Welcome to the Ondas Holdings, Inc. OAS Investor Day. 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 zero. 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 telephone keypads. 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 today, which are both available on the company's website. Ondas undertakes no obligation to revise or update any forward-looking statements to reflect future events or circumstances except as required by law. During this call, Ondas will refer to certain non-GAAP financial measures. These non-GAAP measures are not prepared in accordance with generally accepted accounting principles. 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 note this event is being recorded. I would now like to turn the presentation over to Eric Brock, Chairman and CEO. Please go ahead. I want to get started by welcoming you to our OAS Investor Day. We appreciate you joining us today and for your continued interest in Ondas. I'm happy to be joined today by key members of our leadership team, including Neil Laird, our CFO, and Pat Houston, our General Counsel, who was recently named our Chief Operating Officer. From our OAS business unit, we are joined by Oshri Lugassy, co-CEO of OAS, and Meir Kliner, President of Ondas Autonomous Systems, as well as Avshalom Amossi, our CRO, who joined us recently to help lead and drive revenue generation across our product companies. Mark Green, our Global Head of Corporate Development and M&A, is also with us today to share important updates and context on the progress of our corporate development efforts. As we get ready to dive deep into strategy, products, and financial data, I want to briefly remind our investors who Ondas is and what fundamentally guides our mission. Ondas is built around a core principle: integrated autonomy that delivers real-world defense, security, and intelligence outcomes. We are not a collection of point solutions or experimental technologies. We build and deploy operational systems designed to protect assets, infrastructure, and populations in complex, regulated, and often contested environments. Defense, security, and intelligence are not separate markets for us. They are interconnected mission domains. Our customers are not buying individual drones, ground vehicles, sensors, or software modules. They are buying outcomes: situational awareness, protection, resilience, and operational continuity. That reality is what drives our systems-of-systems approach. Ondas designs, integrates, and operates autonomous aerial platforms, ground robotics, sensors, communications, software, and command and control as a unified operating architecture. Each layer is valuable on its own, but the real differentiation comes from how these capabilities work together, scale together, and evolve together over time, and of course, this is not static. Our roadmap is intentionally structured around the continued evolution of the systems of systems, adding new platforms, effectors, sensing modalities, autonomy, and software capabilities. We do this while maintaining interoperability, regulatory compliance, and operational reliability. We are aggressively assembling the pieces to meet the rapidly evolving market requirements now. I want to emphasize this: the timeliness for customers is now. This integrated approach also enables our dual-use strategy. Many of the systems that secure military installations and borders can be deployed to protect critical infrastructure, industrial sites, and public safety operations globally. That common architecture creates scale, resilience, and long-term relevance across markets. As we walk through today's update, this framing is important. This is why we have changed the name of the company to Ondas, removing the holdings from our name. This name change to Ondas is official today. Ondas is not a hodgepodge collection of assets or a financial construct. Ondas isn't built around a single product cycle or a single procurement program. We are building a durable, scalable, autonomous systems platform aligned with the long-term defense and security priorities of the United States and its allied nations. So that's the focus: integrated autonomy, systems-of-systems execution, and mission-critical outcomes. This is what shaped our progress in 2025, and it also underpins the strategy, investments, and financial outlook we will discuss for 2026 and beyond. Let's now turn to the agenda. As a brief reminder, the focus on this call is to provide a comprehensive update on our OAS business unit. In certain areas, we will share select financial data, and where we do, that will be on a consolidated basis, so it does include Ondas Networks. Our presentation today will start with a brief introduction to set the context for today's discussion and highlight what has changed meaningfully since our last updates. From there, we'll walk through our technology and capabilities, focusing on how our platforms are being deployed today and how they differentiate Ondas across defense, security, and critical infrastructure markets. We'll then cover our go-to-market strategy and operating platform, including how we are scaling sales execution, customer delivery, and operational infrastructure to support sustained growth. Next, we will provide an update on pipeline and business development, highlighting demand trends, customer engagement, and program activity across our core markets. We'll then move into the strategic growth program, where we'll discuss how we are using disciplined investment and acquisition activity to accelerate platform depth, scale, and long-term value creation. Following that, we will provide a brief update on Ondas Capital, including its strategic objectives, progress to date, and how it supports our broader ecosystem strategy. We'll then conclude the prepared remarks with our financial outlook, including our expectations for revenue growth, investment priorities, and the path forward. Finally, we'll open the call for investor questions. Let's transition now and reflect on 2025, which was truly a transformative year for Ondas. In fact, I believe that's an understatement. During 2025, we launched our Core Plus strategic growth plan, and I am proud to say we delivered against it. We evolved OAS from a set of strong but narrow autonomous drone systems into a multi-domain global autonomy platform. Of course, this shift matters because it meets our customers where they need technology and solution providers like Ondas. As Oshri highlighted recently, customers are no longer buying just products. They're buying integrated mission-critical systems that operate across air, ground, and information domains. Operationally, we delivered. We achieved meaningful revenue growth, expanded our global business development footprint, and converted pipeline into programs with defense and homeland security customers. At the same time, we invested ahead of near-term revenue to build the operating leverage required to scale. That includes manufacturing readiness, systems integration, field operations, and program execution. Strategically, 2025 also marked the launch and execution of a creative investment and acquisition program. We did this with an extremely disciplined capital deployment program. We have for a long time held the view that the unmanned and autonomous systems market was fragmented and subscale and would need to organize. In 2025, customers and vendors alike, along with investors, have now begun to understand that time is now, and the evidence suggests that a major cycle has begun where scaled systems of systems providers will emerge to drive the scale required to drive adoption in the massive end markets we address. Equally important, we significantly strengthened our competitive position at Ondas through building a rock-solid balance sheet. That capital foundation allows OAS to operate from a position of strength, supporting customers, executing customer programs, and continuing to invest while many others in the sector are capital constrained. And believe me, there remain serious capital constraints in this sector outside a handful of well-funded competitors. This is, of course, the nexus of the significant opportunity for Ondas. The result is OAS exited 2025 fundamentally changed. We are now positioned as a high-growth global leader in defense and security, unmanned and autonomous systems, with scale, capital, and integrated capabilities required to win in the upcoming investment cycle. In 2025, we also delivered on our operating and financial commitments to our investors. I am particularly proud of our team and our performance against our financial model, which significantly exceeded our prior expectations. As I share the numbers, I want to highlight that this financial data represents management's preliminary and unaudited estimates. It's also consolidated, so these financial figures include Ondas Networks, which, despite making important strategic progress in 2025, did not produce meaningful revenue and fell short of our original goals for that business. With that said, I am pleased to share that Ondas expects to report very strong results for Q4 2025, achieving record levels of revenue and backlog, with strong upside to prior targets. We also exited the year with an extremely strong balance sheet and liquidity position. We expect Q4 2025 revenue in the range of $27 million-$29 million. This represents 51% upside to our earlier target and a near six-fold increase from Q4 2024. For the full year, we expect to report revenue in the range of $47.6 million-$49.6 million. This represents 23% upside to our prior full-year target and is also a near six-fold increase from fiscal 2024. Importantly, during 2025, we strengthened our relationships with customers in long-cycle markets and programs and grew our backlog significantly in both size and quality. We exited 2025 with an estimated backlog of more than $65 million, which was nearly triple the level at the end of the third quarter of 2025. The backlog has a more diverse mix of customers and products and is accompanied by a much larger and more mature customer pipeline. That backlog and pipeline strength provides strong visibility on growth and supports our confidence as we enter 2026. Finally, we dramatically strengthened our liquidity position. Pro forma cash at year-end was over $1.5 billion, adjusted for last week's $1 billion equity offering. This is a transformational balance sheet for Ondas, with this liquidity giving us the ability to accelerate both our core and strategic growth programs from a position of strength. Again, supporting customers, scaling operations, and executing our corporate development and system-to-systems roadmap as we move into 2026. As I just outlined, the business strengthened significantly during 2025, and we entered 2026 from a position of real momentum and strength. Based on current visibility, we are targeting full-year 2026 revenue of $170 million-$180 million, which includes a modest contribution for Ondas Networks. That represents approximately three and a half times our preliminarily expected revenue for fiscal 2025 and reflects exceptional growth across our core platforms. This growth is being driven by strong adoption across our portfolio and is enabled by the technology, systems integration, and service delivery platform we are building at OAS. That platform is designed to support scaled deployments, long-duration programs, and multi-domain operations. Of course, we will walk through that maturation of the OAS operating platform in great detail today. Importantly, the demand environment remains very strong. As we discussed over the last several quarters, we believe the unmanned and autonomous systems sector has entered a multi-year growth cycle driven by defense, security, and infrastructure priorities globally. Within that environment, we see potential upside to our 2026 outlook. We think these targets are conservative. Our target markets are entering accelerated growth curves. We are pursuing large multi-year programs, including government-to-government opportunities. Further, we have robust strategic investment and acquisition pipeline that can further expand our platform. In short, we believe this will be a very strong year for our industry, and we expect Ondas to leverage these tailwinds as the investments we have made in technology and operations drive very strong growth in 2026. Now, let's spend a few moments focused on what I think many of you may have been most interested in learning when tuning into this call. What is Ondas going to do with all that cash? This is an extremely important question, and I can assure you we feel a great responsibility to deploy this capital for its greatest impact for our investors. I want to reiterate that the balance sheet, as well as the long-term liquidity we built, puts the business and our plan on extremely strong footing. We have more than $1.5 billion in on-balance sheet cash today. In addition, if we execute on our growth plan and our share price performs, we have the potential to access up to approximately $4.9 billion of additional capital through the investor warrants. Again, those warrants only come into the money if we perform, if the shares rise above the $20 and $28 strike prices, and that creates a very strong alignment between our investors and the company. We are highly motivated to perform for our shareholders. If we execute well and unlock that additional capital, it provides even more fuel to support growth, scale, and long-term value creation. Quite simply, this liquidity position is a significant competitive advantage. Customers prefer well-capitalized vendors who can support large programs over time. Partners prefer well-funded counterparties who can invest and scale alongside them. And talented people want to work for companies that are stable, ambitious, and positioned to win. We fully intend to put this capital to work. Our objective is to accelerate our Core Plus strategic growth plan and to do so responsibly and purposefully. Accelerate is the theme for 2026. That means continuing to accelerate the building of our team, accelerating the maturity of our supply chain and customer delivery capabilities, and strengthening the broader ecosystem that supports our platforms. It also means having the financial capacity to accelerate our strategic acquisition program, and Mark's going to provide more