomous systems, leadership requires more than strong technology. It requires an integrated operating platform that can deliver mission-critical systems at scale across engineering, manufacturing, deployment, training and global support. That is what we are building at Ondas, by expanding not only our technology base, but also our operations and go-to-market capabilities.

In recent months, we have significantly expanded our U.S. market reach, production infrastructure and strategic ecosystem through the April acquisitions of WorldView and Mistral. We believe both businesses filled key strategic gaps and accelerate the scaling of our platform, while adding differentiated technology, customer relationships, leadership, engineering talent, and operational capabilities to support growth in 2026 and beyond. We also announced a strategic partnership with Palantir, which we see as strong validation of Onda’s capabilities and growth strategy. The partnership gives us access to Palantir’s AIP stack and operational software, helping us scale internally while advancing mission autonomy and multi-domain ISR solutions. It also aligns both companies on customer opportunities, go-to-market initiatives and long-term road map development.

During the quarter, we also launched — [ on Berg ], our Germany-based joint venture with Heidelberg, initially focused on Germany and Ukraine with broader European expansion over time. As defense and security markets increasingly require localized manufacturing, sovereign alignment and regional operating capabilities, we believe [ Omberg ] strengthens our position in the European defense modernization cycle and across EU and NATO markets. As our global operating platform grows, so do our customer reach, talent base and ability to deliver integrated systems of system solutions at scale. In the last 12 months, Ondas has significantly expanded its opportunity set and addressable and obtainable markets. We are now positioned across 4 major defense technology verticals, including counter UAS and aerial security, ISR and surveillance systems, loitering munitions and autonomous strike systems and unmanned ground robotics.

Within our aerial security and counter UAS vertical, our portfolio now includes the Centrix cyber over RF platform, the Iron Drone Rader interception system, InSightSense EOIR sensing technologies and Bird Aerosystems Airborne Missile defense and protection systems. Our ISR portfolio includes worldview stratelites the Optimus Autonomous Drone platform and Rotron UAV systems, providing capabilities spanning tactical to high altitude persistent intelligence and surveillance operations. In loitering munitions and autonomous strike systems, we now include the Rotron Skylands and Defender platforms, the Rift Dynamics WAS system and related border security and autonomous response infrastructure capabilities. Of course, Mistral is additive here with a broad lineup of both ISR and strike capabilities being deployed with U.S. defense customers.

In ground robotics, our portfolio includes robo team and apparel motion UGV platforms, IndoEarth’s heavy military engineering and support capabilities and 4M’s de-mining and land intelligence operations. These markets are huge and global and rapidly growing, and Ondas is building a very impressive set of capabilities to deliver effective and mission-ready capabilities, satisfying our customer road maps. What is important here is not simply the expansion of the portfolio itself, but the evolution of Ondas into a broader multi-domain autonomous systems platform. We will be introducing new systems of systems capabilities over the course of 2026. This includes our newly introduced Iron Wave platform, which I will highlight in just a moment. As I mentioned, we are increasingly integrating our technologies into systems of systems deployments aimed at some of the fastest-growing segments of the global defense and security market.

This includes a range of new platforms that connect aerial and ground domains with integrated sensors and AI-enabled command and control capabilities. We have a number of these platforms underway, and we will share updates as development progresses through 2026. One example is Iron Wave, a newly introduced systems of systems platform featured in this video. Iron Wave is a combat-proven multilayered robotic solution built around a mobile UGV platform that integrates multiple autonomous systems to support maneuvering forces in complex operational environments. It includes a mobile containerized unit for remote operations, enabling rapid deployment and sustained frontline support while bringing multiple Ondas technologies together in a unified operational system.

The platform provides both aerial defense and offensive support, combining CUAS detection and neutralization against multiple drone threats with both ground and aerial assault effectors. Iron Wave is powered by an AI-assisted mobile command and control center with secure communications, onboard power and advanced operational management software for coordinated multi-domain missions. The UGV can also deploy smaller robotic systems to investigate confined spaces in complex environments more safely for reconnaissance and operational control. Ondas provided the initial Iron Wave systems to combat units during the first quarter, and they are now operational with multiple military units in active combat environments. The system has received strong feedback for improving mission effectiveness, enhancing force protection and helping protect troops during combat operations.

We are very happy with this introduction and think Iron Wave and our systems of systems pipeline is both differentiating Ondas and expanding our addressable markets. That concludes our introductory comments. I will now hand the call to Neil to provide a detailed financial update.

Neil Laird: Thank you, Eric. We are pleased to report strong first quarter 2026 results that mark an inflection point in the growth of the business, both organically and through our strategic growth program. These results validate our strategy, demonstrate the strength of our core business and highlight the scalability of our operating model as we prepare for a significantly larger phase of growth. Revenue in the first quarter was $50.1 million, a tenfold increase year-over-year and up 66% sequentially from the fourth quarter 2025. This performance was 25% above the high end of our prior Q1 targets and reflects strong demand across our Ondas Autonomous Systems segment. Gross profit was $24.7 million representing a 49% gross margin, a significant improvement from 35% in the prior year and 42% in the fourth quarter 2025.

This reflects both favorable product mix and the benefits of scaling revenue across our cost base. Operating expenses increased to $67.3 million, driven primarily by investments in personnel and infrastructure to support the scaling of our operating platform as well as increased activity related to our acquisition program. We view these investments as both intentional and necessary to support the significant revenue growth we expect in 2026 and beyond. Let me briefly address the movement in other expenses during the quarter, which was primarily driven by noncash accounting items. As a result of the structure of the October 2025 and January 2026 financings, certain warrants are required to be classified as a liability and a mark-to-market each reporting period using a Black Scholes valuation methodology.

