Greetings, and welcome to Kornit Digital's first quarter 2026 earnings conference call. As a reminder, this call is being recorded. I would now like to turn the conference over to our host, Mr. Andy Backman, Chief Capital Markets Officer for Kornit Digital. Mr. Backman, you may begin. Thank you, operator. Good day, everyone, and welcome to Kornit Digital's first quarter 2026 earnings conference call. Joining me today are Ronen Samuel, Kornit's Chief Executive Officer, and Assaf Zipori, our Chief Financial Officer. For today's call, Ronen will share his overall commentary on the first quarter, followed by Assaf, who will review our first quarter 2026 results and provide our guidance for the second quarter 2026 before we open up the call for Q&A. Before we begin, I would like to remind you that forward-looking statements within the meaning of the U.S. securities laws will be made on this call. These forward-looking statements include, but are not limited to, statements relating to the company's plans, strategies, projected results of operations or financial condition, and similar statements regarding the company's expectations for the future. The fulfillment of forward-looking statements is subject to known and unknown risks and uncertainties. I encourage you to review the company's filings with the Securities and Exchange Commission, including the company's annual report on Form 20-F filed with the SEC on March 26, 2026, which identifies specific risk factors that could cause actual results to differ materially. Any forward-looking statements are made currently, and the company undertakes no obligation to publicly update them except as required by law. Additionally, the company will be making reference to certain non-GAAP financial measures on this call. The reconciliation of these non-GAAP measures to the most directly comparable GAAP measures can be found in the company's earnings release published today, which is also posted on the company's investor relations website. At this time, I would like to turn the call over to Ronen. Ronen. Thank you, Andy, and good day, everyone. Q1 was a strong start to the year and a clear proof point that our strategy is translating into execution and measurable results. We delivered revenues of approximately $48.5 million at the high end of our guidance, with adjusted EBITDA loss of $2.8 million, and continued to generate positive operating cash flow for the 10th consecutive quarter. We are seeing continued strong impression growth with trailing 12 months year-over-year growth of approximately 12%, driven by higher utilization across our install base and the ongoing shift from screen to digital. Momentum is being driven by both new and existing customers. Approximately 40% of our system sales in the first quarter came from new customers, while approximately 65% were to traditional screen printing customers, primarily targeting long-run production environments. At the same time, relatively new customers are already expanding their fleets after seeing the operational and economics benefits of digital production. Together, these trends reinforce the shift from analog to digital manufacturing. As an example, Promus Ink., who became a Kornit customer just last year, expanded its Kornit Apollo and Atlas MAX fleet with multiple Atlas MAX PLUS systems through Kornit AIC platform. The company is also beta testing our newly unveiled Atlas MATRIX platform. Another example is Printeez, a high-volume Canadian screen printer focused on sports and leisure, which expanded its Atlas MAX Poly fleet with multiple Atlas MAX PLUS systems during the first quarter. The company has also committed to upgrade all its systems to Atlas MATRIX platform, including its planned expansions into the U.S. market. Our pipeline and backlog continue to strengthen, improving visibility into Q2 and the second half of the year and reinforcing our confidence in the business momentum. In the first quarter, we added ARR of approximately $2.1 million, ending Q1 with about $27 million in ARR. Based on our signed backlog, advanced pipeline, and customers already committed to AIC, we expect a meaningful step-up in ARR in Q2 with continued acceleration throughout the second half of the year. A few weeks ago, we hosted Konnections 2026, which was a defining moment for Kornit and for the industry. We had close to 600 participants, including hundreds of existing customers and a strong mix of new prospects, brands, retailers, fulfillers, and solution partners. The energy and feedback around our vision, strategy, and solutions was extremely strong. Konnections is becoming much more than an event. It is evolving into a platform where the industry comes together to shape the future of on-demand production and demonstrates Kornit's leadership in that transformation. What became very clear during the event was that the industry is accelerating toward agile, demand-driven manufacturing models, and customers are actively looking for technologies and integrated platforms that can reduce inventory risk, improving speed to market, and drive more sustainable production. At Konnections, we demonstrated Atlas MATRIX for the first time, and the response exceeded our expectations. Customers immediately recognized the breakthrough value of a single platform capable of producing across cotton, polyesters, and blends with industrial-scale quality, durability, consistency, and efficiency. Powered by our unique Karbon Shield technology, MATRIX addresses one of the industry's biggest challenges, enabling high-quality digital production on polyester fabrics while preventing dye