context on that a bit later. In short, we are capitalized to win, and we intend to use that capital for good by accelerating scale across every element of the business and delivering on the opportunity in front of us. You may recognize this slide. We used it at our investor day last July. The reason it remains relevant is simple. The market has not changed its requirements. In fact, they become even more demanding. In defense and security autonomy, having excellent technology platforms is necessary. However, it is no longer sufficient. Again, technology is required, but not sufficient in and of itself. Winning takes a lot more than just having the best platform. Customers expect proven, valuable, mission-ready systems as a baseline. Winning at scale requires something much harder: an integrated operating platform that can support large deployments, multi-year programs, global customers, and sustained performance. That is the opportunity we outlined last summer, and it is exactly what we've been executing against. This slide captures the full scope of what it takes to be a scaled operator, serving complex markets, delivering advanced technology capabilities, and operating across sales, manufacturing, supply chain, regulatory, field services, and sustainment, all supported by a strong financial platform. Today, our team will outline the progress we've made on this front, our roadmap ahead, and the foundational operating infrastructure required to support a significantly larger and fast-growing revenue base. Here's another schematic you've seen before, and we're using it again for a reason. It captures the scope and intent of our strategic growth program and the value we are building over time. At its core, the program is about accelerating our evolution into a true systems-of-systems provider with autonomy at the core. Around the wheel are the core capability areas we are intentionally deepening: Counter-UAS, payloads, command and control, or C2, autonomous platforms, and communications. These are the building blocks that allow us to deliver integrated, resilient, and scalable defense and security solutions. Our strategic acquisition program is designed to add depth across these domains, extend our reach, and amplify the value of the overall platform. The objective is faster growth, greater operating leverage, and an accelerated path to profitability by integrating mission-critical capabilities rather than assembling point solutions. Today, the team will provide an update on how this program performed in 2025, where we executed successfully, and how those additions strengthened the platform. We'll also outline our roadmap to 2026, including how we intend to continue building scale, capability, and differentiation through disciplined strategic investments. With that comprehensive introduction, I will now turn the call to Meir, who will spend some time updating you on the new additions to our portfolio and how they are adding breadth and relevance to our systems-of-systems evolution. Meir? you on the new additions to our portfolio and how they are adding breadth and relevance to our systems-of-systems evolution. Meir? Thank you, Eric. In the next following slides, I would like to capture the core of the Ondas strategy of integrating multi-domain technologies and the great market opportunity we are facing. Ondas is building a multi-domain defense and security platform by bringing together best-in-class product companies, each already winning independently in its own market and integrating them into a single scalable system-of-systems architecture. Currently, we are integrating technology companies across air, ground, sensing, counter-UAS, and robotics. These platforms are proven, operational, and deployed today. What differentiates Ondas is the integration layer: unified software, shared command and control, and code-oriented mission across domains and different environments. This approach allows customers to start with a single capability and expand over time into a broader, multi-layered solution. It increases mission effectiveness, expands deal size, and drives recurring growth through land and expand adoption. By leveraging a common C2 backbone, shared data, and cross-platform workflows, Ondas enables coordinated operations that individual point solutions simply cannot deliver on their own. The result is a highly scalable operating platform addressing multiple large and growing markets, representing a multi-billion-dollar opportunity across defense, homeland security, and critical infrastructure. To understand the mutual potential of these technologies, I would like to qualify the scale of the opportunity we are addressing when looking at the potential of the segments of these technologies and the combined market size they are representing. Based on independent research conducted by Frost & Sullivan and our internal market adjustments, Ondas' core addressable market across counter UAS, unmanned aerial systems, and unmanned ground vehicles represent a combined global TAM of approximately $117 billion over the 2025 to 2030 period. This reflects a conservative view of the opportunity, given the additional upside and new use cases created as these technologies are increasingly combined into integrated, multi-layered solutions with capabilities that are not yet fully measured or reflected in traditional market research. We are elaborating on the integrated systems potential in the upcoming slides. The largest portion of this market is UAS and UAV platforms. When looking at the focus areas of Ondas, which are currently tactical drones up to class three, these represent approximately $50 billion of accumulated market opportunity over the same period. This demand is driven by sustained global investment in unmanned systems across defense, homeland security, and critical infrastructure, including ISR, persistent surveillance, and loitering munition-related documents. Counter-UAS represent a rapidly expanding priority market of approximately $50+ billion over the 2025-2030 timeframe, as drone threats continue to proliferate across military-based borders, cities, and sensitive infrastructure worldwide. We believe currently market research materially understands the true scale and urgency of this demand as threat evolution and procurement cycles accelerate in practice. The UGV segment, estimated at approximately $16 billion over the same period, supports multi-mission ground autonomy, including combat support, ISR, EOD, force protection, and demining-related operations. We will dedicate time in the upcoming slides to explain this market opportunity in more details and outline why we believe it is already expanding into a meaningful and strategic segment across facilities, borders, and combat environments. In addition to the total addressable market, we have also defined a clear and disciplined view of our serviceable available market based on where Ondas is actively competing today and where we expect to deploy integrated solutions over the near to mid-term. Based on company estimates, Ondas' current serviceable available market is approximately $7.5 billion annually, reflecting the subset of the global market that aligns directly with our product maturity, certifications, manufacturing footprint, and active customer engagement. Within this SAM, counter-UAS represents the largest component at approximately $5 billion, driven by immediate demand for protection of military bases, borders, airports, ports, and critical infrastructure, where Ondas' Iron Drone and integrated CUAS capabilities are already operational or in advanced procurement discussions. The UAS segment represents approximately $2 billion within our SAM, focused on autonomous tactical drone systems for ISR, border security, persistent surveillance, and mission-critical operations, where our platforms are certified, deployed, and scalable today. The UGV segment represents approximately $500 million, reflecting early-stage but rapidly growing demand for unmanned ground systems supporting border protection, force protection, EOD, demining, and integrated air-ground defense architectures. Importantly, this SAM does not assume future platform classes or speculative use cases. It reflects markets we are actively addressing with existing and near-term capabilities, and it provides a practical baseline for growth as customers increasingly adopt integrated air-ground solutions across those domains. I will start with counter-UAS, which is one of the fastest-growing and most urgent defense and homeland security priorities globally. The threat environment has changed fundamentally. Small, low-cost drones are now widely available and are being used for civilian disruption and direct attacks against military forces, airports, critical infrastructure, and population centers. What differentiates Ondas in CUAS is that we do not offer a single-point solution. Instead, we deliver a complete, layered counter-drone architecture that spans detection, identification, tracking, soft mitigation, and hard mitigation with very low collateral damage and very high level of autonomy to make our solutions effective, available always, and operating also in complex civil environments. To our acquired technology companies, we bring together best-in-class capabilities across each stage of the kill chain, from RF-based detection and identification through cyber mitigation and autonomous interception with minimal collateral damage under single-domain command and control integration. The counter-UAS sequence begins with detection. We apply Sentrycs' advanced technology to identify aerial activity based on radio signals and back it with designated third-party radars at long range, even in cluttered environments such as airports or urban areas. This provides early awareness without relying on a single sensor type. Once detected, the system moves to identification. Using RF intelligence and sensor fusion, the platform determines whether the object is cooperative, non-cooperative, or hostile, and classifies the threats in real time. We are using a combination of Sentrycs' capabilities and optical identification with Insight optical sensors. Following identification, the system enters the tracking phase. The target is continuously tracked while the system evaluates mitigation options. Soft mitigation is applied first when appropriate, including cyber-over-RF measures to take control of the hostile drone and land it to the ground without physical engagement or damage. If soft mitigation is ineffective or not suitable, the system escalates to hard mitigation. This is where the Iron Drone Raider autonomously launches, intercepts the hostile drone in mid-air, captures it with the net, and safely removes it from the airspace or parachutes it down with minimal collateral damage. All these steps: detect, identify, track, soft mitigation, and hard mitigation are coordinated through a unified command and control layer, enabling automated, rapid decision-making without operator overlay. What makes this solution unique is not any single component, but the orchestrated sequence of a closed-loop, end-to-end counter-UAS system designed for continuous real-world operations in high-risk environments. Our CUAS system of systems is designed to operate together as a one-coordinated solution managed through a unified C2 layer and optimized for continuous real-world operations in complex environments such as airports, borders, military bases, and urban areas. Sentrycs provides the soft kill layer, delivering early detection, identification, and control of radio-controlled drones through RF-based intelligence and mitigation. Iron Drone complements this with an autonomous hard-kill capability designed to intercept and safely neutralize any hostile drone, including fully autonomous systems that are immune to RF disruption. Together, these platforms create a closed-loop detect-to-deflect architecture coordinated through a unified command and control layer that manages sensing, decision logic, and interception in real time. The result is a low-collateral, non-kinetic solution that enables continuous operations in sensitive environments such as airports, urban areas, and critical infrastructure. This combination is what positions Ondas as one of the few companies capable of delivering a complete, scalable, and operationally proven CUAS system, not as individual products, but as a fully integrated defense capability. I will now move to our UAS segment technologies and explain how our aerial platforms work together to address a wide range of missions. Ondas' UAS portfolio is built around flexibility, resilience, and autonomy. Each platform can support ISR, assault, and additional mission profiles while operating as part of a broader integrated aerial ecosystem. At the infrastructure level, the Optimus system is the backbone of our UAS offering. Optimus provides persistent 24/7 availability with a very short response time, enabling missions ranging from ISR and perimeter security to mapping, inspection, targeting support, and other on-demand aerial applications. Its fully autonomous operation allows customers to deploy multi-mission aerial capability as a standing infrastructure rather than as one-off assets. Iron Drone adds a highly adaptable tactical layer. While it is widely known for interception missions, the platform itself is designed to be repurposed for additional aerial roles. We are already involved in several classified and sensitive programs that leverage Iron Drone's autonomous flight, AI decision-making, and precision maneuvering for new mission sets behind counter-UAS. In parallel, we are advancing Wasp as a low-cost attacking drone designed to deliver robust performance at scale. Wasp is optimized for cost-effectiveness, rapid deployment, and integration into larger operational frameworks, making it suitable for both tactical and asymmetric use cases. A key enabler across these platforms is our in-house capability to manufacture highly reliable fiber optic spooling systems. These fiber optic drones are designed to operate in contested environments, overcoming communication jamming, electronic warfare, and line-of-sight limitations. Importantly, these systems have been developed and validated under real-world combat conditions, providing a significant operational advantage. Together, these platforms form a complementary UAS