In the first quarter, this resulted in a noncash gain of approximately $389.5 million, which is reflected in other income. As a reminder, this charge is purely accounting-driven and does not impact our cash position, operations or the underlying economics of the business. We expect this line item will continue to result in variability in our reported earnings going forward. We also had several other noncash items, including a $51.5 million accounting gain on the deconsolidation of Ondas networks due to the capital restructuring of that company in January of 2026. Other key items to note in other income include $12 million in interest generated primarily by interest earned on our cash balances following our recent capital raises and a $46.2 million noncash charge to adjust the value of an acquired variable interest entity.

We believe it is important for investors to focus on the underlying operating performance of the business where we are seeing strong revenue growth, significant backlog expansion and continued execution of our strategic plan. Cash operating expenses were $36.9 million. A summary of cash operating expenses was included as a table in our earnings release and as an appendix to this presentation. Net income for the quarter was $362.9 million driven by the $389.5 million noncash gain related to warrants discussed above. Adjusted EBITDA was a loss of $10.9 million compared to a loss of $7.5 million in the prior year. Overall, the financial results reflect a business that is scaling rapidly, investing ahead of growth and beginning to demonstrate the operating leverage embedded in our model.

This level of growth reflects the high demand signal for customers, strong execution in our core business and the early impact of our strategic growth program. Now turning to our cash flow and capital position. We ended the first quarter with $1.48 billion in cash, cash equivalent, restricted cash and short-term investments compared to $66.1 million at the end of 2025. In addition, the company holds long-term investments of $42.3 million, up from $35.6 million at the end of 2025. We believe this large cash balance provides us with significant financial flexibility to execute our growth strategy. Cash used in operating activities for the first quarter was $51.3 million compared to $6.7 million in the first quarter of 2025. This includes approximately a $47 million increase in working capital to support expected revenue growth.

Cash used in investing activities was $474.2 million, the majority of which approximately $429.1 million was for the purchase of short-term investments net of maturities, and another $31.8 million deployed into acquisitions as part of our strategic growth program. In addition, we invested $5 million in the quarter in long-term equity investments. Our short and long-term investments are aligned with our broader platform strategy. They support key partners, enhance access to critical technologies, improve supply chain efficiency, and we believe will generate attractive returns over time. Cash provided by financing activities was $968.5 million, primarily from our January equity offering throughout the year, along with proceeds from warrant and option exercises.

Looking ahead, we expect cash efficiency to improve over the course of 2026 as revenue and gross profit scale. We continue to expect higher cash usage in the upcoming quarter, reflecting continued investment ahead of growth. In particular, the second quarter will have a step up in spending related to the acquisitions that occurred year-to-date, many of which only closed late in Q1 or early in Q2. As we move through the second half, we expect to see meaningful improvement in adjusted EBITDA losses driven by operating leverage, particularly within our OAS segment. Turning to the balance sheet. We believe Ondas now has one of the strongest balance sheets in the sector, and this is a key competitive advantage as we scale the business. We ended the quarter with $1.48 billion in cash, cash equivalents, restricted cash and short-term investments.

This provides us with significant financial capacity to execute on both our organic growth and strategic initiatives. At the same time, the company carries virtually no debt. The previously discussed warrant liability was recorded at $1.1 billion at quarter end. And again, we expect our warrant liability will continue to result in variability in our reported earnings going forward. Quarterly changes in this measure will result in noncash impacts on our GAAP net income. As a result of all the factors discussed, our shareholders’ equity has increased to approximately $1.078 billion, compared to $441.8 million at the end of 2025. So overall, we’ve significantly improved both the scale and the quality of the balance sheet, positioning the company with financial flexibility and cost of capital advantage to support our growth strategy.

With that, I’ll turn the call back over to Eric.

Eric Brock: Thank you, Neil. As we execute our core plus strategic growth program, we are seeing our financial model scale very quickly. As the P&L matures, it’s important for Ondas is to be transparent and communicative about how we are prioritizing our OpEx investments. I choose to phrase OpEx investments very carefully because that is exactly the way we look at our OAS and Ondas Inc level growth OpEx. These are investments designed to support a much larger enterprise. The build-out of our OAS leadership team and growth infrastructure and the similar investment in the corporate development effort at Ondas Inc. The parent company serves to dramatically increase the scope of our business and position Ondas and leadership positions in large, rapidly growing markets.

Of course, this means we can create a much larger business today and allow us to access growth tailwinds across the unmanned and autonomous systems sector globally to provide insight into core profitability and our discretionary OpEx growth investments, we have provided the analysis here. You can see the Ondas Inc-level OpEx, which includes traditional public company costs as well as the investments we make in Corporate Development and Ondas Capital. At the OAS level, we highlight product company OpEx along with the OAS leadership and infrastructure layer, which drives the global market penetration and efficient delivery of technology and services via marketing, supply chain and production and field support and services. Our commitment to you is to continue to manage these OpEx investments aggressively and focus on maximizing our ability to capture strong market positions in the segments we compete and to drive operating scale and efficiently maximize our returns on investment and profitability.

I will now turn the call to Oshri, who will provide a more detailed look at the progress we made in Q1, emphasizing how we have captured business grown our customer and program pipeline and matured our operating footprint. Oshri?

