Welcome to the Ondas Inc. Investor Event Conference Call. All participants will be in 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 then one on your telephone keypad. To withdraw your question, please press star then two. Please note this event is being recorded. I would now like to turn the conference over to Eric Brock, Chairman and CEO. Please go ahead. Good morning, everyone, and thank you for joining us. Today marks an important milestone for Ondas. We are extremely pleased to announce the acquisition of DZYNE Technologies, a company we believe is one of the most innovative autonomous defense businesses built over the past decade. Today's events are about much more than a transaction. It's a significant advancement in Ondas, creating a company with greater scale, greater technology depth, and a dramatically expanded customer footprint. Now Ondas is positioned with one of the broadest autonomous defense portfolios in the industry. Today, we'll introduce DZYNE, explain why this combination is so compelling, discuss the market opportunity, and show why we believe this positions Ondas to become a category leader during what we believe will be one of the largest defense modernization cycles in decades. Before we begin, please take a moment to review the forward-looking statements and other disclosures contained in today's presentation. We'll be discussing future expectations, financial outlooks, and market opportunities that involve risks and uncertainties. Additional information regarding those risks can be found in our SEC filings. With that, let's begin. Again, welcome everyone to today's very important call. This is a tremendously exciting day for everyone associated with Ondas. We're incredibly proud to introduce DZYNE Technologies to our shareholders, our customers, our partners, and the broader Ondas's ecosystem. Over the past several years, we've worked to build Ondas into a leader in autonomous systems through disciplined technology and market development, along with ecosystem development, of course, via a well-developed and executed acquisition program. DZYNE represents the next major step in that strategy. This is an exceptional company. Its products are operational today. Its technology has been proven in demanding defense environments. Its engineering organization is world-class. Its customer relationships span the US Department of War, allied militaries, and leading defense and security organizations around the world. Most importantly, DZYNE shares our vision. Both companies believe that the future of defense belongs to autonomous systems, software-defined warfare, affordable mass, and persistent intelligence. Together, we are creating a platform capable of delivering those capabilities on a meaningful scale. This transaction expands Ondas from a collection of outstanding technology businesses into a far more complete autonomous defense enterprise with leadership positions across persistent ISR, aerial security, counter-drone systems, autonomous effects, and AI-enabled mission intelligence. We believe this combination fundamentally changes the trajectory of our company. Before we begin, I'd like to introduce today's speakers. I'm joined by Ryan Hartman, founder and CEO of World View, and now Chief Executive Officer of our newly formed Ondas Sentinel division. Ryan brings decades of aerospace and defense leadership across persistent ISR, autonomous aviation, and mission systems. Also joining us is Matt McCue, founder and CEO of DZYNE Technologies, who will become Chief Technology Officer of Ondas Sentinel. It is a real pleasure to welcome Matt to Ondas. Matt has spent more than two decades designing and delivering advanced autonomous systems for some of the most demanding customers in the world. He is not only an exceptional engineer, but an outstanding entrepreneur and business leader who has built DZYNE into one of the premier autonomous defense companies in the United States. Matt, we're honored to have you and your entire team joining Ondas. The combination of our organizations creates something much larger than either company could have built independently, and we're all incredibly excited about what lies ahead. Let me begin with a brief overview of the transaction. Today, Ondas announced the acquisition of DZYNE Technologies in a transaction valued at approximately $875 million. The consideration consists of $200 million in cash and approximately $675 million in Ondas's equity. Importantly, the transaction aligns both organizations for long-term value creation. The DZYNE shareholders, led by majority owner Highlander Partners, are now one of our largest stockholders, a fact that underscores their confidence in the combined company and our shared vision for the future. In fact, Highlander has locked up more than half the shares received in the transaction for a six-month period. This is not a financial acquisition. It is a strategic combination designed to create a larger, stronger, and more competitive autonomous defense company. It's also important to highlight that DZYNE significantly enhances the financial model for Ondas, creating a larger and faster-growing revenue