portfolio, combining infrastructure-based persistence, tactical autonomy, low-cost attack capability, and resilient communications, all designed to support multi-mission aerial operations across defense, homeland security, and emerging mission requirements. We will keep developing the next generation of these systems with extended capabilities to address the needs of defense and security markets and defense requirements of allied nations. I will now turn to our UGV segment. Historically, the unmanned ground vehicle market has grown relatively slowly. Ground robots are typically adopted only when risk is high and human exposure is unexpected. Over the last two years, that reality has changed significantly, as combat intensity, urban warfare, and public safety threats have all increased. As a result, the need for reliable, combat-proven ground robotics has become much more urgent. Through our acquisitions, Ondas has assembled a broad and highly complementary UGV portfolio, spanning tactical, frontline, and infrastructure-level ground operations. At the tactical end, we provide compact robots for EOD clearance, tactical bridging, and underground first-aid missions. These systems are designed for SWAT team, special forces, EOD units operating in confined, high-risk environments, including tunnels, buildings, and complex urban terrain. For frontline and perimeter operations, we offer larger robotic platforms supporting force and border protection, combat support, and transportation missions. These robots are capable of carrying multiple payloads, sensors, and effectors, operating over rough terrain and supporting sustained operations alongside maneuver units. In parallel, we have added a unique and strategically important capability in demining and land clearance. Our robotic mine clearing platform enables large-scale clearance of minefields and contaminated areas, combining heavy mechanical systems with small, software-driven robotic tools. This positions Ondas to address complex land clearance and post-conflict recovery projects that few groups can execute end-to-end. Across all of these platforms, the common themes are modularity and cost efficiency. Our robots are designed to carry different payloads and sensors, adapt to multiple mission profiles, and reduce risk to personnel while enhancing operational effectiveness. Taken together, this wide array of ground robotics capabilities opens a significant opportunity for Ondas not only to support combat units but also to enhance public safety organizations and homeland security forces with proven, scalable, and cost-effective unmanned ground systems. Let's take a closer look at our acquired company Roboteam. They are providing best-in-class tactical robotics portfolio built around combat-proven platforms that are already deployed by leading military and security forces. At the compact end of the spectrum are the RT-2 and RT-20 platforms. These are first-entry robots designed for rapid deployment in urban and confined environments. They are actively used by U.S. Department of Defense organizations and the IDF for reconnaissance, intelligence gathering, and first-look missions where sending personnel would carry unacceptable risk. Moving up the scale, the RT-200 is a transportable and highly interoperable ground robot. It is deployed by the U.S. and NATO forces for EOD operations, ISR missions, and perimeter security. Its modular design allows it to carry a wide range of sensors, cameras, and payloads, making it a flexible tool across multiple mission profiles. At the heavy-duty level, we offer the RT-1000 and RT-2000 platforms. These systems are designed for logistics, evacuation, force protection, and frontline support. They can transport equipment, supplies, and payloads over rough terrain, operate alongside maneuver units, and support sustained operations in challenging environments. In addition, the MTGR V5 represents a major validation point for our portfolio. It is a U.S. Marines Program of Record platform based on an advanced RT-200 configuration and reflects years of operational feedback and continuous improvement. Program of Record status underscores reliability, maturity, and long-term adoption. Across this entire family of platforms, the common themes are ruggedness, modularity, and real-world operational use. These are not experimental systems. They are proven tools that reduce risk to personnel while expanding the capabilities of military and security units. The footage on this slide shows our robots operating in real combat conditions, supporting ground units both above ground and underground. These systems are deployed ahead of troops, performing reconnaissance, bridging, EOD, and first-entry missions in some of the most complex and dangerous environments. This is the essence of our "bots before boots," leveraging robots to go first, reduce uncertainty, and protect human life. This combat experience has been instrumental in shaping Roboteam technology, continuous use in live operation, allowing us to refine mobility, durability, sensing, and control under real fire, real terrain, and real operational pressure. As a result, these platforms are not theoretical or experimental. They reflect years of direct feedback from soldiers in combat, translating into highly precise, mission-ready capabilities that directly enhance unit effectiveness and survivability. Very few companies globally have this depth of operational experience embedded into their robotic systems. It has pushed the frontier for Roboteam and Ondas as a whole. We are eager to bring these proven capabilities to allied nations and partners, enabling them to adopt combat-validated robotic solutions that save lives and improve mission outcomes from day one. Roboteam has built a deep and trusted customer footprint with a strong presence in both the United States and Israel, while actively supporting customers across more than 30 countries worldwide. Roboteam platforms are used by leading military, defense, and public safety organizations, including U.S. federal and military customers, Allied Defense Forces, and national police and security agencies. These customers operate in demanding environments and select suppliers based on performance, reliability, and long-term support, not experimentation. This customer base reflects several important attributes: exceptional resilience of the platforms, world-class product quality, and a consistent commitment to service and lifecycle support. Equally important, our systems are manufactured in the United States to military standards, providing supply chain confidence, compliance with defense procurement requirements, and scalability to support larger allied programs. Taken together, this combination of combat validation, global adoption, and U.S.-based manufacturing positions Roboteam and Ondas as a trusted partner for allied nations seeking proven, deployable robotic capabilities. The next stage in Roboteam's evolution of robotic support and autonomy is Robox, a launch-ready robotic fleet designed to enable rapid deployment of multi-mission unmanned platforms, combining ground and aerial assets into a single, integrated operational system. At its core, Robox is an air-ground unmanned combat platform that allows forces to deploy robotic capabilities quickly, wherever they are needed. The system is continuous, enabling fast transport setup and launch in both fixed and expeditionary environments. Robox is a mission configured by design. The platform can be adapted for different operational needs, including reconnaissance, force protection, perimeter control, logistics support, and operations in contentious or integrated environments. In essence, Robox translates years of combat experience and robotic deployment into a scalable, modular system that allows customers to deploy unmanned force rapidly, safely, and with significantly reduced operational burden. Apeiro Motion specializes in agile, software-driven ground robotics tailored to frontline combat needs for operations in dense, complex, and high-risk environments. These platforms were developed based on direct operational requirements from IDF combat units and are designed to operate where traditional vehicles and larger robots cannot. At the foundation of the Apeiro platforms is a modular payload-agnostic architecture. This enables rapid integration of sensors and effectors and allows operators to reconfigure the platform quickly as mission needs evolve. These systems support a wide range of missions, including ISR, force protection, EOD, and combat support. Payload operations include EO/IR sensors, RF systems, jammers, robotic arms, and additional mission-specific payloads. Apeiro's DarkStar is a backpackable, counterpart platform designed for high mobility and autonomous ground operations. It is optimized for maneuvering through rubble, urban terrain, and confined spaces, making it highly effective for reconnaissance and first-entry missions and defense and homeland security environments. Apeiro Spider is a combat platform, manpackable, tracked robot built for obstacle navigation and confined area operations. It can be rapidly configured for ISR, EOD, and tactical support and is particularly suitable for special forces and urban combat teams. A key advantage of Apeiro's platforms is rapid reconfiguration and software-driven adaptability. As threats evolve, operators can adapt payloads and mission logic without replacing the underlying platform, extending system life and reducing total cost of ownership. In addition to the robotic platforms, Apeiro has developed advanced payloads, including combat-proven unique fiber optic spools for jam-resistant communications and robotic arms for EOD manipulations and bridging in complex environments. Apeiro is also advancing additional classified capabilities under active programs, extending autonomy and mission effectiveness based on direct operational requirements. Lastly, we want to elaborate about 4M Defense, providing complete services and smart solutions for land clearance by integrating aerial and ground robotic platforms with powerful software tools. 4M has perfected the process of land mine clearance, beginning with high-resolution aerial mapping, using drones to digitize mine-affected terrain and create an accurate data. It is then processed through AI-based land intelligence, which analyzes patterns, detects anomalies, and highlights suspected hazard zones that require further attention. Based on this intelligence, the system generates a software-defined clearance plan, replacing traditional manual and map-based workflows with precise, data-driven tasking and progress tracking. Finally, autonomous ground robotic platforms execute the clearance operations, operating with high accuracy while minimizing risk to human personnel. Together, this closed-loop sequence transforms land clearance into a repeatable, scalable, and digitally managed operation, improving safety, efficiency, and accountability across large-scale land clearance projects. We see significant potential in 4M's capabilities in this domain, as they complete our end-to-end offering for border security and land clearance operations, both during active conflicts and in post-conflict environments. By integrating air and ground systems under a single operational framework, we unlock entirely new mission capabilities, expand the role of robotics in defense operations, and enable customers to deploy robotic force at scale rather than as isolated platforms. At the core of this approach, multiple robotic platforms operate together as a single networked system, allowing missions to be executed in a coordinated way rather than through isolated assets. A unified command and control layer fuses sensors, effectors, and data-expressed platforms, accelerating detection, decision-making, and response in complex operational environments, reducing human risk while also lowering overall operational cost. We see a significant opportunity in the market to deliver new capabilities as a unified, multi-layered, multi-domain robotic force. By abstracting hardware into software, we create a scalable foundation that accelerates integration, unlocks new mission capabilities, and allows customers to deploy multi-layered robotic force as one of core systems rather than disconnected platforms. This represents the future of Ondas, and we have already begun deploying these capabilities across our customer domains. We are seeing strong demand for these integrated, software-defined platforms, and we are encouraged by the traction we are gaining with customers seeking combat-proven multi-domain robotic solutions. As we continue to deploy and scale these capabilities, we are excited to unlock additional opportunities across our existing customer base and expand into new mission areas. I will now pass the call back to Eric. Eric? Thank you, Meir. Now we want to transition and update our investors on the build-out of our go-to-market plans and the scaling of our operating platform at OAS. Indeed, it is the operating platform that will ultimately hold the key to our success at Ondas. Building exceptional technology is required, but if you can't deliver at scale at an acceptable cost, you can't win. Since we intend to win, we are making these investments in a centered around people, processes, and infrastructure. I will now turn the call to Oshri, who will provide more context and details. Oshri? Thank you, Eric. Our focus is on driving operating scale by integrating the OAS core with our acquisitions, leadership, and talent into a single, unified operating platform. We are building the infrastructure for an operating platform that allows us to align global go-to-market execution across our sales teams, partners, and customers, ensuring consistent execution as we scale across regions and markets. On top of that foundation sits our go-to-market engine. This layer connects talent, technology partners, sales teams, customers, manufacturing, distribution, and leadership into a single coordinated execution. The objective is to ensure that every capability we add can be commercialized efficiently and consistently across markets. By centralizing manufacturing, supply chain, and distribution, and by investing in leadership, systems, and ecosystems partnership, we enable rapid integration and execution as new technologies and acquisitions are brought into the