Oshri Lugassy: Thank you, Eric. We have had a strong start to 2026 from a program and order capture and we will share these details with our investors over the next few slides, starting with an emphasis on our global sales and marketing operations. As Ondas continues to scale globally, we are significantly expanding our marketing, business development and operational infrastructure across key international markets. Today, Ondas is building a growing global presence with offices, local partners, agents, and operational representatives across more than 45 countries worldwide. Of course, the addition of Mistral and WorldView along with our Ondas joint venture in Germany are very important examples of this. Our expanding infrastructure enables us to support customers more effectively, accelerate market penetration and establish stronger relationships with defense organizations, homeland security agencies, system integrators and strategic industrial partners.

Our strategy is focused on building localized market access while leveraging Ondas integrated global operating platform. This approach allows us to accelerate deployments, support regional operational requirements and pursue larger strategic programs across multiple domains and geography. We believe this growing international presence is becoming a significant competitive advantage as demand for autonomous defense and security technologies continues to expand globally. This quarter demonstrates the strength of Ondas integrated operating platform and our ability to accelerate growth across the technologies within the group. As we outlined in our last call, our operating model is structured to plug in operational and mission-ready technologies for rapid mobilization and order capture.

We are demonstrating that acquired companies grow faster as part of Ondas post acquisition, which is a powerful source of accretion in the under growth model. We are now able to demonstrate evidence of this value creation with hard data. During Q1, a robotics delivered approximately 260% year-over-year revenue growth driven by expanded iron drone and Optimus deliveries and our new border infrastructure program. And Centrix had a very strong start to 2026, capturing $36 million in orders through April 1. That was more than the $30 million in revenue that Centrix generated in all of 2025. We will continue to invest in Centrix cyber over RF solutions to capture the substantial CUES market opportunities in front of us. Lastly, I will highlight 4M Defense, which after generating just $8 million in revenue in 2025, captured $80 million in tender awards with $25.8 million of initial orders against those tenders with Ondas, 4M is able to invest in its operating footprint which is driving the market expansion we see for their intelligent demining solutions.

The key takeaway here is that Ondas operating platform enables cross-selling integrated program capture, supply chain leverage and faster market expansion across defense, homeland security and critical infrastructure markets. The data here is early evidence that underscores strategic growth program is working to compound shareholder value creation. We have had a strong start to 2026 from a program and order capture standpoint, which I will share some details on starting with backlog. Our growing backlog of approximately $457 million reflects the increasing global demand for Ondas technologies across multiple operational domains and strategic regions. What is especially important is the diversification of this backlog across several key technology segments demonstrating the strength of our integrated defense tech strategy and the expanding relevance of our platforms to modern defense and security requirements.

In area of security, we are seeing strong momentum driven by airport protection programs, critical infrastructure security and emerging antimissile initiatives. These opportunities are increasingly focused on integrated multilayered defense architectures combining sensors, AI, autonomous platforms and the factors. Within ISR, our backlog growth is being driven by military-based protection, public safety deployments and high altitude and stratospheric intelligence solutions. We continue to see growing demand for persistent autonomous intelligence and surveillance capabilities across both defense and homeland security markets. In the UGV segment, we are advancing opportunities around smart mining, engineering vehicles and multi-robotic operational systems.

As we discussed earlier with iron wave militaries are increasingly looking for integrated robotic solutions capable of operating in complex frontline environments. In the LMS segment, backlog growth is supported by bodesecurity, drone programs and advanced autonomous mission systems, including opportunities connected to programs such as Lasso, Geographically, the backlog is supported by strong expansion in the United States, the Middle East and additional international markets across Europe and Asia. We believe this regional diversification positions onto wealth to continue scaling globally while supporting long-term strategic growth across our core technology segment. Ondas has won and positioned itself within several key strategic programs representing a combined program potential of more than $1.6 billion.

Here, we highlight some of the notable program wins we are delivering again. This program’s position on that for continued expansion across defense, homeland security, border security and autonomous warfare markets worldwide with significant long-term growth potential across multiple operational domains. These programs demonstrate our ability to compete for and support large-scale defense and homeland security initiatives requiring advanced autonomous technologies, robotics, ISR and strike capabilities. In the UGV domain, we are supporting opportunities related to smart mining and engineering vehicle programs, including border security, barrier projects and military engineering platform. These programs represent growing demand for autonomous robotic systems capable of operating in high-risk and contested environments while improving force protection and operational efficiency.

Within the LMS segment, we are advancing several major autonomous drone and strike infrastructure opportunities. This includes participation in the U.S. ALS program focused on low altitude stocking and strike ordnance capabilities, where the total program potential is estimated at nearly $1 billion. We are also pursuing border protection initiatives, leveraging autonomous drone swarm infrastructure and long-range autonomous strike platform opportunities connected to NATO Eastern Flank defense requirements. These programs reflect the increasing global demand for scalable autonomous systems capable of persistent surveillance, coordinated operations and long-range mission execution. Looking ahead, Hondas is continuing to build a strong global pipeline of strategic programs and tenders across multiple operational domains.

Today, our active pipeline represents approximately $4.3 billion in opportunities across more than 45 submissions globally, reflecting the increasing demand for autonomous defense, security, ISR and robotic technologies. We believe this pipeline positions on us for significant long-term expansion over the coming years. Regionally, the United States and Europe represent the largest portions of the pipeline with approximately $1.8 billion and more than $2 billion in active opportunities, respectively, we are also advancing multiple strategic programs in Israel and additional international markets. Overall, we believe this pipeline reflects the growing relevance of older technologies across modern defense and homeland security markets, while demonstrating our ability to compete for large-scale global programs across multiple operational domains and we are working hard to maximize our win rate.

I will now turn the call back to Eric.

