Ladies and gentlemen, thank you for standing by. Welcome to Allot's Third Quarter 2025 Results Conference Call. All participants are at present in listen-only mode. Following management's formal presentation, instructions will be given for the question-and-answer session. As a reminder, this conference is being recorded. You should have all received by now the company's press release. If you have not received it, please contact Allot's Investor Relations team at EK Global Investor Relations at 12123788040 or view it in the news section of the company's website at www.allot.com. I would like now to hand over the call to Mr. Kenny Green of EK Global Investor Relations. Mr. Green, would you like to begin, please? Good day to all of you, and welcome to Allot's Conference Call to discuss its financial results for the quarter. I would like to thank Allot's management for hosting this conference call. All participants are present in listen-only mode. Following the formal presentation, instructions will be given for the question-and-answer session. As a reminder, this conference call is being recorded. If you have not received the company's press release, please check the company's website at www.allot.com. With me today on the line are Mr. Eyal Harari, CEO, and Ms. Liat Nahum, CFO. Following Eyal's prepared remarks, we will open the call for the question-and-answer session. Both Eyal and Liat will be available to answer those questions. You can all find the highlights of the quarter, including the financial highlights, and metrics, including those we typically discuss in the conference call, in today's earnings press release. Before we start, I'd like to point out the following safe harbor statement. This conference call may contain projections or other forward-looking statements regarding future events or the future performance of the company. Those statements are early predictions, and Allot cannot guarantee that they will, in fact, occur. Allot does not assume any obligation to update that information. Actual events or results may differ materially from those projected, including as a result of changing market trends, delays in the launch of services by Allot customers, reduced demand, and the competitive nature of the security services industry, as well as other risks identified in the documents filed by the company with the Securities and Exchange Commission. Also, the financial results in this call will be presented mainly on a non-GAAP basis. Allot believes that these non-GAAP financial measures provide more consistent and comparable measures to help investors understand Allot's operating performance in the quarter. For all the data, please refer to the financial tables published in the results press release issued earlier today, which also include the GAAP to non-GAAP reconciliation tables. With that, I would now like to hand the call over to Eyal Harari, CEO of Allot. Eyal, please go ahead. Thank you, Ken. We are pleased with our excellent third quarter 2025 results. We reported double-digit year-over-year revenue growth for the first time in multiple years, continued strong success momentum, and our highest level of operating profitability in over a decade. We saw strength across all parts of our business, both in cybersecurity as well as network intelligence solutions. Revenue for the quarter was $26.4 million, up 14% year-over-year. Our profitability has likewise expanded strongly, and we reported a solid operating profit in the quarter versus a loss last year. Our cybersecurity as a service growth engine continued with its excellent performance. As of September 2025, our CCAs ARR was up 60% year-over-year, which demonstrates very strong traction for our service among end customers. As each quarter passes, CCAs is becoming an ever more important part of the revenue pie, and it's made up 28% of our revenues in the quarter. We ended the quarter with over $80 million in cash and no debt, and Allot is back to a very strong financial position with the resource to further execute on our growth strategy. Overall, our results demonstrate that we are executing exceptionally well on our cybersecurity-first strategy and renewed go-to-market focus. Looking at some of the trends within the business, I first want to discuss our CCAs growth engine. We are seeing increased traction among major telco for cybersecurity as a service solutions. As we progress, we are starting to see the fruits of our long-term investments in this solution. The recent customer launches of our cybersecurity service are going very well. We are actively supporting our customer launches, and the offering is gaining traction with our end customers, driving our strong sales momentum. During the quarter, we gained our first customer for our newly released OPNET Secure solution. OPNET Secure will allow the extending of network-based cybersecurity protection beyond the operator's infrastructure to subscribers using any network or Wi-Fi connection. It allows operators to better seamless always-on security experience that travels with the user without requiring complex installations or device-level configuration. For the operator, OPNET Secure strengthens their customer loyalty, increases subscription-based revenue opportunities, and reinforces their role as a trusted provider of digital security backed by Allot technology. The pipeline of new potential business