and gross profit pool to help support the OpEx and infrastructure investments Ondas is making to capture value and market capitalization in the rapidly growing unmanned and autonomous systems market. DZYNE is expected to generate more than $300 million of revenue in 2027, with expanding EBITDA margins and exceptional growth characteristics. We believe this transaction is highly accretive to Ondas's investors today, and given DZYNE's product portfolio, customers, operating scale, talent, U.S. footprint, and strong growth profile, that accretion will compound over time. The acquisition closed concurrently with signing on July 2nd, allowing us to begin integration immediately and accelerate execution from day one. This acquisition is transformational. It establishes what we believe is the leading independent autonomous defense and security platform focused on delivering for the next generation of warfare. Why? Because DZYNE dramatically strengthens every major component of our business. First, it immediately expands our U.S. operating platform. Combined with World View, we are creating Ondas Sentinel, a scaled U.S. defense organization with engineering, manufacturing, deployment, and sustaining capabilities that very few emerging defense companies possess. Second, we gain extraordinary talent with nearly 120 engineers, deep manufacturing expertise, and outstanding operational leadership, and an organization that knows how to move products from development into production and into the field for customers. Third, DZYNE brings exceptional customer relationships. The company has earned trust across the Department of War, Air Force Research Labs, every combatant command, and numerous allied defense organizations. Those relationships are difficult to build. They represent years of successful execution and become an invaluable asset for the combined company. Fourth, DZYNE significantly expands our technology portfolio. Persistent ISR, long-endurance autonomous aircraft, counter-drone systems, autonomous interceptors, launched effects. Together with the existing Ondas portfolio, we now address many of the fastest-growing areas of defense modernization across the world with a deep portfolio of solutions and an extreme level of talent. Finally, this dramatically strengthens our financial model. We add substantial revenue, positive EBITDA, expanding operating leverage, and a clear path towards scaled profitability. This will enhance our investment flywheel and propel Ondas market capture opportunities on day one. Before we continue, we'd like to show a short video introducing the outstanding technology portfolio DZYNE is bringing into Ondas. Let's take a look. The acquisition of DZYNE isn't simply about adding products. It's about responding to a fundamental change occurring across modern warfare. The battlefield has changed. Victory increasingly belongs to the side capable of deploying autonomous systems rapidly, affordably, and at scale. For decades, military advantage centered around exquisite platforms purchased in relatively small quantities over long procurement cycles. That model is changing. Ukraine, Israel, and increasingly, the Indo-Pacific all demonstrate that autonomy, software-defined systems, and affordable mass are redefining military capability. A similar transition is occurring inside our industry. Autonomous technology has matured beyond experimentation. The challenge today is industrialization. Governments no longer need isolated demonstrations. They need companies capable of designing, manufacturing, deploying, and sustaining autonomous systems at scale. That requires engineering, manufacturing, supply chains. It requires software, robust and scalable operations, and above all, it requires financial strength. These strengths form the core of durable, long-term, trusted customer relationships. This is exactly why Ondas and DZYNE belong together. Our mission is straightforward: to help our customers achieve decisive operational advantage through multi-domain autonomy, persistent intelligence, software-defined warfare, and affordable autonomous effects. We believe this combination positions us exceptionally well to meet that mission. Why now? Because we believe the timing could not be better. For years, both Ondas and DZYNE have invested in developing mission-ready autonomous technologies while building trusted relationships with defense and security customers. Today, those investments are converging with an extraordinary shift in demand. The conflicts in Ukraine and Israel have fundamentally reshaped military thinking. Autonomous systems are no longer experimental. They are becoming central to modern force structure. Defense budgets are shifting accordingly. Governments are accelerating procurement. Affordable mass, autonomous effects, persistent ISR, and counter-drone systems are moving from emerging technologies to strategic priorities. At exactly the same time, Ondas and DZYNE have reached the scale where combining creates immediate competitive advantages. Our technologies fit together naturally. Our customer relationships are complementary. Our engineering organizations strengthen