Welcome to the Ondas Inc. fourth quarter and fiscal year 2025 conference call. All participants will be in a listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by 0. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star and then one on your touchtone telephone. To withdraw your questions, you may press star and two. 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 could cause actual results to differ materially from those implied by these forward-looking statements. These risk factors are discussed in Ondas' periodic SEC filings and in the earnings press release issued on Monday, 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, Ondas will 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 is shown in our press release issued on Monday, which is available at the investor relations section of our website. This non-GAAP information is provided as a supplement to, not as a substitute for, or as 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 also note today's event is being recorded. At this time, I would like to turn the floor over to Eric Brock, Chairman and CEO. Please go ahead. Thank you, operator, and good morning. We appreciate you joining us today and for your continued interest in Ondas. Let me start by setting the stage for today's discussion. Simply put, Ondas is delivering on the core and strategic growth plan we have consistently outlined over the past year. We are doing what we said we would do. We are seeing strong momentum across the business. Revenue growth and increasing market adoption are validating our strategy. At the same time, our acquisitions are adding meaningful strategic value and expanding the scope of what we can deliver to customers. Importantly, this is not happening in isolation. Our business strategy is actively driving the build-out of a scaled operating platform, one that is designed to support global deployment, localization, and long-term growth. As that operating platform scales, we are beginning to see it reflected in our financial model. When you look at Ondas today, what you're really seeing is a company where strategy is translating into execution is building the platform, and the platform is driving financial outcomes. We believe this dynamic positions us for significant upside as we move through 2026 and beyond. Let's turn to the agenda. I want to highlight that today's investor update will be a bit different than our typical earnings call. We're now at the end of March, and importantly, we provided a comprehensive strategic update at our OAS Investor Day in January, along with additional financial and business updates throughout the quarter. Rather than walking you through a detailed recap of 2025, we're going to focus today on the transformation of Ondas and how that transformation has continued to accelerate into the first quarter of 2026. Note that we expect our prepared remarks to be on the longer side this morning, considering the significant activity at Ondas in recent months. Our goal is to give you a clear view of how the business is scaling across our technology portfolio, our expanding operating platform and go-to-market strategy, and the rapid maturation of our financial model. We'll begin with a brief introduction and then discuss our new joint venture with Heidelberg, ONBERG Autonomous Systems, which is a key component of our European strategy. We'll also cover the World View acquisition announced on Monday, which is scheduled to close in Q2 2026, along with our partnership with Palantir and how together we are building a scalable, software-defined, multi-domain ISR platform. Neil will then provide a brief financial review. After that, we will provide a brief update on Ondas Networks and then focus on Ondas Autonomous Systems and our strategic growth program and emphasize how we are creating and compounding value as we scale the business. We'll close with our outlook and then open the call for questions. I'm pleased to be joined this morning by key members of our leadership team, including Neil Laird, our Chief Financial Officer, Oshri Lugassy, Co-CEO of Ondas Autonomous Systems, and Meir Kliner, President of OAS, all of whom are quite familiar to you. Neil and I will lead today's presentation and will aim to be efficient with your time. Oshri and Meir will be available during the Q&A to address questions, particularly details around our technology platforms, operations, and growth initiatives. I will continue now by highlighting the momentum we are seeing across the business and importantly, how that momentum is accelerating into 2026. Starting with 2025, we delivered strong performance across both our core business and our strategic initiatives. We generated over $50 million in revenue well ahead of our earlier targets and exited the year with a significantly expanded backlog, reflecting growing customer demand and market adoption. At the same time, we are raising our 2026 revenue outlook to at least $375 million, representing a substantial step up from prior expectations. This reflects both the strength of our core business and the impact of our strategic growth program. Importantly, we are investing ahead of that growth, particularly in the first half of 2026, to support what we expect to be a significant revenue ramp in the back half of the year and beyond. On the strategic side, we've made meaningful progress accelerating the build-out of our systems of systems platform. In the first quarter alone, we announced five accretive acquisitions that expand our capabilities across multiple domains while also enhancing our financial profile. We've done this with a highly attractive capital position, ending the year with a pro forma cash balance of over $1.5 billion, which gives us the flexibility to continue executing our strategy at scale. Finally, we've continued to invest in leadership and operational infrastructure to ensure we can integrate and scale these capabilities effectively. When you step back, what you see is a business that not only exceeded expectations in 2025, but has also accelerated its strategic roadmap, and we are carrying that momentum into 2026 with a high degree of confidence. I'm excited to introduce ONBERG, our European joint venture with Heidelberg, a key step in Ondas' global expansion and our localized go-to-market platform for Europe. Delivering defense and security solutions today requires more than advanced technology. It demands local manufacturing, talent, and alignment with national and regional priorities. This is especially true in Europe, where defense spending is rising to rapidly deploy modern capabilities, including unmanned and autonomous systems. ONBERG is our answer to this market need. This joint venture with Heidelberg, a leading German industrial platform, provides local manufacturing, engineering, and lifecycle support that meet European sovereignty requirements. Heidelberg's established relationships with government and defense procurement channels across Germany and NATO-aligned customers further strengthen our position. By combining Ondas' systems of systems expertise with Heidelberg's local infrastructure, we're creating a sovereign-aligned platform ready to deliver large-scale programs across the EU. ONBERG has already identified strong demand for OAS platforms, particularly in Germany and Ukraine, where requirements for autonomous systems are immediate. Strategically, ONBERG enables us to participate directly in European programs as a localized provider critical to winning in this market. Financially, ONBERG represents significant upside. While our current European business is growing, our forecasts do not yet include new incremental revenue from ONBERG. As ONBERG becomes operational in the coming months, we expect it to drive meaningful growth beyond our existing targets. Ondas holds a 51% controlling interest in ONBERG, ensuring we capture the value as the platform scales. Overall, ONBERG is an important extension of our global strategy, localizing our platform, expanding our addressable market, and positioning Ondas to participate in one of the fastest-growing defense markets in the world. Let me now turn to what we believe is one of the most important strategic developments for Ondas, the acquisition of World View and our partnership with Palantir. Starting with World View, this acquisition brings a unique and highly strategic capability into our platform, persistent sensing in the stratosphere. The stratosphere sits between traditional airspace and low Earth orbit, and it is increasingly being recognized as a critical domain for defense, homeland security, and commercial ISR applications. By adding the stratospheric layer, we are accelerating the build-out of our systems of systems architecture, expanding from ground and air into a truly multi-domain ISR platform. Now, equally important is how this capability is being integrated, and that's where Palantir comes in. We are very excited about our partnership. We believe Palantir is one of the most important force multipliers