migration, a critical limitation that has constrained digital apparel printing for years. This breakthrough significantly expands our addressable market into polyester, sportswear, performance apparel, and other high-growth segments, opening new applications and production opportunities for our customers. Customers and partner feedback has been extremely positive. We are already building a meaningful backlog of new and upgrade orders, reinforcing Atlas MATRIX potential to accelerate the transition from analog to digital production across a much broader portion of the market. We also showcased Apollo in live production environments, demonstrating the level of automation, throughput, and consistency required to address bulk and mid-run production at scale. For the first time, we demonstrated production on cut pieces using Apollo, opening new market opportunities in applications and workflows that historically were difficult to automate digitally at scale. The response from customers looking to replace analog screen printing was very strong, reinforcing the significant market opportunities ahead of us. In parallel, we announced the acquisition of PrintFactory, a strategic transaction that significantly strengthens our software, workflow, and production automation capabilities. What we are seeing more clearly now is that digital production is no longer limited to short-run customization. It is increasingly moving into scaled manufacturing environments. PrintFactory is already deployed across thousands of production sites globally, bringing advanced color management, workflow automation, and production control capabilities that are becoming increasingly critical in scaled digital manufacturing environments. More importantly, PrintFactory accelerates our long-term strategy to build the connected digital infrastructure for the textile and apparel industry, connecting demand generation, workflow, production, and fulfillment into one scalable ecosystem. Customers increasingly recognize that the future of production lies in intelligent, connected platforms, not just hardware. Very few companies in the industry can bring together production systems, workflow, automation, consumable, and fulfillment connectivity into a single integrated offering the way Kornit can. Following Konnections, we continue to build momentum at Texprocess in Frankfurt, where we introduced and demonstrated Presto MAX PLUS for the first time. Interest levels were extremely high, particularly in the footwear, technical apparel, camouflage, performance wear, home decor, and other high-performance applications. We are already seeing a growing pipeline of opportunities and orders for the new platform. Presto MAX PLUS represent another important expansion of our addressable market, bringing Kornit's digital production capabilities into entirely new categories and applications. Powered by our new DuraTech architecture, the system delivers exceptional durability and print performance on demanding fabrics and applications that historically were impossible to address with digital production. Combined with our advanced vision system and intelligent production capabilities, Presto MAX PLUS brings a new level of automation, consistency, and production control to roll-to-roll digital textile manufacturing. Customer feedback around print durability, fabric flexibility, sustainability, and the ability to eliminate traditional pre- and post-processing steps was extremely positive. Taken together, these developments reinforce the strengths of our innovation pipeline, the breadth of our platform, and the momentum we are building across products, customers, and markets, positioning Kornit well to capture the growing shift towards on-demand production. Looking ahead, the momentum we built in Q1 continues to strengthen into Q2. Our Q2 guidance reflects the continued progress and execution we are seeing across the business. In addition, our growing pipeline, backlog, and customer activity are providing us with better visibility and confidence as we look towards the second half of the year. We also remain disciplines on cost. While the strengthening of the shekel creates some pressure, we are taking the right actions to manage our cost structure and protect profitability as we scale. Stepping back, over the past two years, we focus on stabilizing the business, strengthening our foundation, and redefining our strategy. Today, we are seeing the results through a stronger product portfolio, expansion into new markets and applications, a growing recurring revenue model through AIC, and a clear position as the technology and platform leader, enabling the shift towards on-demand manufacturing at scale. Most importantly, we are executing consistently and building the foundation to scale and grow from here. With that, I will turn the call over to Assaf. Assaf? Thank you, Ronen, and good day, everyone. Total revenues for the first quarter were $48.5 million, at the top end of our guidance range. Revenue performance in the quarter reflected year-over-year product and services growth of 4% and 7% respectively, supported by growing customer activity and expansion across our installed base. AIC revenue continued to grow strongly year-over-year, increasing approximately 103% compared to the first quarter last year. We ended the quarter with approximately $27 million in ARR and entered Q2 with a strong backlog, pipeline, and customer activity level, supporting our confidence in continued sequential growth in both AIC revenue and ARR throughout the year. As Ronen discussed, impressions, a strong leading indicator of system