one another. Our manufacturing platforms scale together. Our financial model becomes substantially more powerful. Most importantly, we believe there is a first-mover opportunity. The category of scaled autonomous defense companies is only beginning to emerge. Of course, our objective is not simply to participate in that transition. Our objective is to lead it. We believe DZYNE has earned the reputation as one of America's next-generation autonomous defense companies. The company has developed a portfolio of highly differentiated autonomous platforms that are operational today and aligned with the fastest-growing defense priorities. Its business spans three core franchises with a suite of systems that are mission-ready and operational today. I want to highlight that over $500 million has been invested in R&D to support this broad portfolio. The first segment DZYNE plays in is long-endurance ISR. Here, DZYNE offers Ultra and LEAP, highly capable autonomous aircraft designed to deliver persistent intelligence at dramatically lower acquisition and operating costs. Ultra, in particular, is emerging as an extremely compelling complement to the MQ-9 Reaper, providing persistent ISR at substantially lower cost while supporting a broad range of mission payloads. Second is aerial security and counter-UAS. In counter-UAS, IonStrike is a remarkable product, a fully autonomous kinetic interceptor purpose-built to defeat next-generation threats such as Shahed class attack drones. Alongside IonStrike sits Dronebuster, which we believe is one of the world's most widely deployed handheld counter-drone systems and the only U.S.-manufactured solution utilizing GNSS spoofing technology. The third franchise is autonomous effects. Products such as Blitz and Grasshopper address the rapidly growing affordable mass and launched effects markets, supporting distributed operations and swarm concepts that are becoming central to modern military doctrine. Financially, DZYNE is equally impressive. We expect approximately $191 million of revenue during 2026 and greater than $300 million in 2027, driving a three-year CAGR of over 80%. The business growth is supported by a significant backlog and a large and visible pipeline. Clearly, DZYNE is at a pivotal inflection point in its growth, and Ondas provides the scale, infrastructure, and operating platform to help accelerate its next phase. It's a playbook we have executed successfully time and again through our strategic growth initiatives. What gives us tremendous confidence in DZYNE is that this isn't a company built around future concepts. It is a company delivering product and services today. Its systems have been deployed globally across every U.S. combatant command and numerous allied defense organizations. Its customers include the U.S. Air Force, Army, SOCOM, Homeland Security, AFRL, NASA, NGA, and multiple allied militaries. Given DZYNE's pipeline aligned with Ondas relationships, is likely to see this customer list deepen and broaden from here. Those relationships were earned through performance. Operationally, the company is equally impressive. DZYNE operates a mature U.S.-based manufacturing and supply chain, supported by more than 145,000 sq ft of production capacity. Its products are supported by established customer training, field service, and sustainment organizations. One area I want to emphasize is Ultra. We believe Ultra is approaching a significant inflection point as it transitions toward a major program of record. Again, this is a high-performing system built for purpose for extremely long endurance with payload diversity, which is much lower cost relative to legacy UAV platforms. Much like World View, DZYNE's revenue model will leverage delivering ISR capability through GOCO and increasingly COCO or government-owned, company-operated, and contractor-owned, contractor-operated service models. That recurring services approach improves customer flexibility while creating attractive long-term revenue visibility for the company. This slide illustrates another important advantage created by the transaction, scale. Moving the unmanned sector across the adoption S-curve will require companies like Ondas to position for exponential growth. Production capacity is a critical enabler for us to do just that. DZYNE operates six facilities across the United States, anchored by its headquarters in Irvine, California, with additional operations supporting engineering, manufacturing, and customer engagement. Importantly, DZYNE contributes approximately 145,000 square feet of U.S.