for Ondas as we scale this platform globally. Through this relationship, we have access to Palantir's full AIP software stack from operational platforms like Warp Speed and Foundry to mission-critical systems, including Maven and advanced command and control capabilities. This enables a software-defined ISR architecture where data across stratospheric, aerial, and ground systems is fused in real time into actionable intelligence. Importantly, this is not just technology integration. It is an active commercial partnership. We are already working together on market development, pursuing tailored solutions and program opportunities where our combined capabilities are differentiated. Palantir is also engaged strategically as we expand our layered ISR platform, helping shape how we scale over time. When you step back, the combination of World View, Ondas, and Palantir is creating something unique, a scalable, multi-layered ISR platform that integrates sensing, data, and decision-making into a unified operational system. We believe this platform positions us extremely well for the next generation of defense and intelligence programs, and we expect this partnership to be a meaningful driver of upside as we move through 2026 and into 2027, accelerating our ability to penetrate what we see as a large and high-value market opportunity for layered ISR systems at scale. Before we go deeper into the World View platform and how it fits into our broader ISR strategy, I want to take a moment to introduce Ryan Hartman, President and CEO of World View. The entire Ondas leadership team, including Oshri and myself, is excited to partner with Ryan and the World View team as we accelerate our systems of systems roadmap. Ryan is a true industry pioneer with critical experience across Raytheon and Insitu, as well as serving as the UAS representative on the FAA NextGen Advisory Committee and on the FAA Drone Advisory Committee. He brings a proven track record of scaling advanced aerospace technologies into real-world mission-critical deployment. We believe Ryan and his team will be instrumental in scaling this platform and capturing the significant opportunities ahead, particularly in the U.S., as we expand across defense, intelligence, and homeland security markets. Ryan will walk you through the World View platform, including the Stratollite system, key use cases, and how this integrates into our broader software-defined multi-domain ISR architecture. He'll also touch on how our partnership with Palantir is helping us accelerate market development and expand program opportunities. Ryan, over to you. Thank you, Eric. The team at World View is thrilled to join forces with Ondas and excited about working closely with you and the entire leadership team across Ondas and OAS. I also appreciate the opportunity to be here today with our investors. I'm excited to share our vision for an interconnected, intelligent, multi-domain ISR ecosystem and why World View is such an important part of that future. At World View, we have helped make the stratosphere an operational domain. For a long time, the stratosphere was largely overlooked. It sits between traditional aircraft operations and space. It was understood scientifically, but it had not been fully operationalized for persistent sensing. That changed in a very visible way in early 2023 when a Chinese high-altitude balloon incident reshaped how governments think about the strategic importance of the stratosphere. World View is uniquely positioned to meet the growing demand for stratospheric intelligence, surveillance, and reconnaissance from the US Department of Defense, Department of Homeland Security, allied governments across the world, and an expanding range of commercial customers. We build stratospheric platforms that can remain over an area of interest for 30 days or more. We do that by using the four directional wind bands that exist at different altitudes in the stratosphere. By changing altitude with ballasted air, we can navigate or station-keep over a target area. It is simple in principle but complex in execution because you are steering a month-long mission using stratospheric physics. Navigation becomes a vertical decision that creates a horizontal result. We call these platforms Stratollites. Stratollites operate in the stratosphere, an often overlooked but strategically important layer of the atmosphere. They deliver a unique combination of persistence, proximity, resolution, and flexibility. UAVs are precise and responsive, but their endurance is measured in hours. Satellites are global and predictable, but they operate in fixed orbits with limited revisit. Stratollites fill the gap between those two domains. They can deliver higher resolution sensing than satellites with much longer endurance than UAVs. We have built this as a flexible platform architecture, not a single-purpose asset. We have designed a family of Stratollites in different shapes and sizes to meet different mission requirements, from long-duration, navigable, altitude-controlled systems with high size, weight, and power capacity to shorter duration, tactical free float systems. On top of that, we configure payloads to the mission. Whether a customer needs electro-optical data, hyperspectral imaging, infrared sensing, communications capabilities, or a combination of any of those and more, we can tailor the system to the objective. That configurable architecture allows us to serve a broad mix of defense and commercial missions, from maritime surveillance and in-theater operations to border security, critical infrastructure, energy, mining, disaster response, and wildfire monitoring. Today, we are seeing demand expand as more customers understand the strategic and economic value of persistent sensing and insight from the stratosphere. Right now, for example, stratospheric platforms like ours are being contemplated as a key layer of the trillion-dollar Golden Dome system. We are also actively preparing for the inclusion of our technology in support of active U.S. Department of Defense operations like Operation Epic Fury. The stratosphere is only one domain. It offers unique advantages just as UAVs, land systems, and space-based assets offer their own unique advantages. Even within the UAV segment, different classes of systems serve very different operational needs. That is exactly what both World View and Ondas recognized independently and early. World View's vision has been to move beyond a single domain sensing company and build toward a broader, integrated, multi-domain, AI-powered ISR architecture. Ondas has been pursuing a highly complementary vision, building a portfolio of autonomous systems across adjacent domains with the same underlying belief that the future of ISR is not platform by platform, it is networked, interoperable, and decision-centric. That shared vision is why joining forces made so much sense. This is not a case of one company plugging into another company's roadmap. It is the combination of two companies that were moving toward the same future from different points of strength. World View brings the stratospheric layer and a heritage of persistent sensing. Ondas brings complementary autonomous systems and a heritage of building toward multi-domain integration. Together, we can move faster and build more cohesively than either company could alone. Because the broader ISR market still has a structural problem today. Across the industry, most systems still operate in walled gardens. Separate data feeds, separate tools, separate teams, separate timelines. Customers are left stitching together fragments just to understand what is happening, let alone act on it. The operator should not have to care which domain the data came from. The operator should care whether the decision is right, fast and accountable. By joining forces with Ondas and through our recently announced partnership with Palantir, we are building a true system of systems, unified intelligence with one operational picture. That means one workflow language and one set of decision loops that can task the right asset at the right moment. If you need persistence and proximity, the stratosphere can hold station and support edge inference close to the area of interest. If you need precision and rapid tactical response, a UAV or land-based system can execute the mission. If you need broader context, additional domains like satellites can complete the frame. What makes that multi-domain picture operational is the Palantir-powered AI infrastructure we are building underneath it. At the operations layer, it helps increase efficiency across planning, production, mission management, and fleet coordination by connecting workflows that are often fragmented today. At the mission layer, it enables edge inference that can ingest, fuse, and contextualize data from across these domains into a single operational picture. The result is not just more visibility, it is decision-ready insight that helps operators understand what matters, act