Eric Brock: Thank you, Oshri. Let me now turn to WorldView and our broader multi-domain ISR strategy. As you know, we introduced WorldView on our last conference call and completed the acquisition on April 1. Combined with Mistral, these acquisitions have significantly expanded our U.S. market presence and strengthened our operational and commercial scale across defense, homeland security, public safety and critical infrastructure markets. Importantly, WorldView has accelerated our multi-domain ISR road map, particularly in combination with our strategic partnership with Palantir. I’d now like to hand the call over to Ryan Hartman, who will discuss our ISR strategy, the WorldView platform and how adaptive agentic AI and mission autonomy are shaping the next phase of the Ondas platform. Ryan?

Ryan Hartman: Thank you, Eric. As technology and use cases mature, we have seen the Stratosphere has quickly evolved from interesting to required and modern ISR plan, especially when customers are building integrated multi-domain concepts. WorldView is seeing that shift show up as pull not push. In practical terms, recent mission performance is converting into real account expansion and a higher volume of active RFPs and late-stage contracting conversations. The Department of Law is the hardest customer set to break into for a reason. The bar is operational credibility, endurance, reliability and mission integration. This is exactly the bar we designed stratelites to clear and we are now clearing it in ways customers can validate.

Two examples: first, Unitas and Fall 2025. We demonstrated stratosphere persistence and maritime operating context for Smartronix and fourth fleet under the Marlins contract. The result is ongoing engagement tied to potential follow-on support for hybrid autonomous U.S. maritime efforts against narcotics trafficking and illegal fishing. That matters because success in that problem set tends to become programmatic and durable. Second, Dorado in spring 2026, a 39-day mission in the Atlantic moved quickly from PROVE-IT contracted. That performance has directly translated into advanced contracting discussions and several active RFPs for Worldview to be a long-term high altitude balloon provider for Solcom and CENTCOM AOR. WorldView has also been down selected by both U.S. and international defense ministries for advanced sensor development and flight testing for missile defense applications.

Beyond these initial programs, we’re seeing the opportunities that broaden significantly. Interest and meaningful engagement in stratospheric ISR has been growing throughout the Department of War across all key combatant commands and military branches, alongside increasing engagement for major defense primes as they design integrated multi-domain solutions. In parallel, Allied foreign ministries of defense across Australia, Canada, Mexico, Peru, Ecuador, Guatemala, Saudi Arabia, Indonesia and others are actively exploring how stratelites can provide persistent advantage. These opportunities are concentrating around contested maritime environments, such as the Gulf of America, the Eastern Pacific and the IndoPaycom region as well as global hot zones like the Middle East.

Collectively, this reflects a growing recognition that stratospheric persistence is becoming a foundational layer in modern defense architectures. As customers seek a unified intelligence ecosystem the stratospheric layer is increasingly being specified as part of that design. Now I want to build on what Eric framed and give investors a precise understanding of why Sky Weaver is a portfolio-level asset, not a platform-specific one. That comes down to a critical distinction. Platform economy versus mission autonomy. Platform autonomy lives at the vehicle level. It’s about find itself managing faults and staying on station without a pilot. That work is essential, but it’s table stakes. It’s fundamentally a cost and reliability story and every serious defense platform is pursuing it.

Mission autonomy lives at the intelligence layer. It’s the ability to perceive the operational environment reason over what matters, coordinate action across platforms and deliver finished intelligence without waiting for a human to close every loop. That’s not a cost story. That’s a strategic outcome story and it’s what customers are demanding. The key insight is this, platform autonomy is locked to the platform. Mission autonomy is not. It lives in software. And because it lives in software, it can run across every platform in the Ondas portfolio. That is the architectural significance of Sky Weaver. Sky Weaver is Palantir’s artificial intelligence platform deployed at the edge as an intelligence operating layer. It sits above our strategic platforms, our aerial systems and our ground systems ingesting what they observe, reasoning over it in real time and coordinating action across the fleet.

Considering the breadth of that fleet, Ondas operates stratosphere balloon platforms through WorldView. We operate fixed wing and rotary unmanned aerial systems through Ondas autonomous systems. We operate ground-based counter UAS and surveillance systems. Each of these platforms collects data in a different domain at different altitudes with different sensor modalities. Without Sky Weaver, each of those platforms produces a data stream that requires a human analyst to synthesize, interpret and act on. With Sky Weaver, those data streams are fused automatically. The system reasons across domains simultaneously, a stratospheric platform identifies an area of interest. Sky Weaver tasks the UAS for a closer look without waiting for a ground operator to make that connection.

The UAS data refines the picture. Sky Weaver updates the intelligence product and delivers it to the customer’s Palantir foundry environment already correlated and contextualized. This is the difference between a portfolio of platforms and an integrated intelligence system. Sky Weaver is what makes Ondas the latter. What differentiates Sky Weaver is adaptive AgenticAI. The term Agenetic AI is in wide use right now. So let me be specific about what it means in our context. This is not a system that generates an answer and stops. Agentic models and our architecture run continuously and operate on 5 principles. They perceive, reason, plan, act and adapt. It uses real tools, it takes real actions. It does not wait to be prompted. Let me explain these 5 principles.

First, perceive. Sky Weaver ingest sensor data continuously from every connected platform across all domains simultaneously. Stratospheric long oil collection, aerial close look ground-based perimeter monitoring. It holds all of that in 1 common operational picture. Next, reason. Palantir’s AI models evaluate what is observed against mission parameters known patterns of life and threat indicators. They score significance across the multi-domain picture, not just what any signal platform can see. Next plan. the system autonomously optimizes collection strategy across the fleet, which platforms reposition, which sensor should retask which domain requires increased coverage. These decisions are made against the mission objectives, not against platform health alone.