-based manufacturing capacity. Combined with our existing operations, Ondas now has more than 330,000 sq ft of manufacturing space across the United States. This puts Ondas in a very strong position competitively and with customers. As demand accelerates, our customers need partners capable not only of innovating but of delivering. This footprint provides the production capacity, engineering resources, and operational infrastructure necessary to support that growth. With this introduction and overview, I will now hand the call to Ryan Hartman, who will add additional context around DZYNE's capabilities and the strategic and operational fit for the combined DZYNE and Ondas. Thank you, Eric. We are genuinely excited to welcome DZYNE to Ondas. This is a company I've followed since its inception. I have tremendous respect for Matt McCue, who I've worked with for more than 20 years, and I recognize the depth of talent inside DZYNE and their ability to help us realize the full vision for Ondas. As we've previously shared, Ondas' strategy is to build a multi-domain business that delivers our customers capabilities ranging from the surface to the stratosphere, unified by a common tasking, collection, processing, exploitation, and dissemination architecture. We've been very active executing against that strategy. In 2026 alone, we completed acquisitions and partnerships including BIRD Aerosystems, Rotron Aerospace, and the Palantir partnership in March, Mistral and World View in April, and Omnisys in May. As you'll note from the portfolio map on the screen, a clear gap remained between our low-altitude unmanned systems and our stratospheric assets, specifically in the Group 4 and Group 5 long-endurance UAS category. DZYNE fits nicely in between the stratosphere and the assets we already have in the portfolio for multi-rotor UAVs and Group 1 and Group 2 UAS. It is a precise purpose-built complement to what Ondas has already built, and it gives us coverage from surface to stratosphere with no gaps. With SkyWeaver as our mission layer and Palantir's Warp Speed and Foundry as our operations layer, the addition of DZYNE completes a cohesive architecture across land, air, and stratospheric domains. With the systems already in our portfolio, Ondas had the ability to address a meaningful portion of the global TAM. With DZYNE's addition bringing launched effects, additional counter-UAS technologies, and Group 4 and Group 5 UAS, we significantly expand the addressable market available to Ondas. What you're looking at here are three of the fastest-growing segments in defense. Persistent long-endurance ISR&T in contested airspace, a counter-UAS market where spend is migrating from detection to low-cost autonomous defeat, and a $15 billion+ Department of War push into low-cost launched effects. Each segment carries attractive compounded annual growth rates. We look forward to maturing and evolving these platforms so we have a right to win in each and to capturing an outsized portion of these markets over the next four years. Ondas has been focused on four specific verticals where defense modernization spend is accelerating. Aerial security, ISR and persistent intelligence, precision strike, and autonomous ground systems. DZYNE represents a transformational step forward in three of these four areas. It strengthens our aerial security posture with Sawtooth and Dronebuster. It deepens ISR with Ultra and LEAP, and it expands precision strike with IonStrike. These are complementary, not redundant, additions to capabilities we already operate. With that foundation in place, I'd like to turn it over to Matt, who will walk through the core DZYNE franchises joining the Ondas portfolio and how they strengthen our position across long-endurance ISR, counter-UAS, and precision effects. Matt, over to you. Thank you, Ryan. It's an honor to join forces with you and Eric and the entire Ondas team. We're excited about what DZYNE and Ondas can build together. I'd like to start with our marquee long-endurance ISR platforms, Ultra and LEAP. Ultra delivers over three days of endurance at over 25,000 ft altitude with modular payload support for EO, IR, targeting, radar, SIGINT, and communications relay. It fits squarely into the Group 4 and Group 5 mission set for the Department of War and allied nations. LEAP complements Ultra with over a day of endurance at 17,000 ft at an even more cost-effective price point. Why this matters is that persistent ISR is seeing surging demand across every modern conflict. What we've learned in recent Operation Epic Fury and Operation Absolute Resolve in Venezuela is that sortie count, cost, and risk to crews matter more today than they ever have. We designed both platforms to support modular payloads, truly multi-mission, directly aligned with combatant command surveillance gaps. We designed them from day one to reduce acquisition and operational cost to a threshold where they are considered attritable assets, meaning they can fly one-way missions when the mission requires it at an operational cost lower than similarly capable systems. Both Ultra and LEAP are in operational use today with U.S. and allied partners around the world. Their capabilities complement Ondas' stratospheric assets, and SkyWeaver will make them even more capable by enabling mission autonomy. The second DZYNE franchise we are emphasizing here is counter-UAS, centered on kinetic kill with IonStrike. In a six-month period, our team went from concept to a demonstrated capability specifically designed to address the Shahed-136 threat. We're seeing significant demand because the drone threat is at an all-time high. What we learned in both Ukraine and Operation Epic Fury is that the ability to engage targets like the Shahed-136 is