faster, and do so with greater confidence. Operationally, this also creates a more unified structure that allows the portfolio companies to maintain their platform-centric expertise while benefiting from a common ISR tool set, shared tasking, processing, exploitation, and dissemination workflows, and shared support functions where that creates leverage. The simplest way to think about it is this. We are connecting persistence, autonomy, and AI into one operational workflow in a way that has not existed before. We are building what we call an interconnected intelligence ecosystem. In practical terms, that means connecting platforms, sensors, software, and operators so customers can move from data to decisions faster. That is where we believe the market is going. It is not enough to collect more data. The value is turning that data into decisions faster, more coherently, and across domains. We believe the future of ISR is multi-domain, interoperable, and decision-centric. World View brings the stratospheric layer, Ondas brings complementary autonomous systems, and Palantir brings the software and AI backbone. Together, we're building a more connected way to operate. Eric, I'll hand it back to you. Thank you. I will now hand the call to Neil to provide a detailed financial update. Thank you, Eric. We are pleased to report strong fourth quarter and full-year results, which we believe represent an inflection point in the growth of the business, both organically and through our strategic growth program. We believe these results validate both the strength of our core business and the scalability of our operating model as we move into a significantly larger phase of growth. Revenue in the fourth quarter was $30.1 million, up 629% year-over-year, and nearly 200% sequentially from the third quarter. This performance was at the high end of our preliminary guidance and reflects strong demand across our Ondas Autonomous Systems segment. Importantly, organic revenue growth was also strong, increasing 63% year-over-year, driven by continued deliveries of Iron Drone and Optimus systems. Gross profit was $12.7 million, representing a 42% gross margin, a significant improvement from 21% in the prior year and 26% in the third quarter. This reflects both favorable product mix and the benefits of scaling revenue across our cost base. Operating expenses increased to $36.1 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 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 a non-cash accounting item related to our October 2025 financing. As a result of the structure of that financing, certain warrants are required to be classified as a liability and marked to market each reporting period using a Black-Scholes valuation methodology. In the fourth quarter, this resulted in a non-cash charge of approximately $82.2 million, which is reflected in other expenses. Importantly, this charge is purely accounting driven and does not impact our cash position, operations or the underlying economics of the business. The valuation of these warrants can fluctuate meaningfully from period to period based on factors such as our stock price, volatility assumptions, and time to maturity. As a result, we expect this line item to introduce variability into our reported earnings going forward. We believe it is important for investors to focus on the underlying operating performance of the business, where we are seeing strong revenue growth, expanding backlog, and continued execution of our strategic plan. I also note that this non-cash charge was partially offset by approximately $10.7 million of other income, primarily driven by interest earned on our cash balances following our recent capital raises. Cash operating expenses were $23.6 million. A summary of cash operating expenses was included as a table in our earnings release and as an appendix to this presentation. Net loss for the quarter was $101 million, driven by the $82.2 million non-cash charge related to warrants discussed above. Adjusted EBITDA was a loss of $9.9 million compared to $7 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. Turning to our full year results. For 2025, we generated $50.7 million in revenue, representing 605% growth compared to $7.2 million in 2024, and at the high end of our previously issued guidance range. This level of growth reflects both strong execution in our core business and the early impact of our strategic growth program. Full year gross margin improved significantly to 40% compared to 5% in the prior year, driven by higher volumes and improved product mix, particularly in the fourth quarter. For the full year, other expense was primarily driven by the previously discussed non-cash warrant revaluation related to our October 2025 financing, resulting in a $82.2 million charge for the year. As noted, this is a mark-to-market accounting adjustment with no impact on our cash operations or underlying business performance, and may introduce variability in reported results going forward. This non-cash expense was partially offset by approximately $7.7 million of other income, primarily from interest earned on our cash balances. Cash operating expenses were $53 million. Net loss for the year was $133.4 million, with the warrant accounting and other non-cash expenses being major contributors to the increase year-over-year. Adjusted EBITDA for the full year was a loss of $31.3 million compared to a loss of $28.5 million in 2024, reflecting increased investment in personnel, infrastructure, and integration to support the next phase of growth. Now turning to our cash flow and capital position. We ended the year with $594 million in cash equivalents and restricted cash compared to $30 million at the end of 2024. As Eric noted earlier, following our recent capital raise, our pro forma cash balance is over $1.5 billion, providing significant financial flexibility to execute our growth strategy. Cash used in operating activities for the full year was $38.7 million compared to $33.5 million in 2024. This includes approximately a $10.7 million increase in accounts receivable in line with revenue growth. Cash used in investing activities was $260 million, the majority of which approximately $207 million, was deployed into acquisitions as part of our strategic growth program. In addition, we invested approximately $51 million into short- and long-term investments, including a number of strategic investments. These 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 $863 million, primarily from our equity offerings 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 do expect higher cash usage in the first half of the year, reflecting continued investment ahead of growth. However, as we move through the second half, we expect to see meaningful improvement 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 a key competitive advantage as we scale the business. We ended the year with $594 million in cash, and following our January equity raise, our pro forma cash position increased to approximately $1.5 billion. This provides us with significant financial capacity to execute on both our organic growth and strategic initiatives. At the same time, the balance sheet was further strengthened by reducing debt by approximately $41.7 million during the year, leaving only a modest debt profile at year-end held by certain subsidiaries, including Ondas Networks. The previously discussed warrant liability was recorded at $489 million at year-end. Again, this liability is expected to fluctuate higher and lower, perhaps significantly quarter- to- quarter, based upon Ondas share price. Other values relevant for Black-Scholes valuation and quarterly changes in this measure will result in non-cash impacts on our GAAP net income. As a result, our shareholders' equity has increased to approximately $441 million, compared to just $17 million at the end of 2024. Overall, we've significantly improved both the scale and the quality of the balance sheet, positioning the company with a capital flexibility and cost of capital advantage to support our growth strategy. With that, I'll turn the call back over to Eric. Thank you, Neil. I want to take a moment to expand on what Neil discussed regarding our balance sheet and liquidity, because we believe this is a key differentiator for Ondas. We are benefiting from strong and growing investor support. That support is reflected not only in the strength of our balance sheet but also in our continued access to capital and a clear cost of capital advantage relative to many subscale competitors in our sector. Since June 2025, we have raised approximately $1.8 billion, including the $1 billion financing we completed in January of this year. That January financing was led by a large U.S.