utilization and consumables demand, grew by approximately 12% year-over-year on a trailing 12 months basis, supported by continued utilization across our install base and the ongoing shift from screen to digital production. Moving to margins. First quarter non-GAAP gross margins was 41% compared to 45.2% in Q1, 2025, mainly reflecting a higher mix of systems and services relative to consumables, driven primarily by normal seasonality patterns in the business. As a reminder, our business typically sees strong consumables demand and utilization levels in the second half of the year, following normal season patterns. Compared to Q1 2025, gross margin was also affected by FX movement related to the shekel strengthening, as well as certain tariff-related costs during the quarter, which together reduced gross margins by approximately 190 basis points year-over-year. As we move through Q2, we are seeing continued strengthening in our pipeline, order flow, and backlog, providing us with improved visibility into the second half of the year. As utilization and recurring revenues continue to scale, we expect gross margin improvements in Q2, with more meaningful setup during the second half of the year, driven by higher utilization, recurring revenues, and improved operating leverage. Turning to operating expenses. First quarter non-GAAP operating expenses were 25.5 million, down 7% year-over-year, despite an unfavorable FX impact of approximately $2 million related to shekel strengthening. Our OpEx performance reflects continued discipline around cost management while maintaining investment in our key growth initiatives, innovation roadmap, and go-to-market activities. Non-GAAP operating expenses exclude approximately $2 million in legal costs related to a prior class action lawsuit. We recently reached an agreement in principle to resolve the matter pending final documentation and court approval. The settlement is largely covered by insurance, and we are pleased to put this matter behind us. Adjusted EBITDA loss for the first quarter was $2.8 million, compared to an adjusted EBITDA loss of $3.9 million in the same period last year. Adjusted EBITDA margin for the quarter was - 5.8%, representing an improvement of approximately 260 basis points year-over-year and better than the midpoint of our guidance range. Turning to cash and balance sheet. Our cash balance, including bank deposits, marketable securities at quarter-end, was approximately $462.2 million. Operating cash flow for the first quarter was $6.3 million, representing our 10th consecutive quarter of positive operating cash flow and reflecting our continued focus on working capital efficiency and disciplined financial management. During the first quarter, we repurchased just over $30 million under our share purchase program. Since the launch of our initial repurchase program in 2023 and through the end of the first quarter of 2026, we have repurchased approximately 9.1 million shares for a total gross amount of approximately $200 million. Our balance sheet remains very strong and provides us with significant flexibility to support organic growth initiatives, including AIC deployments, new product innovation, and strategic investments that support our long-term strategy. PrintFactory is a strong example of that strategy. Announced after the quarter end, the acquisition strengthened our software, workflow, and production automation capabilities while supporting our long-term vision to build connected digital infrastructure for the textile and apparel industry. We expect the transaction to close during the second quarter. Turning to guidance. For the second quarter of 2026, we expect revenue between $51 million and $55 million with adjusted EBITDA margin between -5% and breakeven. Our guidance reflects the continued momentum we're seeing across customer activity, backlog growth, and execution across the business. As expected, second quarter profitability includes continued investments in strategic initiatives, including Konnections 2026, as well as some ongoing FX pressure from shekel strengthening. Looking ahead, we continue to improve visibility into the second half of the year, supported by strengthening backlog, growing recurring revenues, and continued momentum across the business. We expect continued revenue growth, improving profitability, and ongoing positive operating cash flow generation as we continue scaling the business through 2026. With that, I will now turn the call back to Ronen to open the line for Q&A. Ronen? Thank you, Assaf. Operator, we are ready for the Q&A session. Thank you. We will now be conducting a question and answer session. If you would like to ask a question, please press star one on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star two if you would like to remove your questions from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. One moment please while we poll for questions. The first question comes from the line of Brian Drab with William Blair. Please go ahead. Hi. Thanks for taking my questions. First, you know, I just wanted to I think Assaf mentioned it, said that second quarter is off to a good start and it's obviously evident in the guidance as well. Ronen, can you just talk a little bit more about what you're seeing here early in the second quarter momentum coming out of Konnections and just talk a little bit more about what the setup is for the quarter and the rest of the year. Thanks, Brian, for the question. I'll give some kind of an overview and where we stand today and how do we see Q2. I'll start with the market. The industry is, we see