[indiscernible] Act. Sky Wever executes cross-platform tasking, generates geospatial intelligence products triggers alerts and populate the customer’s polentier foundry environment with finished correlated intelligence ready for analyst consumption. Last is Adapt. When the environment shifts, when a platform goes offline, when a new area of interest emerges, Sky Weaver reoptimizes across the remaining fleet in real time without requiring operator intervention. This is the capability that matters most when communications are degraded and human reaction time is too slow. Defense and Intelligence customers execute every ISR platform using the TC PED cycle, tasking, collecting processing, exploiting and disseminating. The question they are always asking is how much of that cycle requires human labor and how fast can it execute under operational stress.

Legacy ISR architectures automate collection and stop there. Everything downstream of collection still requires human operators pulling data to the ground, running it through exploitation tools and manually producing finished products for analysts. This is a slow, people-intensive process. It is the exact latency that adversaries are designed to exploit. Sky Weaver automates the full TC ped chain across the Ondas fleet. Tasking, collection, processing, exploitation and dissemination all run through a shared intelligence layer. Instead of raw feeds and delayed analysis customers receive correlated, decision-ready intelligence, always multi-domain and always current. No single platform ISR provider can offer that. This is the structural advantage of having an AI intelligence layer that spans the portfolio.

The commercial implications of this architecture are significant, and I want to be direct about them. First, Sky Weaver changes how we price. Platform autonomy is priced on hardware and flight hours. Mission autonomy is priced on intelligence outcomes delivered that shift from a hardware and services model to an outcomes and software model compresses the cost curve while expanding revenue per mission significantly. Second, Sky Weaver scales with the portfolio. Every new platform Ondas brings to the market is a new node in the intelligence network. The value of the network grows with each addition. This is a compounding dynamic that a single platform competitor cannot replicate. Third, Sky Weaver recreates switching costs. Once a customer’s operational architecture is built around Palantir Foundry and led by Sky Weaver enabled Ondas platforms, the intelligence products, the workflows and the analytical infrastructure are all integrated.

This is not a program. This is an operational dependency. Sky Weaver is the reason our platforms become more valuable together than they are separately and more valuable to the customer over time as the fleet grows. Initial integrations across the Ondas portfolio are targeted for the fourth quarter of 2026. We are on plan, and we expect to share program-specific milestones as we progress. The fastest way to build a defensible advantage in this market is execution velocity and the Palantir partnership is increasing our speed on multiple fronts at the same time. First, we are building a suite of AIP applications that connect how we plan missions, manage programs and operate fleets. The work is already improving operating cadence because teams are moving through shared auditable workflows instead of stitching together disconnected tools.

Just as important through our deployment of warp speed. We are enhancing efficiencies and scalability across critical operations, which will ultimately be deployed across Ondas. These AIP applications developed the award speed will also enable us to integrate acquired companies faster with Palantir, we have built agents that integrate ERPs, MRPs, engineering workflows and financial workflows — this means within days of closing an acquisition, we can deploy agents and start realizing efficiencies and synergies within weeks. Second, we’re repairing build with capture. We are coordinating joint customer engagement and program pursuits so the platform story shows up consistently in how we qualify opportunities, share requirements and compete. That matters because integrated ISR programs are on as architectures and operating concepts, not as one-off payload demonstrations.

Third, we are coordinating strategic growth. The partnership is helping us to find repeatable integration patterns that make future acquisitions easier to absorb into a common operating layer, faster and at lower friction. The important point is the time line. We only started working with Palantir in January, and we have already moved from road map to deployed capability in a matter of weeks. Each release improves internal efficiency, strengthens our data foundation and accelerates the next release. That compounding cycle creates a moat. It is difficult to replicate quickly because it combines software, workflows and operational learning, all tied into real missions and real customer needs. Eric, I’ll hand it back to you. Thank you.

Eric Brock: Thank you, Ryan, for providing the deep insight into our software and AI development. As Ryan outlined, Adaptive agentic AI will be a force multiplier to transform autonomous ISR platforms into autonomous intelligence systems with massive benefits to efficient decision-making and superior outcomes. I am happy Ryan was able to share this update and encourage our investors to watch where we take this capability going forward. Let’s now turn to our outlook for the balance of 2026. I will start with providing an update on our strategic growth program. We will touch on our capital allocation priorities and then provide an updated outlook for our P&L targets. So far in 2026, we have closed 5 important transactions, and our pipeline remains highly active with multiple opportunities in advanced stages of diligence and negotiation.

As shown on this slide, the current pipeline represents more than $500 million in potential annualized revenue opportunity. Importantly, we believe our strategic growth program is highly accretive to shareholder value. This is not simply about adding revenue. We are acquiring differentiated technologies, strong leadership teams, customer relationships and operational capabilities that strengthen the broader Ondas platform. As we integrate these businesses, we believe we create what we have described as a double dip of value creation, benefiting from the acquired company itself purchased at an attractive valuation, while also accelerating growth through the scale and reach of the Ondas operating platform. I also want to address a narrative we occasionally see suggesting Ondas is simply buying revenue and the acquisitions are financially oriented and dilutive without creating economic value.

We fundamentally disagree with that narrative, which we think demonstrates highly superficial analysis. In totally disregards the technology platforms, the operating scale and ecosystem development and the financial outcomes inherent in our strategy. In my opinion, the economic value we are creating is significant in compounds over time in a very powerful manner. We believe we are demonstrating that. And of course, we need to continue to demonstrate that to you, and I believe we will. It’s only been a few quarters since we launched our strategic growth program and the data suggests we have the right strategy and financial model. Looking ahead, the pipeline continues to mature significantly, particularly in the United States. The additions of Mistral and WorldView have materially strengthened our ability to pursue larger and more strategic opportunities tied to our multi-domain ISR road map and broader systems of system strategy.