-based institutional investor who knows the Ondas business well and has been a longtime supporter of the company. Importantly, the pre-funded warrants associated with that financing have been fully exercised and are in the share count, and we believe the investor currently holds less than 5% of our outstanding shares. More broadly, we are seeing continued growth in our institutional ownership base. Based on Capital IQ data, institutions now hold approximately 33% of our shares. We are actively working to further broaden that base, and we believe Ondas is well-positioned for inclusion in additional indices, including the Russell 2000, as we move through 2026. Overall, we see our capital position and investor support as a meaningful competitive advantage, one that enables us to execute our strategy at scale. Let me briefly touch on Ondas Networks. 2025 was an important year for Ondas Networks, highlighted by the formal adoption of our IEEE 802.16 or dot16 technology by the Association of American Railroads as the communications protocol for the next generation head of train, end of train standard. This is a significant milestone and reflects years of development and validation, including our ongoing collaboration with MxV Rail. More broadly, the AAR has now signaled its intent to adopt dot16 across all of its communications networks, which we believe confirms Ondas Networks position as a foundational technology provider for next generation rail communications. This is a very important development given the large total addressable market with the Class I rails in North America and underpins what we believe is substantial value underlying Ondas Networks' software-defined networking capability and the network upgrade opportunity that will eventually accrue to Ondas shareholders. From a commercial perspective, we are seeing continued progress with interest in 160 MHz accelerating from many parts of the industry. We are now engaged with all Class I railroads and are advancing multiple in-field proof-of-concept deployments, particularly around 160 MHz network applications. These efforts are generating strong feedback, and we expect to begin converting these into commercial opportunities in the second half of 2026. At the same time, our ACES radios for Amtrak are now in production, with initial deliveries expected to be completed in the first half of the year. While we are disappointed in the timelines with respect to driving network deployments with our rail customers, we continue to see meaningful long-term value in the Ondas Networks business as adoption of dot 16 expands and commercial deployments begin to scale. Of course, we are working to realize that value for our investors, and we think we will make measurable progress in 2026. Let me now turn back to Ondas Autonomous Systems and the broader platform. As we outlined at our Investor Day in January, we are executing against a clear plan across both our core business and our strategic growth program, and we are making strong progress. We've already covered our 2025 performance at the OAS Investor Day in January. Rather than revisit that, I want to focus today on how the business has evolved and transformed in the last few months. Specifically, I want to walk you through how we've expanded our technology and capabilities, how we are now positioned across multiple high-value market segments, and how we have significantly broadened our operating platform. What you'll see in the next few slides is the result of that transformation, how Ondas is evolving into a scaled, multi-domain autonomy platform with the ability to deliver integrated solutions at a global level. This is where the strategy becomes visible in the platform we've built. As depicted on this slide, Ondas has undergone a significant transformation in just the last nine months. I want to highlight the five new acquisitions from Q1 2026, Rotron Aerospace, Mistral Inc., BIRD Aerosystems, Indo Earth, and now World View, which have materially expanded both the scope and scale of our platform. Ryan Hartman and I shared details regarding World View and the strategic fit and roadmap earlier. We will also provide some context for the other acquired companies a bit later on the call. Make no mistake, these acquisitions are not just additive, they are highly strategic. We are adding mission-ready technologies, established customer relationships, and exceptional talent across multiple domains. This is accelerating the build-out of our systems of systems architecture and expanding our ability to deliver integrated solutions at scale as these companies are also accelerating the scaling of our operating platform. At the same time, this transformation is having a direct impact on our financial model. We are building a significantly larger backlog, increasing our revenue base, and expanding our gross profit pool, all of which support operating leverage as we scale. That operating leverage is what ultimately drives our path to profitability. This is not just about growth, it's about building a platform that can scale efficiently and generate strong financial outcomes over time. This is a step change in the scale and maturity of the Ondas operating and financial platform. Just 12 months ago, Ondas Autonomous Systems was primarily focused on two markets, ISR and counter-UAS, with two core platforms, the Optimus System and Iron Drone Raider. Today, that has changed significantly. Our market opportunity set has been transformed. We are now positioned across four high-value defense technology verticals, including counter-UAS, ISR, loitering munitions, and one-way attack systems, and unmanned ground vehicles. With the addition of World View, we've extended that capability even further into the stratosphere, adding an entirely new domain to our aerial and ground capabilities. What you're seeing is a substantial expansion, not only in our technology base, but also in the financial opportunities available for Ondas. We've moved from a focused set of capabilities into a broad multi-domain platform positioned to compete across some of the fastest-growing segments in the global defense market. This slide brings together visually everything we've been discussing. Here you can see the breadth of our aerial and ground-based platforms, combined with the software-enabled command and control layer and AI-driven applications that sit on top. What makes this powerful is not just the individual systems, it's the integration. We are building a unified platform where sensors, effectors, and autonomous systems are connected through a common C2 and software layer, enabling coordinated real-time operations across multiple domains. With our partnership with Palantir, we are able to take that integration even further, deploying these capabilities into broader mission-level systems with advanced data fusion, AI-driven analytics, and decision support. Rather than offering standalone products, we are delivering an integrated operational capability, one that allows customers and partners like Palantir to move from data to decisions faster and to execute missions more effectively. With that foundation in place, let me now turn to how we are scaling this platform through our strategic growth program. Over the past several months, we've announced a series of strategic acquisitions that are expanding both our capabilities and our market access. These businesses play very specific roles within the OAS platform, enhancing our technology stack, strengthening our go-to-market capabilities, and accelerating our ability to deliver integrated solutions at scale. I covered World View with Ryan earlier in the call. Here, I wanna walk through Mistral, Rotron, BIRD, and Indo Earth Moving, and highlight how these transactions are contributing to the evolution of our financial model, adding revenue, expanding our gross profit pool, and supporting operating leverage. Importantly, we view these acquisitions as highly accretive, not only to our financial profile, but to the long-term enterprise value of Ondas as we continue to scale. Let me start with Mistral, which has been a partner of Ondas since the second quarter of last year and is one of our most strategically important acquisitions. Mistral is a direct accelerant for our U.S. market expansion. It enables Ondas to operate as a prime contractor, significantly expanding our access to major U.S. defense programs while also adding critical manufacturing and program execution capabilities. Mistral also brings meaningful market experience and customer access across UAVs, loitering munitions, and ground robotics, aligning closely with the core segments of our platform. The company has already captured programs in excess of $1 billion, which we expect to generate significant pull-through revenue. We also expect Mistral to contribute meaningful backlog to Ondas upon closing, which we anticipate in the second quarter. Just as importantly, Mistral brings deep U.S. market development expertise, helping us localize our Israeli-developed platforms for U.S. requirements and accelerate adoption across defense and security customers. We expect Mistral to be a meaningful driver of revenue growth and EBITDA leverage beginning in the second quarter of 2026 and continuing as we scale our presence in