it is moving to on-demand production. We felt it at Konnection, and I will talk a bit more about Konnection later on. It was a strong sentiment both from brands, retailers, and of course, fulfillers that are looking to on-demand just-in-time production to meet the demand of the consumer. This is a clear sentiment in the overall market. In the last two years, we worked very hard to shift our strategy to go after the mainstream of the market, the high production in the screen market and get into new segments like the footwear. Q1 results represent the success of this strategy. Overall in Q1, you saw that we grew our revenue both in products and services, and services include upgrades. Some of the upgrades are for the Atlas MAX and the PLUS. We are looking forward into Q2 that we're already getting a very strong pipeline for upgrades for the MATRIX. Impression, which is a leading indicator, grew by 12% on trailing 12 months. We continue to see the impression growing across the board, both from customer and customized design install base, but also new customers that just join us and adding more capacity, and specifically in the screen replacement, from analog to digital conversion. We see the growth from customers, really interesting to see that when we look at the system mix, 40% of the systems that we deliver in Q1, some of them on the all-inclusive click, some of them on CapEx, came from net new. 65% of the deals came from the screen market, the market that we are targeting, which we see a massive potential there. Overall, when we look at the new business model of the AIC is really growing very nicely, both the AIC revenues and the ARR, both of them at around the 100% growth year-over-year, and we expect it to continue to grow significantly in Q2 and the rest of the year. In parallel, we're working very hard to maintain our OpEx, while the shekel is strengthening, and it's a headwind for us. Actually, we managed to reduce OpEx year-over-year by 7%, despite, as I mentioned, the shekel. On top of that, of course, we continue to generate cash. This is for the 10th consecutive quarters, and we believe that we'll continue to generate cash for the full year. What we've done this quarter, and we worked very hard in Q1 to deliver Konnections in the beginning of Q2 that generate a lot of momentum. I will talking about this momentum in a minute. Not forgetting that we work to announce the acquisition of PrintFactory, which is a very strategic acquisition, which we are planning to close it during Q2. The most part of is not about the number. It's really about being able to bring the innovation that the market was looking for. MATRIX is a game changer for the industry. The feedback we got from customers in Konnections was really unbelievable, above our expectation. The technology of Karbon Shield really is unique. Nobody has it on the digital side. Now customer can have one system that can really print agnostically on any type of fabric, from cotton to polyester to blended, this provides a lot of potential. If we try to quantify this market, we mentioned in the past that we see our SAM in the $6 billion. Those are run lengths below 1,000. About 30% of those run lengths are made today on polyester, specifically for the sport and athleisure and some blended, which was very difficult to approach them before with digital. Now we can definitely go after them. The feedback from customers, as I mentioned, very excited. We're already getting very strong pipeline for upgrades of the install base of Atlas MAX PLUS and Atlas MAX Poly to the MATRIX, and customer also adding additional systems. We also demonstrated the Apollo. We took the Apollo another step forward with being able to print on cut pieces, opening up markets in Portugal, in Latin America, in some eastern countries, but printing on cut pieces to really automate printing on cut pieces is very complex, and we've demonstrated it. It's already having a good pipeline and even an order specifically in India for this application. Presto MAX that we presented as Presto MAX PLUS, it's a product that we worked for a long time to be able to penetrate totally new markets that digital was never there before. We are the only one that can go after technical, camouflage, footwear, performance wear, home decor. Those are totally new market, new sums that we are going after. The feedback on the durability, on the DuraTech, and the vision systems really are impressive. As I mentioned, we had a good Q1 for the Presto MAX, and we believe that moving forward, we will see a growing pipeline and order for the Presto MAX PLUS specifically in those marketplace. Overall, if you're asking looking forward what we see, we are seeing growing backlog into Q2 and H2, providing us with confidence for the full year to continue to bring growth and possible growth. Bottom line, we see stronger product portfolio, expansion into new markets and application, growing recurring revenue, and a very clear position of Kornit as the technology and the platform leader. All right. Thanks, Ronen. That was a very extensive answer, appreciate it. Kind of feel like I should just pass it on. Just quickly I'll tack on one more question related to, you know, the MATRIX and the Presto MAX PLUS. Can you talk at all about, like, just the amount of revenue that you expect to come from either upgrades or new system sales from those machines, you know, in 2026/ 2027? Yeah. I can give you some kind of directional, not numbers, but where do we see the growth on the on this platform? Specifically on the MATRIX, first of all, for many of our customers that using today