... presenting company is Airgain, a leading provider of advanced wireless connectivity solutions. I'm pleased to welcome CFO Michael Elbaz and CEO Jacob Suen, who are here to tell you a little bit more about the company. Michael? Thank you very much, Matt. Good morning, everybody. My name is Michael Elbaz, and I am very happy to present to you an update on our company, Airgain. Airgain was formed almost over 20 years ago, and as a private company, its purpose was really to build a brand of RF expertise. We became public almost 10 years ago, and based in San Diego, California, our headquarters, but we do have a global sales and design centers presence. We have design centers in Scottsdale, Arizona, along with St. Louis Park in Minnesota, Suzhou in China, Taipei in Taiwan, and Cambridge in the U.K., including also San Diego as our headquarters as well, too. We are an innovation company, and we are rich in patents and applications, over 285, and this is something that we are very proud of. As a point of reference, our first half of the year, 2025, revenues came in around $26 million. FY 2025 consensus currently is at $55 million, and our market value as of this morning is around $50 million. Our enterprise value is about $43 million, mainly because we have about $7 million of cash as of June 30, but also because we have no debt whatsoever. Our purpose is to simplify wireless. We work on solving complex wireless challenges, but our approach to our customers and our approach to our product and solutions is to make wireless simple: simple to integrate, simple to deploy, simple to maintain. This is the foundation of everything we do every day. Now, a few investment highlights here. One of our key focus over the past few years has been to transition our company from a components providers into a wireless system solution provider. That ability to launch our growth platforms, which I will talk about in a few minutes, has expanded our SAM, our market opportunity, from $1.1 billion in 2024 to $2.2 billion in 2025. Now, we have done so with our growth platforms. Our system solutions were launched in 2024. 2025 has been a year of focus of expanding our customer trials and also certification waves, and we are targeting 2026 to be a revenue shipment ramp for our company. Now, all of this investment on the system solutions has been made on an organic basis for a number of years. By that, I mean is that the profitability of our existing market or existing product lines have been funding those complex wireless solutions development. In fact, the consumer business, which is our embedded antenna for the past 20 years+, has been a source of great profitability, but also revenue growth. We expect that to be growing double- digit this current year, and that is mainly because of the overall technology refresh from our MSOs, cable operators, from Wi-Fi 6 to Wi-Fi 7. It's also from a revenue ramp with a Tier 1 MNO, mobile network operator, that has designed us in for a fixed wireless access indoor unit. We continue to invest into this product line, and we continue to really bank on revenue growth in the foreseeable future. Likewise, our embedded modems has also seen some quite a bit of growth as well, too, in the first half of the year, and this is primarily because of the overall growth of the utility infrastructure monitoring application. And then finally, we are a scalable asset-light model. We basically believe in... Our reasons of being are to be a leader in innovation and also to be exceeding our customer expectations. And therefore, whatever else we do, aside from R&D, sales and marketing, has to be questioned. And for example, we are fully outsourced right now from a manufacturing standpoint. We have eight global contract manufacturers. The key benefit of that is, for the size of our company, is to be able to have access to a level of expertise in some of the more complex manufacturing capabilities. It's also to be able to be scaling very fast and to have time to market as well, too, as an advantage. We have a rich product portfolio, IP portfolio as well, and we intend on growing this. Then finally, we also have assembled, over the past three years, a truly seasoned leadership team that has been really having a wealth of experience in really providing sustainable long-term revenue growth. This team is led by Jacob Suen, our CEO. Jacob has been with the company for almost 20 years. He has led the sales organization for a number of years, and five years ago, he became the CEO with a strict mission to transition our company from a component provider to a complex wireless system solution provider. I have been with the company for almost three years. My background is really in public semiconductor companies, large and small. Dr. Ali Sadri is our Chief Technology Officer, has been with the company for almost four years. He is one of the foremost thinkers of 5G technology, having led at Intel for almost eighteen years, recently, mostly in Intel, the 5G millimeter wave. Vic Blair is our SVP of Operations. He is the architect of our fabless model right now. Gordon Shank has joined us a few months ago. Gordon has quite a bit of wealth of experience in terms of sales organizations. He actually retired and came back out of retirement because of the opportunity that we offer. Evan and Brian have been recent hires over the past year and a half. They both come from large organization, and have a great level of expertise in complex product development and launches. Suzanne has been with us for a few years now as a fractional Chief People Officer, and she has a wealth of experience as well, too, in terms of transforming companies and culture. Now, a quick word about our evolution. Some 20 years ago, we started out