continues to increase. Our CCAs offering is gaining traction not only with new CSPs and telcos but also among the end customers of our existing partners. The positive momentum is allowing us to show accelerated growth and is providing us with a strong forward visibility. As you can see, we are working hard to successfully bring new CCAs customers to Allot. Our Smart product for network intelligence continued to perform well and was also a contributor to our growth in the quarter. We are winning new customers, which are driving higher revenues, stronger backlog, improved visibility, and we have a robust pipeline. Today, our Smart product is being sold as part of our unified cybersecurity-first platform, and this integrated solution, best-in-class technology and innovation, is enabling us to generate increased demand. We are actively executing on the various projects we have recently won, including new Terra 3 deployments and upgrades, where we are working closely with the customers to roll out the platform. We are investing to bring new capabilities and functionality to maintain our technology leadership, and our recent enhancement around visibility is creating new opportunities for us. Overall, our efforts to grow the Smart business and product line continue to progress well, and the backlog that we have built over the past few months provides us with solid visibility heading into next year. In summary, we are very pleased with our third quarter 2025 result, driven by strong performance across all parts of our business, namely accelerating CCAs traction and increased network intelligence solution sales. Looking ahead, we have good visibility, our backlog is strong, and our pipeline continues to be broad with many opportunities. I am increasingly optimistic about our long-term future, and I am excited to continue progressing on our cybersecurity-first strategy. Given the continued accelerated CCAs growth, our solid visibility, and high level of backlog, we are increasing our guidance. We expect 2025 year-end CCAs ARR to show an exceptionally strong year-over-year growth, surpassing 60%. We are also raising our full-year 2025 revenue guidance to between $100 million and $103 million. As we move into 2026, Allot is exceptionally well-positioned for the year ahead, and we see ourselves at the inflection point of a longer-term trend of ongoing profitable growth. I would like to hand it over to our CFO, Liat Nahum, for the financial summary. Liat, please go ahead. Thanks, Eyal. Revenue in the third quarter was $26.4 million, up 14% year-over-year. Revenue from our growth engine, CCAs, was $7.3 million in the quarter, up 60% year-over-year, and comprising 28% of our revenue in the quarter. Our CCAs annual recurring revenue, ARR, as of September 2025, was $27.6 million. Our revenue increase was driven by growth in both our CCAs and our Smart businesses. From a geographic perspective, I want to point out that in the third quarter, we had an increased level of America sales in line with our strategy to increase business in this region. Specifically, we recognized revenue on a relatively large Smart order, and on the CCAs front, we experienced a growing contribution from the U.S. Finally, I want to point out that recurring revenue continued to grow as a percentage of our overall revenue, standing at 63% in Q3 2025 versus 58% in Q3 2024. I will now discuss the non-GAAP financial measures. For all our financial results, including the GAAP financial measures and the various other breakdowns of our revenues, please refer to the table in our results press release. Non-GAAP gross margin in the quarter was 72.2%, compared with the 71.7% in the third quarter of last year. Non-GAAP operating expenses were $15.4 million, compared with the $15.6 million in the third quarter of last year. During the quarter, we received a grant of approximately $1 million for research and development funding. This grant was also received in the third quarter of last year. We reported non-GAAP operating income of $3.7 million, compared with $1.1 million in Q3 2024. The growth in revenue and improved gross margin on a similar operating expense base led to significant growth in our operating income. Allot had 497 full-time employees as of September 30, 2025. In terms of non-GAAP net income, we reported $4.6 million in the quarter, or a profit of $0.10 per diluted share, as compared with $1.3 million, or $0.03 per diluted share, in the Third Quarter of last year. During the quarter, we completed a $46 million follow-on share offering, of which $40 million in gross proceeds were received during the Second Quarter, and the remaining $6 million in gross proceeds received this quarter. Our shares issued and outstanding as of the end of September were 48.4 million shares. We reported $4 million positive operating cash flow in the Third Quarter, representing the third quarter in a row that we are generating positive operating cash flow. We added over $10 million to our cash balance, and we are well-positioned to drive profitable growth. Cash, bank deposit, and investments as of September 30, 2025, totaled $81 million versus $59 million as of December 31, 2024. Allot has no debt. That ends my summary. Eyal and I are now happy to take your questions. Thank you, ladies and gentlemen. At this time, we will begin the question and answer session. If you have a question, please