an absolute requirement and an urgent one for the U.S. Department of War and allied nations. Beyond IonStrike, DZYNE brings the handheld Dronebuster and the Sawtooth system, both designed as disruptive soft kill solutions against a broad set of UAS threats. True to DZYNE's history of innovation, we're always advancing to address new threats. In the near term, we'll be releasing a long-range electronic attack solution and a lidar detection capability to augment the already significant counter-UAS portfolio we have in the market today. To round out the overview of DZYNE's portfolio, we want to highlight the precision strike and autonomous effects capabilities it brings to the market. This portfolio includes our low-cost, fully autonomous, swarm-capable Group 1 UAS Blitz. Blitz delivers a 150 km range and a true multi-mission capability. The system is modular by design, configurable in the field for a range of missions, and built to be assembled by soldiers operating in an expeditionary environment. In addition, we bring Grasshopper, an autonomous, expendable glider capable of delivering substantial payload into contested or denied environments. We're excited about the unique mission profiles this enables, including pairing Grasshopper with a stratospheric balloon for battlefield delivery, and we look forward to bringing these capabilities forward under Ondas. Ryan, back to you. Thank you, Matt. I want to congratulate you and the DZYNE team on the success you've achieved and reiterate how excited we are to bring those capabilities into Ondas. One of the most important things Ondas does is create platforms for unique companies to build a business around. Over the years, significant investment has been put into specific technologies. What's necessary to scale those businesses is a structure that lets us continue to innovate and manufacture at a scale that meets customer demand. With that, we are pleased to announce the creation of Ondas Sentinel, a dedicated operating platform that reflects Ondas' mission to help customers see more, perceive faster, and act with confidence, turning persistent and intelligent sensing into decisive advantage. I am honored and excited to partner with Matt to bring Ondas Sentinel to life unifying DZYNE and World View under one dedicated operating platform to accelerate momentum. Together, this combined organization includes eight U.S. facilities, more than 330,000 sq ft of manufacturing capacity, 500 employees, and more than 140 engineers. As I opened, we've been on a mission to build a multi-domain ISR architecture. DZYNE clearly fills the gap that existed within that architecture and gives us a set of solutions that delivers a uniquely complete capability to customers globally. At the same time, the stratospheric layer is moving from an emerging capability to a required element in modern ISR planning, particularly as customers design integrated multi-domain operating concepts. To make all of this work together, we previously announced our partnership with Palantir. There are two elements investors should understand. First, the operations layer built on Warp Speed and Foundry. With Palantir, we can rapidly integrate supply chain, inventory management, manufacturing, engineering, and financial reporting. Integration of our companies happens much sooner than would otherwise be possible. Second, the mission layer, SkyWeaver, which provides adaptive agentic AI and inferencing at the edge to deliver mission autonomy. SkyWeaver is what converts the portfolio from a collection of capable platforms into an integrated intelligence system. It fuses data from stratospheric, aerial, and ground-based assets, reasons across those domains, and delivers correlated decision-ready intelligence to the customer. For example, a Stratollite can provide wide area surveillance and task fixed-wing UAVs like Ultra and LEAP to track and target items of interest in a customer's area of responsibility without an operator engaging until an effect needs to be delivered. The result is faster decisions, more engagements, and fewer assets required to execute the mission. We believe we are the only provider offering persistent ISR across all three layers: stratosphere, air, and surface in one portfolio. We do. I'd like to double down on what Matt shared about Ultra and LEAP. What we've learned in recent conflicts is that combat air patrols require a new generation of affordable and attritable multi-mission ISR and targeting solutions. Long-endurance ISR represents a multi-billion dollar annual Department of War spend. In Epic Fury alone, the U.S. and partners lost more than $1 billion of ISR drones, making the legacy approach economically unsustainable. What's needed is for combat air patrols to be augmented with attritable systems that can operate in contested environments without giving the adversary a meaningful economic advantage. If we lose an Ultra in a contested environment, we can rapidly replace it without creating a disproportionate cost burden on the Department of War. Ultra and LEAP deliver not just persistent ISR, but also targeting a dramatically lower cost. That enables the Department of