as Airgain, as a private company, and really introduced the first smart antennas. This is actually the heart of our embedded antennas, which makes up all of our consumer market, which is about a third of our revenues, and this is still going on and growing as well, too. In 2021, we acquired NimbeLink out of Minnesota, and this is our first entry point into real IoT, industrial IoT actually, market, with embedded modems, asset trackers, and custom products. The NimbeLink product lines are really the majority of our enterprise revenues, which is about 50% of our revenue today. In 2024, critical milestone for us, that was the launch of our AirgainConnect Fleet all-in-one 5G vehicle gateway. We also introduced our Lighthouse smart network repeater. In 2025, we announced in Q1 of this year our strategic partnership with Omantel, a leading telecommunication provider in the Middle East, specifically in Oman, but at the same time, we also launched our solar Lighthouse version. In Q2 of 2025, we announced our certification as FirstNet Trusted with AT&T in May of 2025 for our AC Fleet, and we currently are working through another wave of certification, specifically T1 priority with T-Mobile this quarter, Verizon Frontline for in Q4 for the Verizon First Responders market. And then finally, also CE certification for both AC Fleet and Lighthouse. In fact, on Lighthouse, we announced this morning that Lighthouse was certified by FCC as well, too. So we're able to expand our market from just the Middle East a year ago to the U.S. as well, too, taking advantage of our system integrator approach in the U.S. So in a nutshell, we have a wealth of product lines really targeted toward the antenna and the IoT solutions. This is our core business. This is what makes up our consumer business, embedded antennas. Our automotive business, which is really external antennas today. And also our enterprise business as well, too, which is made up of IoT and also antenna for the enterprise market. But as we move forward, really our target is to tackle the 5G vehicle gateway market, along with the smart network repeater market with our Lighthouse platform. Now, foundationally speaking, the core business is about $1.1 billion of a size, but we don't expect it to be growing much, relatively flat over the next couple of years. What is doubling our market size today is really the entry point on the 5G vehicle gateway and the smart network repeater, and we see that growing by 50% in 2026. Overall, the SAM in 2026 should be growing by 20% for us. Now, this is made up of a lot of external data points, but also our own internal analysis. The vehicle gateway, for example, is really US-focused right now, and it is made up of the best estimate that we have of the fleet vehicles that are moving from 4G to 5G. Likewise, on smart network repeater, this is not the environment of all the base station by any means, or the DAS infrastructure by any means as well, too. This is really looking into the market served and having an understanding of the pain points. So right now, in 2025, we're talking about the Middle East and also partially the US. In 2026, the growth is also because of the ongoing trials that we have in Europe, but also in Latin America, along with the U.S. as well, too. So let's talk about those two key growth platforms. AirgainConnect platform is really all about all-in-one 5G modem, router, antenna, along with all the standards of wireless connections: GNSS, GPS, Wi-Fi, LTE, 5G, all- in- one compact package sitting on top of the roof, no more than 2 inches tall. This by itself is a feat because of the RF and the hardware design expertise that we have to be able to put everything together and address any type of noise interference from the different standards, but also the heat dissipation from it. It's a fully enclosed unit. It also offers eSIM capabilities as well, too, and we can carry up to four carriers, so AT&T, T-Mobile, Verizon, plus one more, and that feature makes it the first gateway to be able to have a eSIM capability... because of this all-in-one design, the performance is definitely the highest in the marketplace. Speeds and coverage, mainly because of the prevention from RF cable loss. Then finally, from an easy installation, this is something that can be installed in half the time that a traditional router/antenna can be installed. And the overall, along with the eSIM capability, is factoring into a reduced total cost of ownership. To give you a visual picture of the approach to the overall 5G connectivity, there, on the right side, is a traditional approach. What you see there is a router that has to be trunk-mounted and very securely installed to prevent any type of vibration that can impede on the connectivity signals. It's also having a high performance antenna on top of the roof. Sometimes it's ours as well, too. But then having a multitude of cables going through from the roof to the trunk, up to nine cables, and then again, to the driver's seat as well, too. That is a current traditional approach. This approach also allows for up to two SIMs that are physical cards, basically. More than that, you have to also expand the number of modems as well, too, in the car. Our approach is very simple: we simplify wireless. So this is one unit. It's rugged because of the eSIM capability. There is no space for physical SIM card. So it's IP67, IP69 certified. It's the smallest footprint, and it's all about the simplicity behind the deployment, the integration, and the maintenance. This next slide provides an overall picture as to our competitive advantages compared to the all-in-one gateway that is currently in the market. You'll note that the size itself is really what we offer as a competitive