the U.S. market. Next, let me highlight Rotron Aerospace. Rotron significantly expands our aerial capabilities, adding long-range UAV platforms in the Talon platform, autonomous strike systems with the Defender and Stratos platforms, and advanced propulsion technologies. This is particularly important as modern defense strategies continue to shift toward low-cost, attritable, mass-scale autonomous systems that can be deployed efficiently and cost-effectively in contested environments. With Rotron, we are extending our platform beyond ISR into a more complete strike and effector layer, strengthening our overall multi-domain architecture. Rotron provides a strong local presence in the U.K., where it is competing for programs including Project BREAKSTOP, a one-way effector or OWE program. Rotron positions Ondas to engage directly with U.K. and broader NATO rearmament programs, which are seeing significant acceleration. Strategically, Rotron enhances both our technology stack and our geographic reach while positioning Ondas to participate in the next generation of autonomous defense systems, where scale, autonomy, and affordability are critical. Next, BIRD Aerosystems. BIRD adds a critical airborne protection layer to our platform with advanced ISR and counter-UAS capabilities designed to protect both manned and unmanned systems. This is particularly important in today's environment, where the increasing lethality and proliferation of low-cost UAS and loitering munitions is driving strong demand for effective airborne protection solutions across both military and security applications. At the core are proven mission-critical technologies, including laser-based DIRCM systems, which autonomously detect, track, and defeat incoming missile threats in real time, providing active protection in highly contested environments. Importantly, Bird brings access to long-cycle program of record defense budgets supporting more predictable and recurring revenue streams, along with high-margin systems already deployed on leading global platforms. Strategically, Bird strengthens our ability to deliver integrated ground-to-air defense architectures while contributing meaningful backlog, revenue, and EBITDA as we scale the business. Finally, Indo Earth Moving expands our ground system strategy into military engineering vehicles, providing entry into large-scale defense procurement programs with immediate revenue contribution. This adds a scalable platform in heavy ground equipment with strong visibility into revenue and gross profit, supported by active programs and customer demand. Importantly, Indo Earth Moving also provides a funded services platform in Israel, which we expect will support the broader OAS business and drive meaningful operating expense leverage as we continue to scale our operations in the region. Strategically, this is an important step in broadening our systems of systems architecture into the heavy ground segment, complementing our aerial and ISR capabilities. Over time, we see a clear opportunity to integrate autonomy and advanced technologies into these platforms, creating next-generation robotic engineering systems. Indo Earth Moving is a great business and financial opportunity for Ondas. It not only contributes near-term revenue and backlog but also establishes a foundation for long-term growth in autonomous ground systems. Let me bring this all together. We believe these acquisitions significantly accelerate our systems of systems strategy while driving meaningful scale in our financial model. This is exactly how we designed our strategy from the outset. The key takeaway here is the level of accretion we are generating both to our financial model and to our enterprise value. Across these five acquisitions, we will deploy approximately $550 million of capital. Based on our current estimates, these businesses are expected to generate approximately $230 million of revenue in 2026. We view that as a very attractive entry point, particularly given the growth profiles of these businesses and the operating leverage we expect to achieve as they are integrated into the Ondas platform. Importantly, many of these businesses, particularly Mistral, Bird, and Indo Earth, have contracted revenue and/or significant backlog, a steep revenue growth curve supported by strong industry tailwinds and meaningful expected EBITDA generation over the next 12 to 18 months. At the same time, Rotron and World View represent technology-driven platform businesses with strong long-term growth potential as adoption of their capabilities accelerates, aided by the integration with the Ondas operating platform. This is not just about adding revenue, it's about expanding our gross profit pool, driving operating leverage, and enhancing the overall quality of our earnings over time. Importantly, we believe this model is repeatable. We are building a disciplined, programmatic M&A capability that allows us to acquire strategic assets at attractive valuations, integrate them into our platform, and drive both growth and margin expansion. We look forward to demonstrating that value creation over time, but we believe these transactions are already meaningfully accretive and will become increasingly so as we scale. Let me take a moment to step back and explain how this model works and why we believe it is both highly accretive and repeatable. It starts with identifying and acquiring customer-validated technology and services platforms operating in markets and categories with strong secular growth tailwinds. In many cases, these businesses are capital constrained. They have strong products and market demand but lack the capital and infrastructure to fully scale, making Ondas an attractive partner to support the next leg of business growth and value creation. That allows us to acquire them at attractive entry valuations. At the same time, Ondas benefits from a premium valuation supported by the operating platform we've built and the capital our investors have provided. That creates a favorable dynamic where we can acquire high-quality assets at attractive valuations and integrate them into a scaled platform. That's what we refer to as day one value creation. The more powerful part of the model is what happens after the acquisition. We see what we call a growth double dip. First, these businesses benefit from the underlying growth in their markets. Second, they grow faster as part of the Ondas platform through our go-to-market capabilities, operational infrastructure, and access to capital. We are already seeing this in practice. Companies like Centrix and Forem, for example, are outperforming the assumptions we made when underwriting the acquisitions. The upside is driven by our growth double dip by virtue of their integration into the OAS platform. Beyond the individual businesses, there is also a portfolio effect. As we integrate these platforms into a systems of systems architecture and go to market with more complete multi-domain solutions, we create greater value for customers which we believe will drive higher revenue and improve margins over time. Overall, this is not just a series of acquisitions or a portfolio of capabilities. Our operating and financial models drive a compounding value creation flywheel, and we believe this strategic growth program will be a major driver of shareholder value in both the near and long term. Let me now turn to how this translates into our outlook. Here, we will focus on our key operating priorities and provide context on the M&A pipeline, as well as update our financial targets. Let me firstly touch on our key operating priorities as we move through 2026. At the core, we remain focused on driving order growth, expanding our backlog, and delivering continued revenue growth across the business while leveraging the expanded technology base we've built. We are also continuing to invest in and advance our manufacturing capabilities to support, scale, and meet increasing demand. On the technology roadmap, advancing the autonomous border protection infrastructure program remains a major focus. This has significant strategic and financial potential, and we expect it to be an important driver for the business as it progresses. In addition, we are rapidly developing what we refer to as a Shahed killer interceptor, and we are optimistic about our ability to field a competitive system in what is becoming a very important market segment. Beyond our core roadmap, we have also established several new growth platforms that we believe offer meaningful upside to our current financial outlook. Importantly, we have not yet incorporated material contributions from some of these initiatives into our forecast. That includes the layered ISR go-to-market efforts with Palantir, where we are seeing encouraging early engagement and believe this could become a meaningful growth driver as programs develop. Similarly, ONBERG is actively pursuing opportunities in Germany and Ukraine. While we have not yet included revenue from this joint venture