War to put more aircraft in more locations, conducting more missions than would otherwise have been possible. Ondas already had a very impressive counter-UAS portfolio. When you put counter-UAS on a spectrum, capabilities range from detection of a UAS threat all the way through engaging and eliminating it. With the addition of DZYNE's Dronebuster, Sawtooth, and IonStrike, we now have the full spectrum of counter-UAS technologies under one roof. Coupled with our AI-enabled software and the mobilization layer for deploying these systems in theater, we believe no other company can offer the full suite of counter-UAS technologies that Ondas can. I want to spend a moment specifically on IonStrike. The fundamental problem we face today is that the cost exchange ratio is broken. It costs the U.S. and allied forces two to three times more to eliminate a threat than the threat itself costs to produce. IonStrike changes the math. It delivers a capability that is on cost parity with the threat, meaning the cost to intercept and eliminate is now equivalent rather than asymmetric in the adversary's favor. What DZYNE has built is the lowest cost, most capable effector in the market today. Purpose-built to address Shahed-136 class threats with approximately 360 mph closing speed and approximately 40 km engagement envelope, and two to five times lower cost per kill than alternatives. It is now our responsibility to rapidly scale this capability and evolve it into a family of low-cost interceptors that addresses not just the Shahed-136 threat, but every Group 3+ threat category where the cost exchange ratio is broken. We are excited to bring this into the portfolio, excited to expand it from a single effector into a family of low-cost intercept solutions, and excited about the substantial addressable market this opens for Ondas. With that, I'll turn it back over to Eric. Thank you, Ryan. Now let's talk about what this means to Ondas from a financial standpoint. This acquisition isn't simply adding another revenue stream. It fundamentally changes the scale and earnings profile of Ondas. DZYNE is expected to generate approximately $190 million of revenue during 2026, and more than $300 million in 2027, providing a significant impact to Ondas' growth while providing meaningful operating margin leverage to the consolidated financial model. Looking beyond this year, we expect DZYNE to deliver more than 80% compounded annual revenue growth from 2025 through 2028, making it one of the fastest-growing businesses in our industry. There is significant visibility in these revenue targets provided by the robust $111 million in backlog and an active and growing pipeline currently measured at north of $1.5 billion. We believe this substantial growth will be driven primarily by two major product franchises. First is Ultra. Ultra is emerging as one of the most compelling long-endurance ISR platforms in the market. It offers customers persistent intelligence at dramatically lower acquisition and operating costs than legacy systems, and we believe it is exceptionally well-positioned as a complement to the MQ-9 Reaper, which has a massive installed base and future combat air patrol architectures. The second hero system for DZYNE is the IonStrike, a next-generation interceptor. We continue to believe IonStrike represents one of the most important new counter-drone products entering the market. Modern warfare has made clear that defending against mass drone attacks requires autonomous interceptors capable of defeating threats at cost parity. IonStrike was purpose-built to solve exactly that problem. Beyond these flagship programs, DZYNE's broader counter-UAS portfolio provides recurring and highly visible revenue opportunities across handheld systems, including the Dronebuster, which is the only U.S.-made GNSS spoofing system, vehicle-mounted systems, fixed-site protection, and open mission software. Importantly, this growth is supported by a substantial backlog and the $1.5 billion customer pipeline, which provides us excellent visibility into what we believe will be a multiyear expansion cycle. Operationally, we have clear milestones ahead. ULTRA deployments continue to expand. COCO ISR service offerings begin contributing meaningful recurring revenue. IonStrike production scales significantly as customer demand accelerates. Manufacturing capacity expands. And finally, we will implement Palantir, Warp Speed, and Foundry across the organization to improve production planning, supply chain management, and operational efficiency as we scale. Taken together, these milestones position the combined company for a very meaningful period of growth and a more robust outlook for long-term profitability. Of course, the acquisition of DZYNE also changes the outlook for Ondas. Based on our current operating plans, we are raising our 2026 revenue target to more than $525 million versus the $390 million target we announced in May. This includes contributions from both DZYNE and Omnisys, the acquisition of which closed in May. I am very happy with the revenue and financial performance at Ondas. Our Core+ strategic growth model is being executed