press Star one. If you wish to cancel your request, please press Star two. If you are using speaker equipment, kindly lift the handset before pressing the numbers. Your questions will be polled in the order they are received. Please stand by while we poll for your questions. The first question is from Nehal Chokshi from Northland Capital Markets. Please go ahead. Morning. Congratulations on a good quarter. Eyal, you mentioned that you're seeing increased traction with a major telecom customer. Can you outline whether or not that's coming from higher tax rates, or is that coming from more at-bats because potentially now bundled at the default, at the base premium bundle here? Thank you, Nehal. Overall, we are seeing good progress with all of our new customer launches. I think we are seeing a positive trend both on the tax rates as well as we have good progress with the new services we launched with our customers. This quarter, we updated on Más Móvil in Panama that launched our CCAs service and expanded our customer base. Overall, we are seeing good results with all of our customers that drove this very significant growth on both CCAs revenue and ARR and supported our highest revenue growth for the company in a while. Okay. Great. You also mentioned that you secured your first customer for OPNET Secure. Can you give a little bit more detail of what is the customer profile of this first customer here? We have the OPNET Secure is a product we launched a few quarters ago with an aim to enhance our security protection for our end customers, not only when they are connected to the operational network, but also when they are leaving the network and using other ways to connect to their services. With the new product, it's starting to build a pipeline, and we are in multiple sales opportunities with both new and existing customers that are looking to enhance their service with this option. I don't want to go too much into the specifics of this first launch, but I would say that the main value for this specific customer is that they really want their customers to be protected 24/7, and they wanted to combine our unique network security with the OPNET, so no matter where the customer is connected, they're always using our cybersecurity services, and they don't have any—and they mitigate the risk or minimize the risk to be under security threats. Is it fair to say that this is a customer materiality to Allot? We appreciate the customer, and it's very important. I don't want to go into specifics. As I said, it's the first customer that we already added this service, but we have additional multiple opportunities with both new and existing customers that are looking to further enhance our cybersecurity service with OPNET. Okay. Great. Thanks. My final question is that in the past quarters, you've commented on a strong Smart pipeline. Do you continue to see that? Yes. We announced earlier in the year that we won several multi-million dollar deals, as well as a very large deal we announced, I believe, in July or August. We still see a strong pipeline with opportunities, both with existing customers looking to further expand their platforms. We see good demand for the Terra 3 new product, which is a very high-capacity service gateway solution. We have a good mix of new and existing customers in the pipeline. Overall, as commented earlier by Liat, we see in this quarter strong results not only from the CCAs but also from the smart product line. We are hoping for this trend to continue. Great. Thank you very much. Thank you, Nihal. The next question is from Jonathan Ho from William Blair. Please go ahead. Hi. Good morning and congratulations on the strong results. Starting with CCAs, can you maybe unpack for us a little bit more what the drivers of the growth were? How much of this growth is maybe coming from newer contracts that are now coming online versus adoption and growth in existing contracts? Thank you, Jonathan. Our main growth is coming from last year's one contract we announced in the last two quarters that onboarded, launched our service, and continued to onboard new and additional customers. Overall, we are very pleased with the result of most of our strategic accounts that are continuing to add new subscriptions and supporting the service. We announced this quarter about one new launch, Más Móvil in Panama. Some of the new projects and activities are going to support our longer-term growth. When we look on the short-term quarterly changes, this is mainly by new customers joining on the services we already launched. Got it. In terms of your network intelligence offerings, can you talk a little bit about the competitive landscape and pricing environment? It looks like this has inflected back to growth, but just wanted to understand sort of the sustainability of that growth opportunity. Our networking technology is part of our core assets. We have a very large and significant install base of customers. Overall, the competitive landscape is, I would say, easier these days due to some of the changes in the dynamics. We see that overall telco CapEx spend is still tight, and the telecom industry is still challenging. We believe we have unique technology, and with the Terra 3 product that is very unique, we are able to get the best price performance in the market and by that get really competitive edge. I believe that in the next few