platform. This structure increases operating leverage as multiple platforms scale on shared infrastructure. It accelerates commercialization and monetization of acquired capabilities and, over time, improves unit economics while lowering field support costs as our installed base expense. I will elaborate in the upcoming slides on how this operating model is a critical enabler of Ondas' ability to scale turning innovation and acquisitions into repeatable execution and durable financial platforms. We have designed a purpose-built leadership structure to support scale-across revenue operations and execution as Ondas continues to grow. At the top, clear executive leadership, we define accountability while empowering each operating company to run their businesses with focus and speed. They are supported by highly experienced, centralized, functional leadership across corporate and growth functions. Our corporate and growth organizations bring together finance, revenue, marketing, and product leadership. This structure enables a unified go-to-market strategy, supports cross-selling across platforms, and ensures consistent global customer coverage. Operations, manufacturing, and people functions are centralized as shared services, including operations, HR, and legal. These shared services model drivers efficiently, support scalability, and reduce duplications across the organization. At the operating company level, platform CEOs remain fully accountable for executions within their domains while benefiting from the scaling structure and resources of the Ondas platform. We have built a highly effective advisory board made up of the best-in-class leaders who directly reflect on the markets we operate and the customers we serve. These are former senior commanders, operational decision-makers, and technology leaders with deep experience across defense, homeland security, and government markets in the U.S., Israel, and the Allied countries. They understand how missions are executed and what drives adoptions at scale. The role of the advisory board is very practical. They help validate our product roadmaps and ensure that what we are building aligns with real operational needs, real budgets, and real procurement processes, not theoretical requirements. From a market perspective, the board gives us direct insight into how customers think, what problems are urgent, how buying decisions are made, how programs move from pilot to deployment, and how multi-domain systems are evaluated in contested environments. They also help us anticipate where demand is going across border security, force protections, counter-UAS, ground robotics, and post-conflict operations so we can position OAS ahead of the curve rather than react to it. They represent the customer's perspective across key dimensions: operational doctrine, mission requirements, procurement cycle, regulatory constraints, and coalition and allied environment. This ensures that our roadmap is driven by real-world demand rather than theoretical use cases. From a go-to-market standpoint, the advisory board helps us align our offerings with how customers actually buy, what problems they prioritize, how they evaluate solutions, and what drives adoptions and scale in defense and government markets. Strategically, they act as an early signal for where budgets, threats, and operational needs are moving, allowing Ondas to position its platforms ahead of demand and reduce execution risk as we scale. An important part of how we scale Ondas is the ecosystem we are building around the platform. These partnerships are not only at the Ondas Holdings level as a prime contractor. They are deeply embedded at the product company level, where each operating company works directly with the best-in-the-class partners to accelerate capability and deployment. Across the group, our ecosystem supports localized tactical integration, distributions, manufacturing, and critical markets. Whether it's manufacturing partners or system integrators, this relationship allows each product company to move faster and deliver more complete mission-ready solutions. At the Ondas level, this ecosystem gives us reach and scale. At the product level, it gives our teams flexibility, allowing us to integrate with leading partners that are already trusted by customers in their respective markets. The result is a networked model where innovation does not happen in isolation. Capabilities are developed, integrated, and sustained locally while still benefiting from the unified operating platform and go-to-market structure. Our ecosystem approach is a key enabler of how we win, bringing together best-in-class technologies, proven partners, and Ondas platforms to deliver completely scalable solutions. We are ramping up manufacturing across the Ondas platform to address the demand of our system with clear focus on localized supply chain, addressing the local needs of our major markets, targeting with major focus on the U.S. market. In the U.S., working with Detroit Manufacturing Systems, we are manufacturing Optimus and Iron Drone systems for American Robotics, supporting NDAA compliant Made in America productions at scale. Also, in the U.S. and Europe, Kitron supports electrical manufacturing and system assembly, enabling us to scale production volumes while maintaining quality and supply chain resilience. At Ondas facilities in the U.S., we manufacture fiber optic spools and supporting components for American Robotics, which are critical for secure resilience communications in contested environments. With Mistral in the U.S., we support manufacturing of Roboteam ground platforms, including MTGR and other UGV systems, giving us scale in tactical ground robotics. In Israel, Tamuz and Flex support advanced manufacturing of Optimus and Iron Drone and Sentrycs systems, including integration and specialized assemblies, particularly for defense-grade platforms. We are preparing for additional European manufacturing capacity with Heidelberg, which will further strengthen our regional production footprint. I will now hand the call back to Eric. Eric, please. Thank you, Oshri. I would now like to hand the call over to Avshalom Amossi, our Chief Revenue Officer, to discuss our key customer activities across end markets in the different segments we are addressing. Amossi, please proceed. Thank you, Eric, and thank you for having me here with you today. Ondas is currently engaged across multiple high-priority programs that reflect where real demand is forming across defense, homeland security, and critical infrastructure markets. Counter-UAS remain one of the most active areas of engagement globally, driven by the rapid proliferation of hostile and unauthorized drones and operational urgency to neutralize them effectively and with minimal collateral impact. These programs are moving beyond trials into structural deployment, positioning our cutting-edge solution as a core capability within evolving aerial defense architectures. In parallel, we are advancing autonomous UAS programs, including coordinating drone swarms focused on border security and wide-area surveillance, where persistent coverage, rapid response, and synchronized operation are becoming mission-critical. I will elaborate on these programs in the upcoming slides. We are also seeing increasing demand to combine autonomous UAS fleets with integrated counter-UAS layers to protect military bases, borders, and sensitive installations, including multi-layer capabilities that integrate ground and aerial robotic platforms with sensors and detectors. We are also participating in national-level defense initiatives including drone dominance and advanced unmanned programs, alongside classified activities supporting offensive and defensive drone operations. In addition, demanding programs in the Middle East continue to gain momentum as customers seek autonomous and remotely operated solutions to accelerate clearance operations while reducing risk to personnel. Collectively, these activities underscore the shift we are seeing across our markets towards scalable, autonomous, and integrated drone infrastructures, and they reinforce our strategy to address both UAS and counter-UAS requirements with a unified system-level approach. We are addressing the rapidly growing global demand for multi-layered aerial protection, driven by the increasing exposure of public venues, critical infrastructures, border, and military assets to low-cost, highly accessible drone threats. In the United States, we have submitted for a Department of Homeland Security grant tied to the security around the upcoming FIFA World Cup 2026 and related activities. These programs reflect how counter-UAS is becoming a core element of homeland security planning rather than an ad hoc capability. In Europe, we are engaged in extensive deployments across airport environments where layer detection and interception capabilities are required to protect complex, high-traffic airspaces while minimizing disruption to operations. These deployments, which generated over $60 million in orders last year, with urgent requirements, are expanding further as authorities move towards standardized infrastructure-based solutions. We are also advancing projects focused on aerial protection of national borders and sensitive geographic corridors, as well as strengthening protection programs around military bases. In these environments, customers are prioritizing systems that combine high autonomy, low collateral impact, and seamless integration with existing detection and command-and-control architectures. Overall, our pipeline continues to expand across critical infrastructure sectors globally, and we are seeing accelerated momentum as customers transition from pilots and demonstrations into sustained deployment programs. This demand reinforces the role of Iron Drone Sentrycs and our multi-layer Counter-UAS solution positioned for long-term growth. We are currently executing our first national-level defense program as prime contractor, marking an important milestone for Ondas as we scale into larger, long-term sovereign defense initiatives. This is a multi-layer phased program with focus on deploying autonomous drone swarms along national border lines, designed to deliver persistent around-the-clock ISR coverage alongside rapid swarm-based response capabilities. The architecture enables wide-area monitoring, fast decision cycles, and coordinated action across extended and complex terrains. The program is structured for scale with planned deployment of thousands of autonomous drones over time, integrated into a centralized command-and-control framework. This system of systems combines autonomous aerial platform, AI-driven mission management, advanced sensors, and validated C2 infrastructures operating at national scale. Importantly, this program was awarded through a competitive governed evaluation process, validating both the maturity of our technology and our ability to deliver integrated autonomous solutions as a prime. It reflects growing confidence from defense customers in Ondas capabilities to design, deploy, and sustain mission-critical autonomous infrastructures over the long term. The initial program is structured as a one-to-two-year national defense initiative, designed to move from development into large-scale operation deployment while continuously expanding scope and value. During this period, the program progresses through defined phases, beginning with system design and autonomy deployment, followed by full system integration and national-level validation. These phases establish the technical and operational foundation required to support live deployment along border lines. The program then transitions into operational rollout, where autonomous drone swarms are deployed to deliver persistent around-the-clock ISR and rapid response capabilities. As deployment expands, the program scales through additional fleet deliveries, geographic expansions, and continuous capability upgrades. Ongoing deployment, advanced autonomy features, and life cycle support are built into program structures, allowing the system to evolve as operational requirements change. Across these phases, the initial program is expected to generate significant organic growth, with the combination of deployment, expansion, and follow-on development supporting a cumulative opportunity that can reach more than $100 million over time. Beyond the initial national deployment, we see much larger opportunity to expand this technology globally with allied nations. Many allied countries face similar challenges in securing long and complex border lines and are actively seeking proven sovereign-grade autonomous solutions. Once validated at national scale, this architecture can be replicated across multiple allied customers through multi-year programs, enabling large-area border protection using autonomous drone swarms integrated with centralized command and control. As this model is adopted across multiple countries, the cumulative opportunity expands significantly, with the potential to reach multiple hundreds of millions of dollars over time. We are actively participating in the Drone Dominance Program, a $1 billion Department of War initiative designed to rapidly field small one-way attack UAS at industrial scale. This program reflects a fundamental shift in how the U.S. military is approaching unmanned systems, moving away from low-rate, bespoke platforms toward mass production aligned with modern conflict realities. The objective is to rapidly field up to 340,000 low-cost attack drones over the next two years, while rebuilding structured domestic manufacturing capacity and strengthening the U.S. defense industrial base. The program prioritizes affordability, simplicity, production speed, and secure supply chains, with clear focus on the U.S. manufacturing and NDAA compliant components. Initial Department of Defense orders under this program could be placed as early as February 2026, underscoring the urgency and the scale of this initiative. American Robotics submitted the Wasp platform to the Drone Dominance Program in January 2026. Wasp is a purpose-built, low-cost, ruggedized small UAS engineered specifically for one-way attack missions. The platform has demonstrated both air-to-ground and air-to-air attack capabilities and is designed for high-volume manufacturing rather than customized low-rate production. Wasp is manufactured in the United States in Pennsylvania using NDAA compliant components. Its design aligns directly with the program's requirements for scalable production, operational simplicity, and rapid deployment, positioning American Robotics to compete effectively as the Department of War accelerates procurement under this initiative. This program represents a significant opportunity to participate in a large-scale multi-year defense procurement effort while further establishing Ondas and American Robotics as trusted providers of mission-ready autonomous systems built for modern warfare. Success in the Drone Dominance Program is ultimately determined by supply chain integrity and the ability to manufacture at scale, and this is where Ondas is particularly well positioned. The Wasp platform was designed from the outset to meet NDAA compliance requirements, with secure sourcing, traceable components, and control electronics built into the architecture from day one. Initial production units have already been delivered from U.S.