Atlas MAX and they were trying to be able to print on polyester, on blended, they faced issues. Those are incremental impressions that each customer now will be able to print on digital, leveraging Kornit and leveraging MATRIX. From one hand, we will see a stream of revenue coming from upgrades of the install base, and we have hundreds of systems, Atlas systems, Atlas MAX system in the field, which we expect many of them, large quantities out of them, to upgrade to the MATRIX. The second phenomenon that we are going to see is really impression growth on each one of them opening the market. Also because these systems, while you're using on printing on polyester using other chemicals, we will see revenue per impression going up on printing on polyester. Of course, what we see today is that customers that were sitting on the fence. Saw the metrics, understand that the flexibility is much, much broader right now. The system much more agnostic. Jumping in, we already have nice backlog of new customers and existing customers that adding more systems already in Q2 but also into H2. We feel very, very strongly about the feedback and the results on demonstrating the metrics. Next week we are going to actually to announce the release of the MATRIX at FESPA Barcelona. We are going to demonstrate it. We have many, many meetings with customer, mainly from the European countries, but we know customers also flying from around the world to see the MATRIX, and we expect orders both for upgrades and new system there. As for the Presto MAX PLUS, the Presto MAX PLUS, as I mentioned, opening for us totally new markets. We demonstrated at about two weeks ago a Texprocess in Frankfurt, which is very much focused on the technical market. We saw how unique we are in this market, going after really the footwear. We see growth in the footwear, both from install base that adding more system and growing the impression, but also from new customers that joining with our technology and a very strong pipeline moving forward. We found out that our technology is really has a great fit to go after other application, like camouflage, for military. We have a lot of interest there, and this is a massive market. We believe that we have a very strong value proposition, and you will hear a bit more about that later on. There are other technical and functional applications that we are going after. On top of the value of digital being able to print on almost any fabric without pre-treatment, without post-treatment, now we have the layer of durability that really enters us not only to the fashion market, but much more into the technical and performance, which will generate for us additional revenue, both from the install base that will upgrade to the PLUS, but also newcomers in those segments that will buy the system and will print impression on top of the system. Okay. Thanks, Ronen. I'll talk to you later. Thank you. Thank you. Thanks, Brian. Roger, next question, please. Thank you. Next question comes from the line of Greg Palm with Craig-Hallum Capital Group. Please go ahead. Yeah, thanks. As you guys know, I was at Konnections myself, so I sensed, I think everybody's excitement at the event. You know, I'm just curious, in terms of the actual event, you know, what did you see, you know, from like an order booking standpoint? Can you give us just a little bit of kind of actual feedback that you got from customers that were there as well? Yes. Thanks, Greg, and thanks for being in the event as well. You know, the aim of the event, strategically, we are trying to be the center of this movement, of this industry, textile, apparel industry, into on-demand manufacturing. We cannot do it ourselves. We have to have the entire ecosystem. This event was about the ecosystem, and you've seen it. There were close to 600 participants in this event flying over to Miami. Many of them, more than 300 customer and prospective customers. Many brands, retailers, solution providers, and partners that join us for this event with one aim in their mind, is how we can accelerate the move to on-demand manufacturing, not only for customized design, but really for the long run for the brands and retailers. There were speakers that was there on the stage. Most of the speakers was not from Kornit, actually, was from the industry, talking about, really about the needs to the move to the on-demand manufacturing, and how important it is. On top of that, of course, we had the solution showcase with many of other solution providers. We introduced, of course, for the first time, the MATRIX, as I mentioned before, many application. We had the Kornit Apollo there as well. You saw the excitement. People were really standing around the machines, checking it. We had tens of live demos that people bought the file, bought the media, tested the machine, and we got order on spot. Some orders that was surprising from all kinds of countries. We are coming out of this event with two things. One is really being able to position this Konnections event as an industry event, as a movement for the industry where Kornit is in the center of it. The second, of course, there is an outcome of numbers. We have a very strong pipeline coming out of this event. Some orders already in for Q2. We expect large number of the pipeline to convert into H2 and already to the new year. The nice thing, the pipeline, a lot of it is from net new customer. Some of them like, it was the second or third meeting with Kornit that came to the event, this accelerate their decision to move to digital. Okay, perfect. Just to follow up on the MATRIX. In terms of