As we evaluate opportunities going forward, we remain disciplined and focused on transactions that expand our operating scale, strengthen our technology leadership and deepen the strategic value of the Ondas platform. In short, we believe our core strategic growth strategy remains a powerful driver of long-term shareholder value creation, and we are highly confident in the direction of the business as we continue to scale. I want to spend a few minutes discussing our capital allocation strategy and why we believe our balance sheet represents a significant competitive advantage for Ondas. As we have discussed throughout this presentation, exceptional technology is essential to winning in our markets, but technology alone is not enough. Customers increasingly require scaled operating platforms capable of delivering, supporting and sustaining mission-critical systems globally.

At the end of the day, we believe the companies that win in defense and security markets will be those that combine differentiated technology with strong go-to-market infrastructure, operational scale and efficient access to capital. Building that type of platform requires substantial resources and long-term investment capacity. We view our balance sheet as a strategic asset and a powerful lever for growth. It is highly valued by customers, employees and strategic partners, and it is increasingly opening larger and more impactful opportunities for Ondas across the market. Importantly, we intend to put this capital to work thoughtfully and strategically on behalf of shareholders. First, we will continue investing in the operating platform to support growth and scale the business efficiently.

Second, we will continue executing our strategic growth program, based on our current capital position, we estimate that Ondas has the capacity to support more than $4.2 billion of M&A activity, assuming an approximate 2:1 equity to cash structure. Using target acquisition multiples of approximately 2.5x to 4x projected 2027 revenue that translates into the potential to add between $1 billion and $1.8 billion of incremental annualized revenue as our M&A capacity is deployed. Importantly, this strategic growth opportunity will be incremental to the large and rapidly growing business we have already built today. We believe this demonstrates the scale of the opportunity in front of Ondas and our ability to accelerate our leadership position across critical defense, security and autonomous systems markets while continuing to build a powerful financial model.

At the same time, we will remain disciplined, maintaining a strong balance sheet is integral to our strategy, our credibility and our long-term success and we believe it will continue to be highly valued by customers, partners and investors alike. Let me now turn to our updated outlook for 2026. Based on the strong start to the year and the momentum we are seeing across the business, we are increasing our 2026 revenue target to at least $390 million up from the $375 million outlook we shared just 7 weeks ago. We believe we have strong visibility into this target, supported by our backlog of over $450 million in a growing global customer pipeline. We also expect our strategic growth program to be meaningfully additive to the outlook during the second half of 2026.

As shown on the chart to the right, we expect revenue contributions across all of our major platforms and market verticals. We currently expect aerial security and ground systems to represent the largest contributions, but we continue to see strong demand trends across the broader systems of systems portfolio. As many of you know, building a strong long-term financial model is critically important to us. We believe shareholder value creation ultimately requires not only rapid growth but also substantial profitability and strong returns on capital over time. At the same time, we are operating in very large and rapidly expanding markets, and we believe it is important to continue investing aggressively in the growth opportunity in front of us.

As we discussed earlier, we are very pleased to have achieved EBITDA profitability at the product company level 2 quarters ahead of our prior expectations. We currently expect product company profitability to continue through 2026 and beyond, although quarterly results may fluctuate based on product mix and investment priorities. Importantly, this progress allows us to accelerate our expectations for profitability at the broader OAS level as well. We now expect OAS to achieve EBITDA profitability in the first quarter of 2027, 6 months ahead of our prior target. At the Ondas Inc and OAS levels, we do expect operating expenses to continue increasing during the first half of 2026 as we invest in leadership, infrastructure, systems integration and operational scale to support a much larger enterprise.

We believe these investments are essential and will drive meaningful operating leverage as revenue continues to scale. Overall, we believe our outlook reflects a business with strong visibility, accelerating momentum, improving financial performance and multiple opportunities for upside through 2026 and beyond. More broadly, we believe the unmanned systems and autonomy markets are transitioning from development to scale deployment while still remaining early in what we expect to be a long-term global adoption cycle. We believe that creates a generational opportunity for leaders in the space and reinforces our conviction in the core strategic growth strategy we are executing today. With that said, I want to thank you again for spending the time with us.

Operator, we will now move to take investor questions.

Receive real-time insider trading and news alerts

Operator: [Operator Instructions] Our first question for today will come from Austin Bohlig with Needham.

Austin Bohlig: Congrats on the solid results. Eric, I just first had a question regarding the organic growth rate, really strong growth in the Air Robotics business, 260% year-over-year. Is that how we should think about organic growth rate? Or how do you guys think about it?

Eric Brock: Austin, thanks for the question. So the way I’m thinking about it is core growth is very strong. And I think we’re going to be able to show you metrics like that as we’re moving through the year. Another metric I’ll share, which we didn’t put into the prepared remarks was our sequential growth. And I highlight that because in Q1, we were comping against a portfolio that included new companies such as Sentrycs. In the sequential growth was 32.8% Q1 versus Q4. Some more context is I’ll recall we may have discussed this on our last call, that the pro forma revenue for all the companies we owned at the end of 2025, if we pro-forma if we own them on day 1, so for the full year, it was $90 million. And if you remember at our Analyst Meeting in January, we had our initial guidance for $175 million on the year.

We’re outperforming that, so you can kind of think of core growth as 100% starting of the year. And like I said, we’re trying to do better. So that’s the way I would look at it, so.