in our outlook, we are optimistic about its potential as visibility improves. Overall, we see multiple avenues for upside beyond our current plan as these platforms begin to convert into orders and revenue over time. We will surely keep you updated on this progress. Let me spend a moment on our strategic growth program and M&A pipeline. Our programmatic M&A effort, led by Mark Green, continues to be highly productive. We've built a disciplined team and process that spans technical, market, financial, and legal expertise, along with dedicated post-merger integration processes to ensure we can efficiently scale these businesses once acquired. As we continue to demonstrate execution, we are seeing increasing inbound interest, including from larger and more mature companies and their investors. We view this as strong validation of our platform and strategy. We believe our ability to source, execute, and integrate acquisitions is becoming a core competitive advantage for Ondas. Our pipeline remains robust with over $500 million of potential revenue across active opportunities. That said, our focus is not on driving the size of the pipeline, it's on quality. We are highly selective and prioritize targets that are strategically aligned, financially accretive, and that enhance our systems of systems roadmap. The opportunity set is much larger, and we are careful on how we prioritize and sequence our M&A activity. In terms of capital allocation, we've utilized equity in recent transactions as a way to align with sellers and reflect the value of the platform we are building. At the same time, we remain flexible. We will deploy both equity and cash as appropriate while maintaining a strong balance sheet. Finally, on the topic of dilution versus accretion, our focus is always on value creation. When we issue equity, the key question is what we are acquiring in return. As we've outlined, we believe these transactions are highly accretive, and we will continue to demonstrate that through our results over time. Let me now turn to our updated financial outlook. We are increasing our 2026 revenue target to at least $375 million, which represents more than a doubling of the outlook we provided at our Investor Day in January. This increase reflects upside across both our core business and the contribution from the acquisitions we have announced in the first quarter. For the first quarter, we expect revenue in the range of $38 million-$40 million, representing strong year-over-year growth. The full impact of these acquisitions will build over time. In Q1, BIRD is the only newly acquired company expected to contribute meaningfully with the majority of revenue from acquisitions ramping from Q2 through the rest of the year. We also expect backlog to increase significantly in the first quarter, driven by continued order momentum in the core business, as well as the addition of backlog from the newly acquired companies. From an investment perspective, we will see increased operating expenses at both Ondas Inc. and OAS in the first and second quarter of 2026 as we continue to build out the team and infrastructure required to support a much larger enterprise. We view these investments as essential to enabling the next phase of growth, and we expect them to drive meaningful operating leverage over time as revenue scales. Importantly, we are maintaining our path to profitability. We expect our product companies to reach positive EBITDA in the third quarter of 2026, followed by OAS in the third quarter of 2027 and Ondas Inc. in the first quarter of 2028. As we begin to integrate our recent acquisitions and realize the benefits of scale, we believe there is potential to accelerate these timelines. Overall, we believe our outlook reflects a business that is scaling rapidly with strong visibility, increasing momentum, and multiple opportunities for upside as we move through 2026 and beyond. Finally, the unmanned and autonomy sectors are transitioning from development to deployment, with end markets still early in a 10+ year adoption cycle and increasing urgency for industry maturity. This creates a generational opportunity for leaders like Ondas, reinforcing our focus on executing the core and strategic growth plan. With that said, I want to thank you again for spending the time with us. Operator, we will now move to take investor questions. Ladies and gentlemen, at this time, if you would like to ask a question, please press star and then one using a touch-tone telephone. To withdraw your questions, you may press star and two. If you are using a speakerphone, we do ask that you please pick up the handset prior to pressing the keys to ensure the best sound quality. Again, that is star and then one to ask a question. Our first question today comes from Austin Bohlig from Needham. Please go ahead with your question. Hey, guys. Thanks for taking my question and congrats on all the solid results. The first question I had was just given kind of the increasing conflict we're seeing in the Middle East, how has the business may have progressed or order flow or interest since that conflict began? Hi, Austin. Thank you. You know, without a doubt, that is driving more activity. We're seeing more demand, more RFP, more urgency. Of course, that's also supporting the long-term thesis we have around you know, how we're building our business in the markets and capabilities we're focused on. I'll ask Meir Kliner maybe to give some more texture to that answer, however. Meir. Sure. Okay. We believe we have the right products at the right time. To our tech companies, we are well positioned in both ISR and counter-UAS, which are two of the most critical capabilities in today's operational environment. We have seen a very strong demand right now, particularly for the system that we are already proven and deployed around the world. By the way, looking ahead, we don't see this as a short-term dynamic. If anything, once the current conflicts end, there will be a broader recognition that these threats are not going away. The budget for the government and defense organization is going to increase dramatically, and hopefully we will be there to supply our capabilities with our tech companies. Thank you. All right. Thank you. I guess just one follow-up for you guys. Really appreciate the color on kind of the revenue contribution from these recent and sizable acquisitions. For that 2026 kinda number you guys provide in the deck, should we assume that's what's gonna be recognized, or is that kind of like a pro forma revenue number? We've given you the target of at least $375 million. We have quite a bit of visibility. We did share some details around what I do believe, and I was emphasizing our conservative outlooks that those numbers are full year outlooks. You know, you gotta, you know, consider the fact that we're gonna only be consolidating the bulk of them over the last three quarters of the year. That's the way to think about the math there. Okay. Well, thanks, guys. Keep up all the great work. All right. Awesome. Thank you. Our next question comes from Jonathan Siegmann from Stifel. Please go ahead with your question. Hey, good morning. Thanks for taking my question. The multilayered ISR, appreciate all the details on World View. Mm-hmm. It's been a challenge for the military and industry just to stick even a single pair of these sensors together. Mm. Can you comment a bit on how the customers are gonna procure this ambitious capability? Is it possible we'll see some near-term contracts, or is this something that Ondas might participate as a prime, or is this as a sub to Palantir or somebody else? Thank you. All right. Great questions, John, and I'm gonna ask Ryan to provide some context. Ryan. Yeah. John, great question. In the near term, we expect contracts for the single domains. You know, procuring intelligence surveillance and reconnaissance as a service from those domains. The strategy that we have for a service or a system of systems will ultimately give us the ability to contract for multi-domain with single customers. We're seeing movement in the customer base to procure multi-domain through single sources. The partnership with Palantir enables us to provide a portal for customers to be able to access that multi-domain ISR. You know, it'll take some time to build out the Palantir layer of the technology. Once that's built out, we'll be able to start offering multi-domain ISR as a service to specific customers. All right. Again, I emphasize that the Stratollite and the stratosphere, that's operational today. It is leveraging some of the work that World View has done with Palantir. We're demonstrating the value, and we do believe we're gonna be able to integrate it into other layers that Ondas has and will have in the future. Thank you. Maybe just one on Mistral. Great acquisition there. I think most of us are familiar with the Hero system. Our sense is it's more diversified than just that product line. You mentioned a $1 billion IDIQ, which is the