actual, like, revenue recognition, I mean, do you expect later this year to see, you know, a meaningful uptick in revenue? Is it more of a 2027 event? Just to be clear, is the bigger opportunity, whether it's initial or long term, you know, upgrading, you know, the existing install base, or do you think there's a bigger opportunity for new system sales? I mean, I'm sure it's a combination of both. We already started taking orders at Konnections. Once we show the system, we already took orders at Konnections. As I mentioned, the product will be released next week. We have a few beta sites with extremely good feedback both in the U.S. and in Europe. All of them will convert it to revenue in Q2. Q2, we are going to have already revenues both in new shipment of MATRIX to the market and some upgrades. We're starting to upgrade install base already in Q2. We believe that most of the upgrades for MATRIX will come into Q3 and a bit beginning of Q4 and of course into the next year. It's definitely open for us the pipeline. If the question, when are we going to deliver. I see the revenue starting Q2, this quarter. Okay. All right. Perfect. Appreciate it. Thank you. Next question comes from the line of Erik Woodring with Morgan Stanley. Please go ahead. Hi. Thank you. This is Maya on for Erik. You know, I kind of just want to touch on the AIC model for a second. You know, what percentage of new customers would you say are entering through AIC versus kind of the traditional CapEx method? Where do you kind of ultimately see that mix stabilizing? Are you also seeing, like, existing customers maybe shift their preference to AIC? Just any way to understand that mix. Thank you. Yeah, it's a very good question, Maya. Thank you. It's different from different type of market that we are serving, okay? In the screen market, most of the new customers that we are going after the screen market, we see very high adoption of the AIC model. Most of them will be the AIC. As we mentioned many times, this is a major focus area for us of growth, and it's already a major growth area for us. Most of them will be on AIC, and when I say most, it's more than 90% of them will be on the AIC. In the customized design, we need to differentiate between existing customers to new customers. Existing customer, they have much more knowledgeable confidence, and they know the cost structure of the CapEx. Some of them prefer to stay on CapEx while comparing to the price of the AIC. There, we see a mix. With newcomer into customized design, we see also the tendency into more at the AIC. As the company growing and maturing with the move to AIC, we are pushing more and more into the AIC model, which provide us better predictability of recurring revenue, better gross margin longer term. The gross margin, when you think about it, is mainly coming because customer on AIC on average printing more impression the customer on CapEx. It's not really that the price there is much higher. It is very competitive to the CapEx. What we see is that customer on AIC printing more because they have a commitment to print more, and they have incentive to move above the commitment. If you look ahead, you will see more and more revenue, or more and more deals moving into the AIC versus the CapEx. I must say the Q1 was relatively strong in terms of CapEx deals. Got it. Thank you. Just one more for me. You know, you had a pretty healthy quarter of buybacks this quarter. You know, is that the right quarterly run rate to think about for the rest of the year? Just any kind of outlook you can help with there? Thank you. Hi, Maya. This is Assaf. I would say that we are continuously evaluating our capital allocation through the strategic priorities that the company has. We have the plan to buy up to $100 million. It doesn't necessarily mean that we have a consistent run rate. It changes based on our priorities. We have the organic growth that we're supporting AIC. We have the non-organic M&A stuff. Like Ronen mentioned, we just acquired a very strategic company in the software space, and then we have the buyback. Our commitment is to provide the ideal value to our shareholders through kind of leveraging the three components. Got it. Thank you. Thanks, Maya. Next question Roger. Thank you. Next question comes from the line of Jim Ricchiuti with Needham & Co. Please go ahead. Thank you. You're clearly making progress with system sales to new customers. I'm curious, what's the average selling cycle like now in terms of timelines for bringing on some of these newer customers? Thanks, Jim. Look, there's few things that's happening. First of all, the market is maturing. If in the past we needed to convince customer to move to digital, today we see more customers has the urge to move to digital, which by itself, shorten the sales cycle. AIC model by definition, makes the sales cycle shorter. We see some deals being closed in a matter of one or two months, from really, from the demonstration of the systems. It's really shortening. On the CapEx side, it really depends if it's existing customers or new customers. For existing customers, in many deals, they are coming to us and asking for additional system or upgrades. Sales cycle is quite, say, short. With new customers, it really depends, again, which market segment with screen is a bit longer, with customized design is shorter. Overall, the bottom line answer is that our sales cycle is becoming shorter versus what we used to have. Ronen, as you think about the newer customers, what is your line of sight, or how would you characterize the opportunity to drive multiple machines at these