-based manufacturing, validating our made-in-America execution and our ability to meet Department of War expectations on compliance and security. Beyond compliance, our approach is built for scale rather than relying on subscale assembly operations. We have structured an industrial contract manufacturing model enabled by Kitron in Johnstown, Pennsylvania. This provides access to automated, high-throughput production lines supported by defense-grade quality and compliance systems, without requiring Ondas to carry the capital burden of building and operating dedicated factories. This model gives us the ability to rapidly scale output and meet surge capacity requirements driven by conflict or accelerate procurement timelines. It also creates a structural advantage in programs like DDP, where volume, speed, and consistency matter as much as platform performance. Importantly, we are aligned not just with the specification of the program, but with its intent. We are delivering a mission-ready platform through Wasp, paired with industrial-scale U.S. manufacturing and the ability to support sustained high-volume procurement. This integrated approach positions Ondas to compete effectively in gauntlet-style evaluations, meeting aggressive delivery schedules and supporting long-term production programs. At the same time, this model supports the warfighter while strengthening the U.S. defense industrial base, which is a core objective of the Drone Dominance Program. We are actively involved in advanced and, in some cases, classified programs focused on ground robotics support for maneuvering forces and border protection missions. Unmanned ground vehicles are becoming essential for persistent border surveillance and autonomous patrol operations, operating independently and in coordination with aerial systems. These platforms enable early detection, continuous tracking, and rapid response to incursion targeting military bases, border zones, and critical assets, while reducing risk to personnel. We are working closely with customers on full border life cycle operations, beginning with terrain preparation and clearances, followed by layered defense and long-term sustainment. This approach integrates ground robotics into ongoing security operations rather than treating them as isolated tactical assets. Our capabilities extend into autonomous mine clearance, explosive ordnance disposal, and high-resolution terrain mapping, supporting both force protection and operational mobility. In parallel, we support the secure installation of border infrastructures, including fences, sensors, communication networks, and integrated security systems, often operating in contested or high-risk environments. Together, these programs demonstrate how ground robotics are evolving into core components of modern border and force protection architectures, operating as part of an integrated air and ground system designed to deliver persistent responsiveness and operational resilience at scale. We are seeing very strong demand across our markets for unified air-ground protection, driven by customers who are dealing with increasingly complex and multi-domain threats. Military, Homeland Security, and civil authorities are looking to protect bases, compounds, borders, and critical infrastructures with solutions that operate as one integrated system rather than a collection of disconnected platforms. The requirement we hear consistently is for a single operation domain that connects aerial and ground sensors and effectors and enables faster, more coordinated decision-making. Our approach brings together UAS, counter-UAS, and unmanned ground platforms into coordinated architectures that support detection, tracking, command and control, and response across both air and ground threats. This integration enables persistent surveillance, early warning, and rapid engagement while simplifying operations for the customers. From a commercial perspective, these discussions are increasingly focused on full solutions rather than individual products. Customers are engaging with us on integrated air-ground architectures that can be deployed, expanded, and sustained over time as the requirements evolve towards multi-domain defense. These conversations are active across multiple regions and customer segments, and we expect to provide updates as these engagements progress into formal programs and operational deployments. I will now hand the call back to Eric. Eric? Thank you, Amossi. Now we will turn to outline the Strategic Growth Program. As we transition into the Strategic Growth Program, it is important to step back and look at the structure of the market we're operating in. The unmanned and autonomous systems market remains highly fragmented and is dominated by subscale, undercapitalized, single-product vendors. That fragmentation will not persist indefinitely. Markets like this only organize once. When scaled operators emerge with capital, integrated platforms, and execution capabilities, the leaders will become clear. Again, this only happens once, and the rewards will compound for the leaders and their investors over the next 10, if not 20 years, as the investment cycle booms. We believe that industry organization phase is beginning just now. We are focused on positioning Ondas to be one of those winners. To execute that strategy, we've assembled an extremely experienced and dedicated team focused on strategic investments and acquisitions led by Mark Green, our head of corporate development and M&A. Mark and his team are responsible for creating and implementing rigorous processes to identify, evaluate, and execute transactions that strengthen our company and accelerate growth while maintaining capital discipline. We have the vision, the expertise, the capital, and most importantly, an executable plan to lead and win in this market. With that, I'll turn it over to Mark to walk through the Strategic Growth Program and how we're executing against it. Mark? Thank you, Eric. I want to start by highlighting that our Strategic Growth Program is off to a great start. We have structured our corporate development efforts with a cross-discipline team governed by rigorous, disciplined, and thorough processes that are repeatable. This discipline process is focused on accelerating our operating model to drive a high-return financial model. Most importantly, this strategy is designed to deliver enhanced returns for our investors that are substantially accretive to our core growth plan. We have a very specific filter for what we seek: core alignment. We seek to acquire companies within our core domains and target markets. Proven leadership. We look for market leaders and high-growth scalers with excellent management teams. Financial scale. We require customer-validated financial scale and clear operating synergies. Fast-track access. We prioritize targets with critical partner and government relationships that provide immediate access to major programs. Our required outcomes are clear: a broader global portfolio, expanded supply chain scale, and long-term recurring revenue from field support and life cycle services. Let's look at the target profile we use to vet these opportunities. We evaluate every deal across four strategic pillars. Strategic alignment. Our focus is on dual-use markets: defense, homeland security, public safety, and critical infrastructure in our core domains of autonomous platforms, counter-UAS, payloads, communications, C2, and sensors. By targeting these specific areas, we ensure interoperability. This isn't just a buzzword. It's a financial driver that expands our TAM and allows us to leverage supply chain efficiencies and manufacturing synergies immediately upon acquisition. Financial profiles. We categorize targets from market dominators with global scale to strategic early-stage ventures that provide deep tech. Each has its advantages that we can leverage to the maximum. Strategic footprint. We are building a globally scaled organization with localized service delivery across allied markets, prioritizing targets with key government and military relationships in the U.S., U.K., Europe, Israel, and beyond. Leadership excellence. We demand high talent density, leaders, engineers, and team members that share our innovative DNA and track record of combat-proven capabilities and a proven ability to deliver for our customers. What does this look like technically? We are building a system of systems across six high-value categories that Eric referred to earlier. These include, and I will try to be succinct, autonomous platforms, multi-domain robotics that would allow us to expand our aerial and ground portfolios for ISR and logistics while also maintaining long-term optionality with potential expansion into unmanned surface vessels or USVs. Counter-UAS, integrating soft kill, cyber protocol manipulation, and electronic warfare jamming with hard kill kinetic and directed energy systems. C2 and comms. This is the systems of systems backbone and an important area of interest for Ondas, ranging from secure proprietary links and networks to swarm technologies for multi-platform orchestration. Sensors and payloads, radar, imaging, and loitering munitions also maintain relevance and interest for Ondas. In 2025, utilizing this scalable growth platform, we acquired six highly synergistic companies, transforming Ondas from a single-domain aerial company into a high-growth multi-domain solutions provider. This included Sentrycs, where we added best-in-class Cyber-over-RF counter-UAS, giving us the ability to detect and take over hostile drones non-kinetically. Roboteam and Apeiro Motion. These acquisitions gave us combat-proven tactical ground robotics and advanced mobility for contested environments. 4M's smart-demining. This brought land intelligence and data-driven threat detection to our portfolio. In line with our program, these companies gained expanded market access, a scaled operational platform, and growth capital needed to scale their innovations, and they are set to soar. Looking to 2026 and beyond, our momentum is accelerating. Our goal is to drive faster revenue growth and deliver significant system complementarity and operating margin leverage across the platform to lead to higher levels of profitability. The pipeline is substantial. We have over 20 targets in our M&A pipeline, of which at least seven are currently in advanced activity. And we have a potential revenue pipeline from the 2026 Strategic Program, which exceeds $500 million. I want to add, and this is important, as Ondas has begun to execute its Strategic Acquisition Program, we have begun to see a significant amount of inbound interest in defense and security technology providers interested in joining Ondas. Of course, this is due to our growing credibility as a market leader driven by our programmatic M&A process and the significant on-balance sheet financial resources. We are also seeing an increasingly mature set of acquisition candidates join the pipeline, characterized by larger revenue streams and, in many cases, already profitable businesses, which are highly synergistic with Ondas. I expect this pipeline to continue to grow and mature substantially, though to be clear, we aren't necessarily optimizing for the size of the pipeline. We are optimizing for the quality of the technology, people, and business. Our goals are aggressive but calculated. We are adding and broadening our platforms globally to drive faster revenue growth and deliver significant operating margin leverage. We have the plan, the people, and the pipeline, along with the capital to execute our program. This is a highly accretive and repeatable plan from a shareholder value creation perspective. Thank you, Mark. We will now briefly transition to an update on Ondas Capital. We had intended to carve out a dedicated time in December with James Acuna and the Ondas Capital team for a deeper dive with investors, but given travel schedules and the substantial workloads related to advancing our investment program, which includes time on the ground in Ukraine, we are now targeting a focus session within the next one to two months. We appreciate your patience. As a reminder, we launched Ondas Capital in the third quarter of 2025 as a strategic investment platform with up to $150 million earmarked for investment. Personally, I hope we have the wherewithal to do much more than $150 million here, but I think it's a good start. The focus of Ondas Capital in our investment program is on opening global markets for Ukrainian and Ukrainian-inspired entrepreneurs who are delivering combat-proven defense systems protecting Ukraine in the war against Russia. By investing in and alongside these companies, we can build operating businesses around localizing these technologies into trusted U.S. and European production and deployment. Since launch, we've made considerable progress staffing and standing up the platform. The effort is led by James Acuna, a drone warfare expert based in our Estonia office, and the team is actively advancing opportunities aligned with our broader strategic growth objectives. I'm very pleased with the progress Ondas Capital has made. Since the launch in September, we've built a highly capable team supported by an impactful global advisory board with deep expertise and strong