Hero. Just can you talk a bit more about the other products they produce? Thanks again. Yeah, John, that's a great point. You know, the HERO is an important product line and program from Mistral. But they do have a bunch of other active systems that they're selling and quite a lot of capabilities around that. Meir, can you provide some more context around the other things that Mistral is bringing? Sorry, Eric, it was hard to hear. Can you repeat on the question, please? The question there is on Mistral in addition to the loitering munitions, the HERO systems, the other revenue-generating platforms. Yes. They have not only loitering ammunition, also ISR and also ground vehicle. I think that we talked about it before. That we used to work in Mistral in all of the portfolio companies. Also in the UGV and ISR, drones and ground robots. I think it's the whole system and this is specific in the segments that we are working. This was one of our interest when we talking about Mistral. Yeah. Right now the full product for the ISR and not only loitering ammunition. Our next question comes from Timothy Horan from Oppenheimer. Please go ahead with your question. Thanks, guys. Eric, can you give us a sense of these acquisitions, what you think the organic growth rate is? Also can you just talk about the bottlenecks to growth? Is it go-to-market? Is it your manufacturing capacity? Is it just getting? Yeah, any color around that. Lastly, you had some revenue targets out there for 2030. It seems like you're kind of well ahead of schedule there. Just any thoughts on that revenue target. Thanks. Yeah. I'll start with the last observation, and I agree with that. You know, we are quite confident with the businesses that we've put together here, the momentum we have, you know, the success we think we're demonstrating with the model, that $1.5 billion target is very visible. Coming back to the first question, you know, we did if you look at Ondas and the core as it was ending 2025, you know, the full year pro forma revenue would have been in the $90 million-$95 million range. Clearly we were looking for significant growth, you know, when we started the year and we shared that $175 million target at our OAS Investor Day in January. You know, I would say that in our increase here to $375 million, we see that core growth even stronger. You know, we feel really good with our visibility, and we think the growth is gonna remain significant going into 2027 for sure and beyond. What's the bottlenecks to growth? Is it? I mean, do you have the manufacturing capacity? Do you have the salespeople? I mean, there's no bottlenecks to what we've laid out, but of course, we're gonna have to, 'cause we have the capacity identified, and we have been building aggressively the OAS platform, which we've emphasized on this call today. We're gonna continue to do that. We're also investing in the integration so that the acquired companies can leverage the OAS platform out of the gates to its greatest extent. At the same time, of course, you know, this is quite a significant revenue ramp and business opportunity. We're gonna have to build the manufacturing capacity and partners as we're going forward. We'll keep you posted on how we're doing that. you know, I don't think we have any unique bottlenecks, and we can deliver what we're targeting for the year for sure. Just lastly on World View. Are we talking thousands of balloons in the stratosphere ultimately or, you know, tens of thousands, hundreds of thousands? I mean, how are you thinking about this? You know, can you create a cellular network off of these? Yeah. Stratospheric balloons? Yeah. Yeah. Great. Ryan, maybe you could share a couple things. A bit about the as a service element of this, and then add some details around the various payloads that we see customers engaging in and how the markets may open further for other use cases. Yeah, happy to. Thanks for the question. You know, the way we operate today is we provide data and intelligence as a service. You know, essentially the way that I've looked at it in the past is, you know, data is the new oil. The more data you produce and process, the more customers you can create on a per flight basis. When we're looking at the market, we're seeing some great movement in the U.S. Air Force moving towards a program of record. We've seen stated demand that would equate to 250 flights per year, just for that one customer. In addition to that, you know, we're seeing movement on Golden Dome, where the stratosphere is an important layer to the overall Golden Dome architecture. You know, our assessment is that Golden Dome will make up hundreds of flights per year for that specific capability. When we think about kind of the broader market, you know, those two specific customers would make up, you know, upwards of 450 flights per year. We see equivalent capabilities necessary for Australia, Canada, and other allied partners around the world. We're building out a commercial capability as well, where our technology can be used for things like oil and gas pipeline monitoring, where we can be detecting methane. We see use cases for monitoring railways and power lines. Anything that's long linear infrastructure, the stratosphere has a unique advantage of being able to see a significant amount of that infrastructure, you know, in a single image. Having the right sensors gives us the ability to turn, you know, the stratosphere into a very useful asset for, you know, like I mentioned, detecting things like methane, obstructions on railway, you know, fallen power lines or foliage encroachment on power lines, things like that. On the communications question, yes, absolutely. We can provide a unique mesh networking and/or 4G, 5G connectivity from our platforms. As we start to build out the commercial side, we'll leverage the size, weight, and power of Of the Stratollite to be able to carry multiple sensors or multiple capabilities on a single flight that ultimately increases the gross margin per flight, and produces significant revenue on a single flight. We're quite excited about, you know, the number of use cases. Excited about the growth and not just the defense market, but the commercial market as well. You know, to answer your question specifically, are we talking, you know, hundreds, thousands or, you know, tens of thousands? You know, I believe at scale, we'll be operating thousands of flights per year. You know, something on the order of 50% gross margin on a per flight basis. Thank you. Our next question comes from Max Michaelis from Lake Street Capital Markets. Please go ahead with your question. Hey, guys. Thanks for taking my question. If we go back to the core business, Iron Drone and Optimus, I know you gave out guidance, I think it was last fall or summer. You talked about $25 million-$45 million in 2026. I was curious if you can kind of update us on what that looks like now. I know just with. I just kinda wanna get an idea sort of the organic growth rate of the original core business. I think what I'll say, Max, is that the growth rate there is similar to what I've outlined by you know giving you the tools with the 90%-95% you know core which is essentially doubling this year. What I'll add is that we're seeing particular strength on the counter drone side with both Iron Drone and Centrix and that's gonna be growing faster than Optimus. Okay. That kind of leads into my next question. I was just hoping you can kind of call out maybe some of the 2025 acquisitions, ones that are sort of outperforming your original expectations. It's probably too soon to call any out on the 2026 acquisitions, but anything that helps kind of around the 2025 acquisitions and- You know, it's a good question. I think I can say we're very happy with all the companies and how they're performing. I did highlight in the prepared remarks, Centric and Forem, and I've done that because those are some deals that we've announced recently during the fourth quarter. With that said, Roboteam is seeing significant demand, and Airobotics as well. You know, I'm expecting that we'll be able to demonstrate that they're outperforming as well to you this year. We're pretty happy with, you know, the portfolio we've put together. Awesome. Thanks, guys. Thank you. Our next question comes from Michael Legg, from Ladenburg. Please go ahead with your question. Thanks. Congrats on all the success today. Can you talk a little bit about the integration of all these acquisitions and how you're doing that internally, keeping management, et cetera? Thanks. Yeah, sure. You know, we have established at both OAS and the Ondas level what we call PMI activities, so it's the post-merger integration activities. That's a you know, very important part of the story there. It's making sure communications you know, across the companies and you know, up and down, right? We can get that operating leverage is optimized. We're gonna continue to invest in that PMI activity 'cause it's critical. Otherwise, you know, we're very happy