advantage, along with the eSIM feature, and then the traditional market. Having said that, public safety sectors and utility sectors as well, too, are under heavy pressure from the carriers to transition from 4G to 5G, and this is what we believe is the opening door for us to be playing into this marketplace, along with a strong belief that today, this is what the market needs. Nothing more complicated than that. Now, what about Lighthouse? To understand Lighthouse, let me preface that the move from 4G to 5G is something that we'll all have experienced for a number of years. But 5G operates in high-frequency bands, and the higher the frequencies, the higher speed, the greater the capacity of the network. However, the higher the likelihood of interference, and that interference could be a building, it could be the shadowing effect of two buildings next to each other, and that creates coverage gaps. To fix those gaps outdoor means installing a new base station or cell tower. To fix the gaps indoor means upgrading a 4G DAS infrastructure into a 5G DAS infrastructure, and those are in the hundreds of thousands, even millions of dollars type of effort. What Lighthouse provide is a solution without having to go through this. The beauty of Lighthouse is that it's been in the works for the past four years, and it is very software heavy, but the beauty of it is that it's a fast and easy installation. It takes less than one day to implement that, as opposed to a cell tower, a small cell, or a DAS, for example, that is weeks to months of implementation because it requires trenching, it requires construction, it requires permitting, it requires also zoning approval. Lighthouse doesn't. And that, in effect, reduces the overall total cost of ownership. For the in-building solution, and I'm showing a hospital where we've done a trial over a year ago, this is in Oman, where the hospital itself had coverage on the top floors, but did not have any coverage on the first floor or the parking structure. And in a matter of hours, we were able to provide the whole 5G. The beautiful thing of it is that this has a 4G infrastructure altogether. Lighthouse can work with or re-leverages the existing infrastructure to be able to provide and propagate 5G and address gaps. Again, no backhaul required. And so from a competitive standpoint, we're measuring it actually to something that is a little bit more simpler, like a 5G cell site, in this case, a remote radio head, for example, as opposed to a base station. Otherwise, those TCOs will be just too much. But in the case of a remote radio head, this is a 3x lower TCO compared to a 5G upgrade, not a 5G DAS installation, which is close to $1 million. This is just a 5G upgrade in a building. This is up to about 2x lower TCO. And so the ideal use case of Lighthouse is that it really works well for extending 5G and addressing coverage. It is fast to deploy, it can offer capacity offloading to the MNOs as well, too, and it operates by using the existing infrastructure. Our pitch here, our value proposition, is that it can be part of an ecosystem alongside with the base station and small cell tower outdoor, along with a DAS infrastructure to boost indoor as well, too. As a quick note here from a financial results and midpoint of guidance, we are actually around the $14 million of the midpoint of the guidance for Q3. One of the key thing here is again talking about the organic nature of the funding of those programs, is really a desire to be always at EBITDA breakeven, if not EBITDA positive, which we expect to achieve this quarter here. To give you a little bit more sense about our guidance, we do this not only because of the revenue top line, but also from gross margin improvement. Two years ago, our gross margin was about 38%. We're getting up to about 44%, and we expect higher gross margin once those system solutions are fully launched. Same thing on our OpEx, managing our OpEx very carefully by realigning any type of expenses away from product line that are existing into new, working solutions. And then finally, also as G&A expense, efficiencies. So why invest? One is that we are an innovation company. We are small, but we know that innovation has driven differentiation in the past for us, and it will drive differentiation for the future for us. We are also in the midst of growth platform that are really addressing real pain points into specific markets, and that is expanding our overall market opportunity, and then finally, we are built to have an operational model that is gonna be resilient in challenged times, but also gonna give us upside on profitability in good times as well, too. Thank you. We have about five minutes for Q&A. I don't know if the audience has any questions. So you touched on the fact that you guys are a smaller company compared to, you know, a lot of your competitors. Could you go into more of, like, the innovative technologies you have up there, and how are you gonna differentiate yourself from competitors to sort of lead to sustainable revenue in the next few years? So it's exactly what I was mentioning about the AirgainConnect Fleet. I mean, this is something that is not new to us. We had actually an exclusive with AT&T on Band 14 on the first generation of AirgainConnect, actually. So we understand that market and the pain points of that market very, very well. When we decided to launch our AirgainConnect next generation, one key factor here was that we wanted to be carrier- service- agnostic, appeal to any type of carriers. And then came the idea of, what about eSIM feature? Because that market doesn't have that today. So it is stuck into this traditional approach, and this is how we started again, simplifying wireless, eSIM feature. Can we, can