influence across defense, security, finance, and government. That foundation has allowed us to rapidly expand critical relationships across U.S. and NATO countries, ranging from government and defense organizations to supply chain and integration partners, as well as like-minded financial firms and investors. Similar ecosystem relationships are being established and advanced directly on the ground in Ukraine. As this ecosystem has come together, our investment pipeline has grown meaningfully and now translating into real, actionable opportunities. We have over 300 companies we are tracking in our database and our active diligence on nine specific opportunities. We expect to fund our first investment in the first quarter of 2026. A good example is our announced letter of intent with Drone Flight Group, where we intend to invest up to $11 million to help open U.S. and European Union markets for their platforms. In short, Ondas Capital has moved quickly from concept to execution. We have now established it as a credible transatlantic private capital investor and integrator in critical defense and security markets, and we look forward to sharing more details with you soon. Ondas has also built a portfolio of targeted strategic minority investments. This is a smaller component of our investment programs, but it's highly relevant, strategic, and provides opportunities for meaningful financial gains. These investments are guided by clear criteria. We focus on strong strategic and mission alignment with our ecosystem, mature technologies that are relevant to near-term customer requirements, and opportunities to enhance our platforms through collaboration or supply chain access. Just as importantly, we require attractive entry valuations with meaningful risk-adjusted upside. The objectives are equally clear: build relationships supporting critical technologies and innovation roadmaps, strengthen strategic partnerships, preserve capital flexibility, and generate significant financial returns. We believe Ondas has a unique advantage as an industry participant. Our operational and technical insight allows us to better understand both the risks and the upside of these opportunities and to structure investments that benefit from that knowledge. That approach is already producing results. Since our initial investment in September, our publicly listed portfolio, which includes LightPath, Safe Pro Group AI, and Kopin, has generated an 85% unrealized gain, validating both our entry discipline and our understanding of the underlying business dynamics. We also made a larger investment in a private company, PDW, based in Huntsville, Alabama. While private valuations are not marked in the same way, we believe PDW represents an excellent long-term opportunity with strong performance potential, and we will likely provide multiple avenues for strategic collaboration over time. Overall, these minority investments complement our platform strategy, delivering financial upside while strengthening the ecosystem around Ondas and reinforcing our position as a scaled, informed, and disciplined participant in this market. I want to now turn to the financial outlook, and as I do, I want to thank you again for being with us. We've covered a lot today, and this is the final section before we turn to investor Q&A. As we outlined last July and as we've discussed throughout today, we've made significant progress operationalizing the business at Ondas following an extended period of technology development. That transition is deliberate and foundational. For many years leading up to 2024, our focus was on platform and solutions development, commercialization, and demonstrating product-market fit. A couple of years ago, we transitioned to the service delivery phase where we focus on advancing a scalable operating platform, building partner ecosystems, and expanding into high-value use cases across the United States and Europe. As a result, we will continue to invest heavily in our operating platform. That means OpEx will remain elevated as we scale sales, production, integration, field services, and support infrastructure. Of course, with new financial resources in place, we have the ability and the intention to push harder on both our core and strategic growth levers. Ultimately, this investment phase is designed to position the expansion flywheel. We expect 2026 to be a strong year of execution and scaling, with the flywheel accelerating meaningfully in 2027 and beyond as global operations expand and platform adoption broaden across defense, security, and critical infrastructure markets globally. We are on track with this plan, and the progress we've made gives us confidence in the path ahead. This is where we want to be very clear and very direct. As we've said throughout our presentation, we expect 2026 to be a strong year for Ondas, and we expect to generate revenue in the range of $170 million-$180 million. That represents over 250% growth relative to expected 2025 revenue. On a pro forma basis, which assumes a full 12 months of revenue from the companies we acquired in 2025, this represents growth of more than 75%. An exceptional growth curve by any standard, which we believe is just beginning. As we referenced earlier, our end markets remain strong and are still very early in the very early stages of a multi-year adoption cycle. Demand across defense, homeland security, and critical infrastructure continues to build, and we believe our current outlook may ultimately prove conservative. We also expect bookings to reach at least $300 million in 2026, which provides the opportunity to continue growing backlog and supports revenue visibility beyond the year. On the right, we're providing context on the expected revenue mix across our major markets today. This is counter-UAS, ISR across air and ground, and UGV platforms. This is a consolidated outlook across the company. We do expect Ondas Networks to begin showing growth, but we are intentionally keeping expectations low here until orders convert. I want to emphasize again, we believe we have high visibility into achieving these revenue and bookings goals. Indeed, we believe the strength of our pipeline and end markets could make this outlook a conservative one. Finally, it's important to emphasize this outlook does not reflect upside from our strategic acquisition program. We believe that disciplined and creative M&A has the potential to materially enhance growth beyond what we are guiding to today. In short, we believe Ondas is entering a period of accelerated revenue growth with multiple levers to drive upside as we execute through 2026 and beyond. Here we want to share a few additional data points that frame how we think about the financial model as a business scale. We continue to expect gross margins of approximately 50% across the company. Over time, we believe margins can move higher as volume increases in our supply chain and production processes mature. Design for manufacturing, platform reuse, and scale efficiencies are all expected to support margin expansion as the business grows. At this stage, we are not providing a fixed OpEx target for 2026. We are actively investing to scale the OAS operating platform across sales, service delivery, integration, and support, and we believe these investments are necessary and appropriate to support a much higher structural growth rate. We will look to share more context for our OpEx plans on our earnings call in March. I want to also add that we have arranged our production and supply chain infrastructure to support our current outlook, and we will continue to invest in this critical area as demand scales. This will be critically important. As always, we will be transparent as the model evolves and provide updates along the way. Now let's talk about operating leverage in our financial model. Delivering capital-efficient growth is a core priority for Ondas. The way we demonstrate that to investors is by clearly showing how our OpEx investments, of course ranging across product development, sales and marketing, supply chain, production, and field services, translate into revenue and gross profit growth that outpaces expense growth over time. Ultimately, we also need to absorb corporate overhead, including finance administration and public company costs. The success of our model depends on accelerating revenue and gross profits well above our OpEx growth. We believe we will demonstrate that, and we want to help you understand how we think about it. Essentially, we are designing our OpEx models to support rapid growth with a staged pathway to operating leverage across three stages of profitability. We see our product company layer as turning EBITDA positive first. These are the entities that develop, produce, deploy, and service systems directly for our customers. As scale builds and margins mature, we expect our product company layer to turn EBITDA positive first again, and we are targeting that by the third quarter of 2026 this year. Once the product companies are profitable, continued sustained revenue growth and higher levels of gross profit will allow us to absorb OpEx at the OAS operating platform. In essence, OAS is our centralized operating platform where we invest in integration, shared services, systems, and scale to efficiently support higher levels of growth for our product companies. We are targeting reaching EBITDA positive results at the OAS layer by the third quarter of 2027, and we believe that could come sooner if we are able to accelerate revenue growth above our current expectations. Finally, we need to cover the OpEx for the parent company, Ondas Inc. This includes public company costs, the remaining investment phase at Ondas Networks as we manage expenses ahead of their revenue inflection, and the costs associated with Ondas Capital. Importantly, Ondas Capital is designed to generate equity gains that help offset its costs by also creating ecosystem value for the core businesses. We are targeting being EBITDA positive at the current parent company level by the first quarter of 2028. Of course, as with the other layers, we will work to accelerate that timeline through execution and growth. Taken together, this layered structure is how we think about operating leverage. As revenue scales, each layer is absorbed in sequence, creating a clear and disciplined path to profitability while continuing to support high growth and leadership. As we prepare to wrap up our prepared remarks, again, thank you for sticking with us this long. I want to step back and frame the opportunity we see in front of Ondas in the context of market outcomes. What we are seeing is a generational opportunity in the sector which we compete, and we firmly believe that after an extended period of technology development and maturation, we will see the market organized to create large-scale players. Indeed, the dynamics are clear. Adoption of autonomous systems at scale requires strong, well-capitalized, and operationally mature providers. Fragmented, subscale vendors cannot meet the requirements of global defense, security, and critical infrastructure customers. Meanwhile, the total addressable markets are large and growing, yet current market penetration remains low. As a result, today's equity capitalization across the sector is modest relative to the opportunity. That sets the stage for what comes next and, of course, is a massive opportunity for investors. Over the next decade, we see significant TAM penetration and concurrent substantial increases in sector market capitalization as high-return, technology-enabled markets mature and meaningful consolidation occurs. The number of competitors will shrink, and market value expansion will increasingly accrue to the leaders. That process has begun, and market leaders are being identified now. Ondas is positioning itself to be one of those leaders. We are investing ahead of the curve, building scale, strengthening our operating platform, and consolidating capabilities while many others remain capital constrained. We believe this investment cycle will create a small number of very large and valuable companies, and we intend to be among them. This is why we have emphasized execution, capital discipline, and long-term platform building throughout today's presentation. We believe decisions we are making now will define outcomes not just for the next few quarters, but the next 10 years and beyond. For our final remarks, I want to step back and frame the five-year opportunity to help you understand what we are building toward. We shared a similar slide at our investor day last July. At that time, we were just launching our Core Plus strategic growth plan. We had conviction, but we were not yet fully capitalized to win. Today, that has changed. We now have the balance sheet, the operating momentum, and the strategic clarity to pursue this opportunity with much greater ambition, and we believe that ambition is entirely achievable. Back in July, our expectation was to reach $100 million revenue run rate by the end of 2026. Today, we are guiding to a revenue range of $170 million-$180 million for 2026. That's 70%-80% above our prior ambitions just six months ago. We believe that the outlook is conservative given the demand environment and the platform we have built. Looking further out in 2030, we previously believed we could generate more than $300 million in revenue. With our operating plan now in motion and our balance sheet significantly strengthened, we believe a much larger outcome is possible. Based on what we see today, we believe achieving $1.5 billion or more in revenue within five years is an achievable goal. As we scale, profitability follows. The model we've outlined supports strong margins, meaningful operating leverage, and a transition to a highly profitable global business. When you combine that growth profile with durable platforms, global scale, and leadership in large and expanding markets, we believe a $15 billion or greater market capitalization is well within our reach. Of course, none of this is guaranteed. We have a lot of work ahead, and ultimately, it comes down to execution. The market is there for us. The responsibility is on our management team to deliver. To that point, I want to be very clear. Our management team is all in. We are fully committed to capitalizing on the exceptional opportunities we've