Austin Bohlig: All right. And then I guess just my follow-up is looking at the larger backlog number, kind of, one, how should we think about that translating into revenues this year? And then secondly, it seems like a big bulk of that backlog number is related to the Mistral acquisition and the sizable UVision contracts you guys have. How do you guys think about that big $1 billion contract translating over the next couple of years?

Eric Brock: So that remains to be seen, of course, but we do think that is a well-funded program and the customer has a need for reorders. I think if you look at our guidance here or the targets, I should say, we plan conservatively there. And then specific to Ms. Raw. And I’d also add that the quarterly cadence here. I think we’ll see strong sequential growth quarter-over-quarter for Q2, Q3 and Q4. At the moment, it’s really hard to be precise about that.

Operator: The next question will come from Amit Dayal with HC Wainwright.

Amit Dayal: Congrats on all the progress. Amazing to see so many things coming together for you guys. One question on the gross margin strength, Eric. Is the gross margin strength in the business model coming from being able to sort of customize each solution for the customer versus just having sort of a standard set of features.

Eric Brock: Yes, for sure. I think that’s part of it. At the same time, let me just also add firstly that we’re still expecting gross margins to be volatile quarter-to-quarter. That is based on mix and the need for us to still drive scale across the company. and efficiencies. So we’re seeing that. We had a good quarter for sure on the margin side, and we expect our targets we’ve shared with you previously for better than 50% gross margins. Hopefully trending higher towards 50% as we do scale we can achieve. But I do — I’d also add that in your question as we’re bringing system systems together in the total solutions. That is valuable, and that does allow us to drive margin for over time. So I think that’s going to be part of the equation. We certainly endeavor to add more software to our portfolio, and that will help as well.

Amit Dayal: Just a follow-up, I guess, is, are you targeting a certain percentage of revenues as your adjusted EBITDA results going forward. I mean, I know things are still in motion and you are still sort of normalizing operations, et cetera, and that could take time. But is there sort of a target range where you might want to come out over the next few years with your adjusted EBITDA expectations?

Eric Brock: Yes, for sure. I think we’re all day long, still focused on getting those to the 25% to 30% level. And of course, we have to drive scale and efficiencies across the business. So — but at the same time, we’ve been quite clear that we’re investing in the business and the infrastructure, the growth platform to capture markets. And we think that we award to do that is significant because there’s a massive market to penetrate. And there are some big companies and big important companies that build we endeavor to be one of those. So I think in the near term, at least, and we’ll give you updates on this, of course, — the objective is not to show massive profitability objective is as the cash flow markets. And as we do, that’s going to lead to a much larger enterprise and a much more profitable company as we as the markets grow and mature.

Operator: Your next question will come from Jonathan Siegmann with Stifel.

Jonathan Siegmann: Since the last update in early February, we’ve had some developments in the Middle East. It’s an important region for you. Could you maybe talk a little bit about some of the push pull of creating new urgent demands and replenishment and potentially customers over there being distracted, does that slow things down and any kind of operational difficulties of the team operating during active war zone.

Eric Brock: Yes. So great question, and I’ll start with the last part of It. Its clearly, there’s operational challenges. It’s not just about producing delivering what we do. Our employees are often called the serve conflicts heat up. So that’s a challenge. At the same time, we are a mission-driven company. And I’m really proud of how our team can rally around this and support each other and still to drive the business forward because it’s critical what we do. And I’d also add — and again, this is not easy, but this is not a new environment for us. So we’re used to working under this pressure — and again, I’m really proud of the team. In terms of demand, we’re certainly seeing demand strength and opportunities in the Middle East in Israel.

And I think that’s not necessarily adding to the near-term revenue. I think what you’ll see us continue to do as appropriate is to prioritize these urgent needs for the customers who are faced with the conflict in securing their countries and their populations. So that’s how some of those dynamics are playing out.

Jonathan Siegmann: And then maybe over here in the U.S. with Mistral now in the fold. Congratulations for that. can you provide a sense of what existing — on Das products could be produced there? And what’s the sense of what is 46,000 square feet give you in terms of revenue capacity at that facility.

Eric Brock: Yes, great question, John, and I don’t have that number in terms of capacity, other than I’d say we certainly could fill it and we’re going to be looking to potentially expand that capacity with Mistral and of course, we’re also using other partners and supply chain folks to help support our growth. I think Mistral, when we’re talking about localizing the technologies at Ondas that have been developed and matured in Israel. We’re really focused on probably out of the gates here, the counter drone systems and some of the ground robotic systems we have.

Operator: Next question will come from Max Michaelis with Lake Street Capital Markets.

Maxwell Michaelis: Great quarter. First 1 for me. You went over in the presentation, I think it was 45 grams for a potential program revenue of $4.3 billion. Can you help give us a sense of sort of what the internal expectations in terms of win rate around those programs? Or I’m sure you guys are a good fit for all of them, but sort of give us an idea on what we could expect or what you guys are expecting out of those 45 programs.

Eric Brock: Max, it’s a good question, and it’s really hard to be precise because it is a diversified target list there and each one has a different few win, as you know. I think what we’d like to do is, as we’re moving through the year, give you a little bit more granular detail on that. As we’re progressing and maturing the companies that are joining our portfolio.

Maxwell Michaelis: Okay. Perfect. And then just with Mistral in that closing, can you kind of give us an idea on how some of the conversations with the DOW and the special operations have evolved since you guys completed that merger?

Eric Brock: Yes, sure. I think this is just business as usual, firstly, and secondly, what we communicate to customers and partners is that Mistral is now even better partner with more resources. And we’re investing in outcomes with these customers. So I think the feedback, the response we’re getting from the marketplace has been very strong.