we really go after and overcome the heat dissipation, the noise interference, and come up with something that is really compact, rugged, fully enclosed, smallest footprint, make it simple for the customers? Likewise, on the 5G, coverage gaps as well, too, Lighthouse specifically, this has been in the making for many, many years. And this is a very, very strong algorithm-driven type of a solution, echo cancellation, carrier aggregations, smart antenna system as well, too, and this is something that we believe is a bit of a disruptor in the marketplace. Jacob? Yeah, and I add a couple more comments to your questions. By the way, great questions. So on the AirgainConnect Fleet, what are some of the technology differentiation that we bring to the table? Two main issues that people want to do what we do but couldn't do it. One, it's thermal issues. So to be able to make this thing into an all-in-one. Everybody is to want it into an all-in-one, right? I mean, ideally, even at home, right? Can you compact, make things in one compact device? That's ideal, but actually, how do you do it? That's where our differentiation come into play. How do you resolve the thermal issue, being this system out, you know, I mean, this device we have outdoor, on top of the vehicle, and it can't have any kind of airflow, right? Unlike at home, you have type of airflow. We don't even have that. How do you overcome that thermal issue? That's one. Second of all, now we're gonna put all of these, you know, GPS, Wi-Fi, all of that into one small form factor, you got noise issues you got to overcome. So thermal issues, noise interference issues, are two major problem that others couldn't do what we do. And how we're able to do it, is the years of our experience. That's how we grew up. We talk about the antenna background. That's how we're able to build this complex system in a really small form factor that others couldn't do. And then all the benefits that comes with it, right? The performance benefit because of the cable-less, right? Then on the Lighthouse smart network repeater, again, we hire, I believe, one of the best, if not the best guy in Dr. Ali Sadri, who was the. Really, they used to call him the father of millimeter wave in Intel. He spent eighteen years at Intel. He has done a lot of development. But when we hire him and have him come on board, the first thing he say, "You know what? Let's not go to millimeter wave." Millimeter wave, while it's really, you know, it's the future, but the future is not for many more years. So what we're seeing is the C-Band. So from my perspective, to hear that from him was, you know, really intriguing. And then because all the know-how, you know, the millimeter wave is just a lot more complex. To do something actually in C-Band is actually easier for him, and this is where he built this highly differentiated, you know, Lighthouse repeater, that really it's the replacement for a small cell. So what we're seeing here, and we know we talk about the extending coverage, but for me, the biggest problem out there today is the coverage gaps, not only from a data perspective, but from a cellular perspective. I'm sure all of us have issues when we're driving or when we go to a different... Your house, right? Some of them, my house, I have both issue. I have a data issue and a cellular issue. Some of them, you say, "Okay, finally I got my fiber into my house. I solved my data issue," but I'm still have to running around and say, "You know what? Wait a second, I'm, you know, I need to go to my window to be able to talk to you." All of us have that experience, right? You know, even here, out here, you know, I'm trying to make some calls. There'll be spots where I'm like, "Okay, I have a problem." And you complain. You complain to AT&T, you complain to T-Mobile, but they say, "You know what? Look, we understand, but it's sometimes cost prohibitive for me to put a small cell out there, put a base station out there." Here comes the Lighthouse. No backhaul needed. Sometimes don't even need the power. We actually can be powered by solar. Put this thing in a lamppost out there somewhere, and pointing to the base station, and within a day, you got coverage. Not only data, but cellular improvement as well, and that's what this device is gonna help you, and why others couldn't do it? Again, it's going back to our technology's prowess. This one's got smart antenna technology in there. That's where Airgain was founded, right? So we have our IP on smart antenna technology that can really always look for the best route, 'cause you may have several base station. We're just gonna pick the right one. You know, we got a lot of software features where we can actually support two carriers at the same time. Nobody else has that. We can actually aggregate channel. So AT&T just bought EchoStar. They're getting some more spectrum, but they're bits and pieces. You know, you got some here, some there. With our software, we can actually aggregate seamlessly, acting as one, you know, one spectrum. So those are just a few features that we do. Echo cancellation, that's why we're not a traditional repeater. Traditional repeater, you got, you are really like blow, you know, like loudspeaker, right? You have this noise issue you have to overcome, but with our solution, we have this echo cancellation that can solve that. So I know I give you a lot of information, but- ... Thanks very much. Thank you, Jacob. but hopefully I give you the long answer. Yeah. So, sorry. No, unfortunately, we're- But those are great questions. Yeah, great answer, great question. Unfortunately, we're out of time. Michael, Jacob, thank you so much for telling us the Airgain story. Thank you, everybody. Thank you. Thank you very much.