with retention. You know, that's something we're obviously sizing up before we enter into acquisitions. You know, I think what we see from the companies we acquire is that there's a lot of excitement to join Ondas because we're creating more opportunities for them to really, you know, grow the business that they've worked so hard to create. You know, I think we're, you know, the talent that's coming on and, you know, the way we're motivating them, obviously there's compensation plans that do that properly. It's an exciting place because we're putting together this go-to-market model that makes, you know, the original objectives from these leadership teams around building their businesses, everything, you know, we're just creating more opportunity for them. I think that's just gonna reinforce as we continue to deliver on the operating and financial plan we have shared with you today. Great. Thanks. Just a follow question. On the systems of systems approach, can you talk about how much of that you think will come from Ondas internal systems and how much will be third-party coordinations? If you look at you know, the internal or the core, as I describe it, you know, that's gonna continue to grow. As I said on the call, if you were with us 12 months ago, we were of course very focused on Optimus and Iron Drone. As we ended the year we had you know, built out a UGV portfolio. We've expanded our aerial platforms in counter drone systems so that becomes the new core. Of course in the first quarter here we've added even more exceptional platforms that do expand and they deepen and expand the systems of systems capabilities. You know, Ryan shared a graphic there, which I thought was really important. It showed all the layers. You know, we're gonna begin to pull them together. I think you should expect us to add more layers, you know, more valuable platforms that fit that model I shared around how they become, you know, very accretive to the operating plan, very accretive to customers, right? The customers are looking for companies like Ondas and Palantir to bring this together to make it scalable and valuable. You know, we'll continue on this path. Great. Thanks. Congrats on this success. Yeah, thank you. Our next question comes from Alex Latimore from Northland. Please go ahead with your question. Hey, guys. Great information here. Thanks for putting this together. This is very vivid. My question here was regarding the acquisition cadence. I was wondering if you could step through what the acquisition cadence will look like for this year and then potentially going forward. Which capabilities are sort of the highest priority in that pipeline, whether it's hardware, software, or different manufacturing assets? Yeah, good question. I'll start with the latter, then I'll get to the cadence. You know, I think it's pretty straightforward. We're gonna continue to deepen the aerial and ground capabilities. You do bring up a good point. The C2, the command and control capabilities, is another. You know, also see that in our strategic pipeline. You know, I'm expecting to be able to bring more to the table there, as software enabling it becomes even more valuable. You know, in terms of cadence, March was an interesting month 'cause we had a bunch of deals. Many of them had been started months before, and, you know, came down, and we were able to get into, you know, definitive agreements, you know, right around the same time. I wouldn't measure three or four deals a month. At the same time, there's active conversations, and they could be bunched, they could be sequenced with greater time in between. It just remains to be seen. We will continue to pursue the strategic program because it is so valuable. Understood. Regarding the C2 platform, I was wondering what your intentions are there. Are you planning to build or acquire, you know, a sort of single pane of glass C2 platform to connect all your systems, or is that where Palantir comes in? What level of customer demand are you seeing for that? Yeah. It's both. You know, clearly, if you think about the systems and then there's the systems of systems, each autonomous system has its own command and control because these can be deployed, you know, as infrastructure or for specific use cases by specific customers. We need to make those each, you know, each system be able to be integrated with, you know, more with other systems, right? We need to be able to plug into other command and control architectures, and we're able to. Then, of course, we're going through the Palantir activity, which is, you know, the broadest integration around systems of systems. You know, you're gonna start to see us, it's really, you know, all of it. It's really at the system level. It's at the, say, regional deployments, and then there's the wider deployments like the Palantir Maven system that becomes really important. You know- Great. Thank you. There's internal development, and you'll also see us. There's opportunities for us to bring in, you know, high value capabilities around command and control, and, you know, we'll see if that comes to fruition. But we don't, you know, we do have. Our systems are designed to be plug and play, by and large with what the customer needs to deploy, right? We can fit into their architecture, we can solve the problem for them, or we can fit into what they need us to fit into. Thank you. Great. Our next question comes from Matthew Galinko from Maxim Group. Please go ahead with your question. Hey, congrats on the results. Thanks for taking my questions. Is the ONBERG structure something you can repeat in other regions, or is it something you'd look to do elsewhere? It's a good question. Yes, it's something we can repeat. I'm not sure if we will. Europe is, you know, it was a particularly interesting opportunity for us, because we have been building out our capabilities around systems, and you've heard us speak really, you know, strongly about the need to be local. As we started to get to know Heidelberg, who's our partner, and understand their capabilities, it really made a lot of sense for us to join forces. Could you see us do that in other markets? I think so. You know, but maybe we'll see how we proceed with ONBERG first. I don't see another market with the same significance to do a joint venture as I do with what we're doing with ONBERG. Got it. Thanks. My follow-up is, as we look towards 2028 for positive adjusted EBITDA, can you kind of point to where we'll see OpEx leverage, you know, kind of what line items? Like, are we gonna continue to see R&D, you know, kind of steady with, you know, integration and then, you know, program development or kind of where will we see the leverage hit? Yeah, great question, and it's gonna be hard for me to be specific. I do think R&D, we're gonna continue to invest there. I don't have a target at the moment for what that is gonna be as a percentage of revenue. I think we're gonna get sales and marketing and supply chain leverage. We're gonna get gross margin leverage. You know, the thesis here, and I think we're demonstrating that if you look at the manufacturing partnerships, the relationships we're building, is that when we can bring multiple platforms and aerial ground platforms, you know, are really for a manufacturing partner and a component supplier, very similar. You become more important to your component vendor. You become more important to your manufacturing partners. That, you know, in the scale you provide to them, they can turn back to you with better pricing on cost of goods sold and things like that. I think the leverage comes in cost of goods sold. It's gonna come with sales and marketing because we're gonna be getting larger deals, right, over time. Then there's the field services as well. When you have, you know, I'll take Indo Earth as an example. Indo Earth, we have a Roboteam. We have Airobotics. We have now built a, you know, a very serious ground portfolio, and we can have. There's synergies around how we support customers in the field, right? We have folks out to service the dozers from Indo Earth Moving. You know, they can be the same folks who can do that with the UGVs. I think that those are the sorts of things we'll look at for efficiencies around the financial model. Great. Thank you. Sure. Thanks, Matt. With that, we've reached the end of today's question and answer session. I'd like to turn the floor back over to Eric Brock for closing remarks. All right. Thank you, operator. As we wrap the call, I wanna say thank you again for spending time with us today. As we've discussed, we have had a strong start to 2026, and we're focused on sustaining that momentum throughout the year. We look forward to providing you more updates along the way as we do, and we're gonna get back to doing the work, and we look forward to speaking again soon. Have a great day. With that, ladies and gentlemen, we'll be concluding today's conference call and presentation. We thank you for joining. You may now disconnect your lines.