created, executing with discipline, and building the important, durable, and valuable company we believe Ondas can become. With that, thank you for your time and your support. We will now turn to questions. Operator. Ladies and gentlemen, we'll now begin the question and answer session. To ask a question, you may press Star and then One on your touch-tone phones. If you are using a speakerphone, we do ask that you please pick up your handset prior to pressing the keys. To withdraw your questions, you may press Star and Two. Again, that is Star and then One to join the question queue. We'll pause momentarily to assemble the roster, and our first question today comes from Amit Dayal from HCW. Please go ahead with your question. T hank you. Good morning, everyone, and thank you, Eric, for such a comprehensive review. Just in the context of the acquisitions that have taken place over the last year and acquisitions coming in 2026, how much of that product portfolio is commercial-ready, and what are the plans for R&D spend over the next one or two years? Yeah, great question. I think what Mark was emphasizing is what I'll emphasize is we're focused in our strategic acquisition program on mature technologies, and not just mature technologies that have been validated as operational and valuable in the field by customers. It goes further. We also have, in our diligence, the understanding that the customers intend to expand their business and deployments of the technology. We're not, by and large, interested in early-stage or pre-commercial technology platforms. That's not our growth model. In terms of R&D, I think you'll see us focus more on advancing the platforms and their capabilities, as well as focusing on the integration activities that Meir spent a lot of time talking about in the system of systems architectures where we're deploying the solutions we're developing for customers. Understood. The outlook, Eric, for 2026, is that spread across multiple deals, or is there any concentration in that outlook right now? No, there's not a significant amount of concentration. We do now have a broad breadth of platform technologies. I think you're going to see us, for sure, do very well in the counter-drone space with both the Iron Drone and Sentrycs portfolios. But you're also going to see us do very well. We've got quite a bit of momentum in product and market and customer maturity with the ground robots as well, the UGV s with both Roboteam and Apeiro. And 4M is going to have a very good year as the demining operations start to grow. And we think that's going to be just specific to that. We think that's a long-term opportunity that could be quite substantial. So I see it as a diverse pipeline that we're executing against. I see growth across the entire platform. Thank you. I'll step out of queue and maybe let some other people go. Thank you. Thank you. Our next question comes from Timothy Horan from Oppenheimer. Please go ahead with your question. Thanks, Eric. I have about 10, but I'm going to focus on two. It seems like the defense industry is absolutely getting turned on its head, and I guess we can say the same for physical security and monitoring and on and on. Your platform, will all of your offerings be accessible from one platform? Are they very interoperable at this point? Great question, and they're very interoperable, not just within our architecture. So, for example, we can deliver Iron Drone or Sentrycs separately and deliver them integrated. We are working on integrating our drones and the counter-drone systems with our ground vehicles. At the same time, our systems are modular, and that is a very important market requirement. What that means is, if we're deploying them, very often we have to integrate with other systems that the customers either prefer or already have installed and are operational. So, for example, when we're deploying Iron Drone, if the customer has a detection tool, that's typically going to be radar or some other sensor, acoustics, optical, etc., to detect the threat of a hostile drone, we can plug into that detection tool or system and then be able to mitigate the threat with the information that that system provides us. So it's both internal that we're interoperable in expanding that, of course, but it's also with the rest of the market. At that point, how interoperable would it be for a defense company or, sorry, agency or army? How hard would it be for them to integrate this with their command and control systems or existing intelligence systems? Meir, can you add a little bit more color to that? Sure. Again, so we have a data platform and unified command and control. We can integrate with the command and control of the client through API, SDK, and so. And of course, we can integrate whatever is out there in the market from the detection through the effectors, soft kill, hard kill, but also drones, UAV, and UGV. We have our own brain and the unified C2, but we can integrate it with whatever the client needs from us. Eric, it's pretty crazy what's going on right now, obviously, but is there any technology platform or business model or company that you're trying to emulate or look for guidance that's happened historically? Yeah, there are. I mean, I do learn from others and other even technology adoption cycles as to how these develop and strategies you can deploy both operationally and financially. Maybe I'll say this first, Tim. Most of the drone companies or robotics companies in the market today are sort of on that path of maturity that you've seen us on up until recently. That means they're engineering-led, smaller, subscale, but they are poised to see adoption. The problem is they don't have the operating platform, and they don't have the balance sheet. That's an issue for them. That's an issue for customers, and it's not a small issue. Now, we see, of course, you know a lot about our model. We see others trying to adopt similar operating and financial models. The marketplace has begun to refer to these companies as multi-prime, so I don't want to maybe highlight any one of them, but there's a handful. And there's a bit of a race here, I think, to do this because, as I said earlier, this is a generational opportunity to organize the market. So I think at the end of the day, we're going to see this happen at an accelerated pace over the next several years, and we're going to be on the path of that small number of players. I'd say it's unlikely that a new player emerges with some new mousetrap or even a financial model because to build this isn't just about money, and it's not just about technology and your engineering team because all of this stuff takes a long time, not just to develop, but to integrate and to mature and bring to the market. So the platform we're building at Ondas is sort of on the cutting edge here, I think, of this opportunity. I'll get back in queue. Thanks. Thanks, Tim. Our next question comes from Michael Latimore from Northland Capital Markets. Please go ahead with your question. Excellent. Thanks. Yeah. Congrats on the big year and outlook. I guess, Eric, on the guidance for the year, 170-180, I think that's up from 140 roughly. Does that assume any new acquisitions, or is that just based on your current product portfolio? That's just based on our current product portfolio and the momentum we see in the business. Right. And then the expectation of $300 million in bookings, is that over? Is that like a multi-year booking, or what kind of timeframe should we think that reflects? Yeah, those are the bookings we're expecting and targeting this year. And of course, we do want to beat that, but we think it's a good starting point. For some context, I think it's fair to say that the counter-drone market is really poised for an exceptional year. And this is really the first year. This is only in the last couple of years that we've seen the requirement to protect the lower skies emerge. So the demand curve we see here is global. There's a lot of focus, particularly in the U.S. market, staying with U.S. investors on what's going on with Homeland Security and the FIFA World Cup, and of course, that's very important. There's other activities inside of the Department of Defense and the Armed Services branches, but I also would add that the urgency in Europe amongst NATO countries is just as acute, if not more, because they're sitting on the doorstep, of course, of the Ukrainian and Russian conflict. I think it's there. I also think that the work we're doing with the Roboteam, for example, they've done that foundational work. They've been working with customers for a while now to advance and broaden their capabilities, and they're touched on how that market now is seeing some urgency in and around urban conflicts in preparation for those sorts of conflicts. And I'd highlight that Robox, you're going to hear a lot more about that platform, which is in and of itself an exceptional integrated solution, and with portability. So we see that bookings is going to be broad and it's visible. And this is really just, in terms of our markets, the adoption curve is really just starting off a small base. So the growth rates are going to be very high. Ye ah. And you expect to recognize those bookings over what timeframe? This year. That's a 2026 bookings target. So we'll be building backlog through the year as well. Got it. I guess. And then the swarming technology, is that your own or is that third-party? It sounds like that's increasingly important. Yeah, it is important. And Meir, do you want to shed some light on that? Sure. We are working on that in the last two years to make sure that we have the Optimus system. We already deployed around the world with this system, and now we're working on the swarm capabilities. Everything is our own, the software, the brain. Of course, we use subcontractors for different features, but most of it is our own product. And of course, for now, we operate it as a combat-proven with some of these capabilities around the world. All right. Excellent. Thanks a lot. Best of luck, Meir. Thanks, Mike. Our next question comes from Jonathan Siegmann from Stifel. Please go ahead with your question. Thank you, Eric and team, for the great incremental color on the technologies. So part of the company's ecosystem is a third-party contract manufacturing capacity, and you've disclosed line of sight of $170 million-$180 million of revenue this year. You mentioned the pending addition of Europe. Are there other gaps that need to be filled? And how would you suggest we think about the company's current revenue capacity as we think about $1.5 billion of revenue in 2030? Thank you. Good question. So in terms of our current capacity, we can meet our revenue outlook for sure. So we feel very comfortable with that. And John, I'm sorry, what was the front end of that? You wanted some context around the global capabilities and the flexibility, or? Just how much more partnerships and expansion of that third-party contract manufacturing do you need? Great question. I think with this lineup, we're going to be that you see on one of the slides we showed. I think we're going to be in good shape. At the same time, what we're seeing is a lot more interest from the ecosystem of folks who want to support us. So I do believe that we're going to. You should expect us to add additional manufacturing partners. Come back to that point in just a moment. I want to highlight Heidelberg. We did make the announcement in December that Heidelberg was going to be an important partner for us in Europe. They're very capable on the manufacturing side, as well as supporting customers in the field and helping support even the sales and marketing efforts in Europe. So we're excited about that. You should expect to hear a lot more about that. We're working hard with them to put some more structure around that announcement. At the same time, one of the fascinating things here, and you've heard us talk about it, is the industrial base, both here in the United States as well as in Europe, is an issue from the national security standpoint, and we want to be part of that, of course. Now, folks are doing this all different ways, and all of them are valuable in their own right. You're seeing a bunch of folks go and build vertically integrated production capabilities, right? So they own factories, and they're doing it themselves, and I think that's great. You're going to see us do that in certain places as well. At the same time, I think what's underappreciated because it does seem to be just a daunting task, how do we rebuild this industrial base? I think one of the unsung heroes here will be the contract manufacturing community because this is what they do. One of the challenges, however, is the big CMs of the world, and we have some of the logos on one of the slides. Kitron is another good example. They can't support a cottage industry, right? So if you're the CEO of the board of a major global contract manufacturer and you talk to the Department of War and say, "Hey, we need you to build drones," they say, "We'd love to do that," right? The board and CEO will say that. And then they'll say, "Okay, well, tell the business development folks, okay, we're good. We'll go build the drones. We'll go tell the drone companies, and it'll be all set." And the BD folks say, "Okay, well, there's 300 drone companies. They all want us to build 100 drones every six months. Which ones do we work with?" And that's a problem. And what I'm seeing here as we literally, in just the last six months, is that the ecosystem around supply chain and production is watching what we're doing and saying, "Wow, this is very interesting because Ondas is building a portfolio of capabilities." And of course, they're in the air and the ground. We're going to continue to broaden those platforms. We're presenting ourselves as a company that they can scale with. And I think that's really important. So I think the velocity of all this over the next two or three years is actually going to work to accelerate that maturation or the rebuilding of our industrial base. And that's the thesis. But I can tell you just anecdotally early on here, that does seem to be the case. So we're really excited to see that. Thank you. Sure. Thanks, Jon. Our next question comes from Maxwell Michaelis from Lake Street Capital Markets. Please go ahead with your question. Hey, guys. Thanks