customer locations? This is the really nice thing that we see right now. I mentioned in my prepared remarks, I gave two examples of customers that just joined Kornit a year ago, and taking one Apollo and few Atlas MAX, and in Q1, really take it to the next level. Within a year, they really grew very fast. I gave the example of Promus, Printeez, but we have a few others. Look, with the screen market, which is the main focus for us, as the biggest market we are going after, the initial sales is the most complex one because they're not used to digital, they're not used to the workflow. There is a fear factor. Now that they see their competitors are using digital, some of them has no choice, they're moving to digital. They're moving with caution. They're taking one system or two systems in the beginning, with the hope, if it's successful, to really move big time. This is exactly what we see. We see many of them that starting with one or two system, within six months, adding additional capacity, moving to the Kornit Apollo, or taking additional Atlas MAX. Got it. Just quickly, I was curious about the activity with your large global strategic customer. I may have missed any reference to it in the call so far. Yeah. As you know, we have confidentiality agreement with them, and we cannot talk too much about their business. As I mentioned in end of Q4, we got an order for them for upgrading, continue upgrading their fleet into the MAX platform, which we are executing. Of course, they are very involved in looking at our technologies, both on the PLUS, the MATRIX, the Apollos. We have a very close relationship, very good discussion with them, and we are very happy to support them with their growth moving forward. Okay. Thank you. Thank you. Thank you. The last question comes from the line of Kieran McCabe with Cantor Fitzgerald. Please go ahead. Oh, yes, thank you for taking my question. This is Kieran on for Troy Jensen. I think part of my question was already answered when you answered Jim's question about the sales cycle, but maybe, especially with the Presto MAX, maybe if you can kinda give a little color on the new markets, kinda either the size of the opportunity of some of those new markets and maybe, you know, growth potential, or adoption in those maybe newer markets like home décor. I think also you mentioned a strong interest in camouflage. Maybe a little more color maybe on the opportunity and sort of rank ordering the potential of some of those newer markets. We are still in initial stage. First of all, to understand really the sum that we are going after. Those markets are massive. The camouflage market, military, you can imagine that there are billions of billions of impressions that we can go after. We are trying to understand exactly where can we play and what is our sum. Specifically on the footwear, we were talking about 2 billion impressions, that this is our sum. We are going after it, and we see really nice scale-up within our customer base, within new customers that are joining, and really strong pipeline. We believe that we have a very differentiated value proposition, and we are starting to get a lot of interest, not only from fulfiller, but from the biggest brands out there that you're all familiar with. It's really a good sign, and we believe that this will be a growth engine, one of the growth engine for Kornit. In the camouflage, of course, this is a big market. The first time that we really saw the interest is now that we introduced the DuraTech on the Presto MAX PLUS. Before that, we didn't have it. Texprocess was perfect show to show it, and I can tell you that we had tons of meetings there with all kinds of militaries, personnel, that show a lot of interest with our capabilities and unique solutions that we are bringing there. On top of that, home decor. Home decor is a massive market. You will see some more development in home decor coming later this year from Kornit. And we believe that is a big opportunities. Another market is the performance. We were talking about compressions. We have a specific project on compression with one of the biggest brands. Once I will be able to speak about it a bit more, I will share a bit more information in a later stage. Great. Thank you so much for taking my question. Thank you very much. Thank you. Ladies and gentlemen, we have reached the end of question and answer session. I would now like to turn the floor over to Mr. Samuel for closing comments. First of all, thank you all for joining the call. Before we close the call, I wanted to sincerely thank the entire Kornit team. Also to thanks our customers and our partners for the passion, for the commitment, for the support behind the strong progress we are making together. Q1 was an important quarter for Kornit. The industry continued to accelerate toward digital on-demand production, and Kornit is increasingly becoming a key platform enabling that transformation. We are seeing growing customer momentum, strong engagement across markets, and a very positive feedback on the newest innovation and solution. We are entering the rest of 2026 with a strong momentum, improving visibility, and growing confidence in our strategy, execution, and long-term opportunity. Thanks again for joining today call, Andy. Great. Thanks, Ronen, and thanks, Assaf, and thank you all for joining us today, and for your continued interest in Kornit. As always, please feel free to reach out to me directly should you have any follow-up questions. Roger, could you please close the call? Thank you. Thank you. This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.