quarters, there is definitely a potential to continue to grow well with this product, and this continues to be a significant part of our plans. While in parallel, as you could also see, the CCAs starts to be very meaningful. We passed more than 25% of our business from the cybersecurity. If we continue with this pace, we are going to about 30% of our business with the cybersecurity CCAs service. This positions us very well to continue the growth next year. Got it. Maybe one last one for me. Can you talk a little bit about the drivers of growth in some of your larger CCAs contracts and whether some of the ad campaigns that were launched that were pretty public have had an impact in terms of adoption? Is there any way to measure that or anything that you've taken away from a learning perspective? Thank you. We are seeing four drivers for our CCAs growth. One is obviously when we add new customers that are expanding our TAM into new subscriber base. This is what we are busy with, our expanded go-to-market team that is going after new accounts. On accounts that we already work with, usually we start with certain services, but we are continuing with our customer success teams to further offer additional services. For example, start with the mobile network. We are offering the fixed security. In some area, we are doing the business customers. We are looking into the consumer and vice versa. Every account definitely does things once, has a lot of potential to do more. For the services that are already launched, we are working closely, our marketing team and our consultants that bring best practices on what is the best way to go-to-market for our partners to reach their customers. We are trying to help them with marketing materials, marketing campaigns, and really more on a consultancy supporting mode. We are really reliant on their go-to-market efforts. Typically, new services once launched, they are peaking after two to three years, and we see strong double-digit attach rates in many of our customers. This is why this growth is usually sustainable along this time. Last is we are looking to further upsell and cross-sell new innovation, new products. We are very pleased that our latest release of the OPNET is now part of the portfolio, and this is helping us to get more revenue from the same customers that already attach to the cybersecurity service. We are continuing to work on additional innovations and bring more value to our customers to further help them to protect their customers. All of those are working together. Some are more longer-term growth. Some of them are more short-term growth. Because we are investing in all those in parallel, we are seeing a very good result in the 60% range year over year, which we are very pleased with. Excellent. Thank you. Thank you, Jonathan. The next question is from Matt Calitri of Needham & Company. Please go ahead. Hey, guys. This is Matt Calitri over at Needham. Thanks for taking our questions. On the CCAs side, how is Verizon Live's penetration trending versus expectations? Are you seeing fairly linear scaling here, or is it more of an exponential path? We cannot refer to specific customers, but as commented before, we are overall very pleased with our progress with all of our customer base. We see the results in the quarterly numbers. As you saw, we raised our expectations to press 60% on the yearly level. Overall, we are very happy with the progress. Okay. That makes sense. When you said CCAs revenue is going to about 30% of the business, was that expectation by the end of the year? Yeah. If we will continue the current trend and as we gave already guidelines for the remaining of the year to reach 60% and above year over year, this is indeed the expectation. Yes. Okay. Great. Last one for me. On the product revenue strength you're seeing, how is Terra 3 playing a role in customer conversations? What kind of color can you give there as far as new opportunities that's opening up and how conversations are changing there? Thank you. We do see a good mix in our pipeline of new opportunities as well as discussion with our existing customers. Overall, we are putting a lot of focus on our customer success and making sure we are helping to support our customer business goals. A lot of the growth and a lot of the potential we see is already with a very impressive install base. We have some of the best carriers in the world that are working with us, both on the Smart Execute product line. We are trying to continue and improve and delight our customers to maximize the business value they get from our solution. Overall, in the telco industry, this is the best way to provide longer-term sustainable growth. We also see every quarter additional new customers that are adding to the potential. As we mentioned in the previous comments, we saw part of the quarter new logos joining in both on both product lines. We are trying to keep the investment on hunting and going after new accounts and maintaining a healthy mix in our pipeline between the two. Great. Thank you. Thank you, Matt. There are no further questions at this time, so that ends our question and answer session. In the next few hours, this call will be made available on Allot IR website. I would like to thank everyone for joining this call today and especially to Allot Management for hosting this call. With that, we end our call. Have a good day.