for taking my questions. A lot of information to address here. But I kind of wanted to go back to Project Hives and sort of the timeline around that. I see that there's kind of a larger long-term potential with allied nations. Maybe starting out, I know you're in the development phase right now, I believe, and then scaling up further down the road. I mean, once you're kind of done with this first initial program, do you need to go through this whole development, integration, deployment phase, or does it become more plug and play with other allied n ations, I guess? Okay. So a couple of things. This program is expected to be one to two years, so we're going to do our best to accelerate that because it is of critical importance to the customer as well as to Ondas, of course, and then I would say that as we're thinking about taking this globally, you may see in different countries because, well, first, I think the demand there is the requirement here for autonomous loading and munitions infrastructure, which we call the Hives. We do think it's a global requirement, so that market should be there. And as we go into other markets, you may see some modifications required to meet local requirements. But I'll get back to the point we made earlier in a similar question, but different, is that these systems are modular. They are designed to be interoperable, and we would be able to integrate this system that we're developing with other technology providers in other markets. I'll ask Meir again. Meir, would you add anything to that? No, I totally agree with you, Eric. Everything will be in the future plug and play for future clients, of course, and it will be ready during the year. Yep. Perfect. And then just my follow-up question. We look at that 2030. I know it's a ways away, and it includes quite a few acquisitions. I assume that $1.5 billion of revenue. But is there an organic revenue growth rate assumption there from management? I don't think you shared one in the presentation, but is there something you can help us understand kind of what you're thinking from an organic growth standpoint for 2030 or through 2030? Yeah, I will. As I do that, I think one thing I'll highlight is that we have won that program, but we haven't gotten the first order yet, and we are expecting it soon. The reason I'm saying that is it's not in our backlog. To that point, in terms of organic growth rates over the next one or two years, they're going to be just incredibly high. The growth rates themselves will look off a small base. It's just going to be massive. Now, if I took a three to five-year view, I mean, I think the underlying growth rates here for specifically what we're doing around unmanned and autonomous systems is going to be easily 50%-75%, and in some markets and products would be higher. It's that we're basically just seeing the turn of an industry that we've been. We, I say, collectively, not just Ondas, but many of our peers have been building foundational technology for a decade or more. So it's going to be a very strong growth environment. Awesome. Thanks, guys. Thanks for taking my questions. Sure. Yeah. Thanks, Max. Our next question comes from Matthew Galinko from Maxim Group. Please go ahead with your question. Hey, guys. Thanks for taking the time, and appreciate all the time you put into this. First, just on the 2026 revenue guidance, I'm wondering if there's any linearity we should think about and how that lands through the year, just given how we should be thinking now about 4Q and kind of that bump in 2025. And I guess secondly on that revenue, is there any network assumed in the 2026 revenue guide? Any networks? Yeah. So firstly, there is a little bit of Ondas Networks in there. I'd put it kind of $5 million into the Ondas Networks side of things because, again, this presentation was designed around what we're doing in the OAS businesses. They are making progress, and there are opportunities to book significantly more orders and network build-out visibility this year, for sure. But as we have been, we're going to be waiting to make that assumption before we put it into our outlook in any meaningful way. So there could be an inflection point there. In terms of, we're not going to get right now into the quarterly cadence here. We'll give you some. I think we'll be able to give you a better feel for that when we report the fourth quarter in March. Thanks, Eric. And maybe just kind of an oddball question for you, but obviously, we're seeing some rumblings on the consumer side that the large AI adoption and investment cycles are kind of siphoning up some components. And I'm wondering how that impacts or if it impacts your plans to scale up production and meet kind of those revenue targets. Is there any risk of component sourcing just given some of the major macro stories? I don't, so I can't say no, but I think the visibility we have at the moment, we feel good about. The other thing I'll say is outside of the Wasp, what we're building and deploying is not the mass affordable systems, right? We're building and deploying systems, and they're autonomous systems with higher price points. So it's not a volume game. I think some of those pressures will be felt more on the volume side, and at the same time, one of the, if you think about that specific to what the Department of War is doing for in dominance, I think it's fascinating and actually extremely healthy for the market. What they're trying to do is not necessarily just find the best drone, best-performing drone, because I think relative to requirements, there's probably going to be a bunch of folks who can do that. What they're really trying to do is identify those who can produce at scale and quality volumes, etc., right? All these critical things you need to do. This cottage industry is not acceptable because it's the opposite of resilience, so through this work, we're going to find pretty quickly the companies that have the best capability and the strongest financial position in many ways is going to be a key determinant of that, and what that's going to do is also you're going to see some of that supply chain for sure, but it's going to be self-reinforcing because this cottage industry, as it matures, the supply chain is going to be able to respond much more efficiently to the growth of these markets, and I think we're going to try to do everything we can do to be a contributor to that maturation. Great. Thank you. Sure. Our next question comes from Mike Legg from Ladenburg Thalmann. Please go ahead with your question. Thanks. Good morning. On the acquisition pipeline, could you talk a little bit about the competition for those acquisitions and then also how you're valuing those acquisitions? Sure. So firstly, I'll come back to what I said earlier, and it's a really important point vis-à-vis the competition. Is the vast bulk of this sector, the unmanned and autonomous sector, fragmented, right? It's small companies, and the vast majority of them outside of a handful of well-funded competitors are extremely capital constrained. And that's the market that we're seeing opportunity in. In that market, you're going to be careful because poorly funded companies oftentimes have challenges at maturing their technology, capturing customers. But there's so many of them, and we do have that expertise that simply just a financial buyer wouldn't have. I would submit to identify the technology platforms, the teams, and the customer opportunities in our diligence. So I think where we're fishing, there's extreme capital constraints. And then I'll come back to that point about the financial buyers and the investors in those companies is to do what we're doing, you have to make that investment that we've described in OAS. You have to have that relevance to the customers or the confidence of the customers that you can be the scaled, mature provider of a platform that they're going to adopt for a decade or longer, right? You have to go and convince the supply chain that you should be at the top of the line because you're going to be the partner they want to bet on over the next coming three, five, and 10 years. And I think what we're seeing is that there's not a lot of folks who can create that confidence. So there's not a lot. So in any event, I don't want to say there's no competition, but I think we are very well positioned here to execute this plan. And we'll see how that changes. But coming back to the question that Tim had, we do see there's a handful of folks who are beginning to get the scale, and I think we'll see them in the market. But my take is that there's so much to do here today that I think the market's going to be very rational for the foreseeable future. Okay. And how do you value them? I t's not science. We look at every company. We do extensive diligence, which includes financial diligence. We create financial models, and then we look at that and put valuation on it and negotiate it. And I think I've been pleased with the way the team's been able to do that from the shareholder perspective of Ondas. But I guess, Mike, just to be frank, we're not. This is a very traditional approach to making acquisiti ons. Okay. Great. And then on the targets, are they interested in taking stock, and would you use equity, or you obviously have a strong cash balance? Do you think these will all be cash purchases? For sure. I think we're likely, in most cases, to see a mixture. I think as long as our shares are at the proper level, we would prefer to use the cash for growth, so as growth capital to drive the business expansion. And we also see the benefit of using equity to align interests of acquired companies, right? What we're asking is for the investors, but especially the management teams, to go on this journey with us to build a big company together. And I see a lot of receptivity among the folks we talk to about these things. So that's some context. Every deal is different and unique, and the mixture of stock versus cash obviously has some relevance for valuation structures, etc. So that's just a bit of context. Okay. Great. And then just one last question. On the backlog, you gave us guidance for three. I'm sorry, not backlog. On the building up the backlog of $300 million in 2026, what's the time to bring that to revenue? The bookings. Yeah, I'm sorry. All right. So yeah, I would say the bulk of those bookings would be, if they're not realized during this year, it would be next year in 2027. I mean, when you book something, does it take three months for the revenue to come in? Is it a 12-month revenue timeline? It depends. I don't want to get more specific than this, but we do have some higher velocity products that can be ordered and within a short period of time, certainly a quarter, can become revenue. Others are longer duration. Some of that will be determined by the visibility we have and our ability to or choices we make in and around inventory, right? If we're highly confident, we may build in front of demand. By the way, we're doing that. That's some context. Some of the smaller drones, we can build them faster than, say, the docking stations. It kind of depends. Okay. Great. Just one last one. On the On the $15 billion valuation goal, is that based upon the 2030 metrics you gave out? Yeah. I think it's our goal that I think is achievable. And I'd say it's I don't want to put a timeframe on that, but I do think if you look at our five-year plan, you see if we're able to create confidence around that, I think we can achieve that and more. Okay. Great. Thank you. Great presentation today. Awesome. Thanks, Mike. Our next question comes from Austin Bohlig from Needham. Please go ahead with your question. Hey, guys. Thanks for taking my question, and congrats on the solid Q4 execution. And just kind of wanted to start there. Can you guys point to anything specific that rolled that strong upside? I can't point to anything specific other than the strong demand and us being in a position now to capture it and provide for it, right, to be able to build and deliver systems. I did mention as part of the prepared remarks that we did see strength across the platform. I do think the counter-drone markets with Sentrycs and Iron Drone will continue to be particularly strong and be the biggest part of the mix. We showed you a pie chart on that. The ground vehicles and the land intelligence are also very strong. That's the context. I mean, if I looked at in the year going into 2026, we do think that's sort of a similar dynamic. On both bookings and revenues, if there's going to be that significant upside, which is possible, I would point to the counter-drone market to be a particularly opportunistic thing or where that opportunity could come. Okay. Perfect. You may have just answered my next question, but so just thinking about back to your Q3 earnings call, you gave a $110 million target, then with Roboteam added $30 million, so $140 million. It definitely seems like there's a clear acceleration in some of your business segments. What's driving this kind of incremental $30 million-$40 million new in probably just even the last couple of months? I do think we're still being conservative, right, because the demand, the tailwinds are strong. I think we were conservative then. That's one thing. Then secondly, I just come back to the same answer, where we're seeing the upside. Okay. Perfect. And then a quick one. That 50% gross margin target, is that for 2026? Yes. Okay. Okay. Well, guys, keep up the great work. Thanks for taking my question. Awesome. Thanks, Austin. And with that, we'll be concluding today's question and answer session. I'd like to turn the floor back over to Eric for any closing remarks. Sure. And I'll be succinct. Firstly, thank you to the operator. As we wrap the call, I want to thank you again for spending the time with us today. As we outlined, we do expect a very strong year in 2026, and we're leveraging that strong finish we had to 2025. And we're going to be, as always, communicative, and we're going to give you more updates along the way as this year progresses. So we hope you enjoy the rest of the day. We're going to get back to the important work of building the company. Again, thank you for attending. Ladies and gentlemen, with that, we'll be concluding today's conference call and presentation. We do thank you for joining. You may now disconnect your line.