Operator: Next question will come from Mike Latimore with Northland Capital Markets.

Mike Latimore: The Sky Weaver program is very interesting. Can you help clarify a little bit how that relates to like Maven. It feels like Maven is part of Mission autonomy as well. So just kind of maybe think of how Sky Weaver would relate to a Maven platform. And then you talk about charging for outcomes versus maybe the traditional point product route, how much do deal sizes expand them?

Eric Brock: That’s great. And I’ll ask Ryan to answer that.

Ryan Hartman: Yes, great question. So when we think about Sky Weaver and how it relates to Maven, what we’re focused on is creating an agent solution, specifically in the intelligent surveillance and reconnaissance space and ultimately takes advantage of the Maven architecture for disseminating that integrated intelligence product. So if you think about the Ondas portfolio and having multiple domains, collecting intelligence and applying a genic AI, we’re producing a fully integrated and reasoned intelligence product that ultimately can be delivered fast and exactly to the right person via Maven. So when I think about it, Sky Weaver can’t operate without Maven and Maven ultimately benefits from the existence of Sky Weaver.

Mike Latimore: Great. And then just charging on outcomes versus the traditional route, how much do deal sizes potentially expand.

Eric Brock: Ryan, I’d just say — I’d like you to expand on the business model around the ISR as a service. But I don’t think it’s necessarily outcome where we provide certain intelligence and they pay us more, right? So — but Ryan, can you add to this?

Ryan Hartman: Yes. So today, for a good majority of the ISR that’s collected especially in conflict. It’s done through a cocoa ISR services model, a contractor-owned, contractor-operated ISR systems. And so what we see as the unity is by having an integrated and multi-domain ISR solution, we can ultimately offer multiple domains via a single contract. So instead of having to contract for just stratospheric balloon ISR or tactical UAS ISR, we can offer a full domain solution or a multi-domain solution. and have it fully integrated via Sky Weaver and leverage common operators, common sensors, common field support which decreases cost ultimately decreases price, but for us, also increases margins. So I expect that as we continue to roll out our multi-domain ISR capability, deal sizes will go up.

Operator: Your next question will come from Matthew Galinko with Maxim Group.

Matthew Galinko: Maybe just following up on a prior question, Eric, I think you mentioned trying to expand software content in your mix. Can you maybe go a little bit off further into how you get there?

Eric Brock: Well, for sure. And I’ll ask Ryan to support this because a lot of this is in and around the ISR. But more broadly, you’re seeing us both internally developed software on command and control and the integration of our systems. We showed one of those systems in our Wave in a video in there. You saw us combining our ground capabilities [indiscernible] and counter-drone capabilities. So as we’re doing that, the C2 around that becomes critically important. So we’re doing that in a variety of ways. Brian, can you expand on that as it relates to Sky Weaver.

Ryan Hartman: Yes. So Sky Weaver is both a product that will be deployed on Dos platforms, but it’s also a set of solutions that can be deployed on other platforms. So it creates a software product along with software licenses that increases the software revenue that will be available to us. In addition to that, we see it as one of those solutions where it’s an additional item in our bill of materials that will benefit from licenses as we deploy our systems to customers and specifically through those Coco ISR services contract. So there will be a continued set of features that are added to Sky Weaver that create additional software licenses, therefore, software gross margins through a lot of those contracts.

Eric Brock: And Matt, I’ll add that you’ll hear more about this as we’re moving through the year and also in our strategic growth pipeline. We have some interesting things that we’re looking at that are software related.

Matthew Galinko: And then I guess my follow-up would be on Iron Wave. I was hoping you could maybe you covered this, but is the development of that and subsequent systems sort of more reactive to customer demands? Or are you proactive? Just trying to get to where the puck is going.

Eric Brock: We’re absolutely proactive. And we think we have opportunities to define and really lead the integration of these various domains. I’ll ask Meir Kliner to share more context as to how the Iron Wave and other elements of this are coming together because it’s not just Iron Wave. We have more in the pipeline to share as we’re moving through the year in terms of systems of systems and integrated solutions. Meir?

Meir Kliner: Yes, so we took most of our tech companies technology and combine everything together of the ones — so as Eric mentioned, system of systems, if you’re talking about Iron Wave, so we’re talking about country mobile country U.S. that integrate together [indiscernible] a brain…

Operator: I think we lost Meir.

Eric Brock: Okay. All right. So I guess I’ll just try to piggyback and we did talk about just a bunch, you’ll hear more — but the critical part of this is integrating them on the hardware level, in a system form factor that’s effective and can be deployed — but as May started to talk about — you hear more about this OS and brain that we’re creating that can be interoperable with many of the edge technologies we have. So — so we lost there, and I’m sure we’ll have an opportunity to talk about in greater detail as we’re moving through the year.

Operator: And this will conclude our question-and-answer session. I would like to turn the conference back over to Mr. Eric Brock for any closing remarks. Please go ahead.

Eric Brock: Okay. Well, thank you, operator. And as we wrap the call, I want to thank you again for spending time with us today. 2026 is off to a great start and we are focused on sustaining that momentum throughout the year, and we look forward to providing more updates along the way. Also, as a reminder, if you’re a stockholder as of April 9, the record date, please cast your vote for the annual meeting. Your vote is important, and we appreciate your continued support. Our team is now going to go back to the important work of building the company. We hope you have a great day. Thank you.

Operator: The conference has now concluded. Thank you for attending today’s presentation. You may now disconnect.

Receive real-time insider trading and news alerts