by our operating teams extremely well, and those teams are getting stronger. As we've said repeatedly, our strategy has never been to assemble technologies for the sake of acquisition. Our objective has been to build a larger autonomous systems company operating across operational domains and capable of winning larger programs, serving larger customers, and competing against much larger defense contractors. Scale matters. Scale enables investment, and scale improves manufacturing efficiency. Scale strengthens customer confidence. Scale creates better financial outcomes. Importantly, our backlog continues to expand and support the strong growth curve we are targeting. We entered the second quarter with approximately $457 million in pro forma backlog. During the quarter, we announced more than $150 million of additional orders. DZYNE will add an additional $111 million in backlog. Our recent acquisitions continue to strengthen long-term revenue visibility with high-growth technology platforms. We also expect our backlog to expand by $95 million upon closing the Cyberhawk acquisition, which we expect in Q3. Just as important, we continue to focus on expanding across five dimensions simultaneously. We're focused on capturing more and larger programs and serving more customers. We will continue to expand our strategic partner ecosystem and increasing our operational scale. We're going to continue to drive post-merger integrations to leverage the substantial global footprint we have built across Ondas. To that point, our strategic acquisition program has been very successful. It has clearly advanced our operational and financial models. I am particularly pleased to now have the strong U.S. footprint in place, which is essential to our success. We are well-positioned to win with our customers. I expect us to moderate the acquisition pace in the second half and focus on driving growth and operating leverage across the company. We will provide more context on this during our Q2 conference call in August. To wrap the outlook, we believe Ondas has become one of the very few scaled, independent, autonomous defense companies in the industry. This is an incredibly valuable position. We will continue to leverage that for the benefits of our customers, partners, employees, and of course, especially on behalf of our investors. I'll close today's presentation where we began. This transaction is about much more than acquiring another company. It represents another major step toward building what we believe will become one of the defining autonomous defense companies in the marketplace. Together, Ondas now possesses leadership positions across four of the fastest-growing mission areas in defense: persistent ISR, aerial security, counter-UAS, autonomous effects and precision strike, and unmanned ground vehicles. Across those mission areas, we now deliver an integrated architecture capable of helping our customers detect, understand, and defeat threats across multiple operational domains. We combine persistent sensing with intelligent software. We combine autonomous aircraft with autonomous effects. We combine electronic warfare with kinetic defeat. We increasingly combine all of those capabilities into software-defined mission systems enabled by AI. We believe that architecture closely reflects where military doctrine is heading. Looking forward, our priorities are straightforward: execute, integrate DZYNE successfully, continue delivering for our customers, scale manufacturing, expand recurring revenue, and continue investing in technologies that strengthen our competitive advantage. We believe the autonomous defense industry is entering one of the most significant growth cycles in decades. Ondas intends to be one of the companies that defines that future. I'd like to thank everyone who made this transaction possible, especially the outstanding teams at DZYNE and Ondas, whose dedication made today's announcement a reality. With that, we'd be happy to open the call for questions. We will now begin the question and answer session. To ask a question, you may press star then one on your telephone keypad. If you are using a speakerphone, please pick up your handset before pressing the keys. If at any time your question has been addressed and you would like to withdraw your question, please press star then two. At this time, we will pause momentarily to assemble our roster. The first question comes from Sydney Freedberg with Breaking Defense. Please go ahead. Good morning, gentlemen. Thank you for doing this. Sounds like you've been on a bit of an acquisition spree that's now wrapping up, if I understand correctly. You talk about, not just acquiring more stuff, but actually putting it together in a coherent, integrated architecture. Let me ask, A, am I understanding correctly that this is sort of the time you're winding down the merger and acquisition? B, how technically you're able to make everything work together, exchange data, pass things seamlessly from one company's product to another to, for example, Palantir, your partner, that's in widespread use across the COCOMs. Okay, Sydney, thank you for your question. Firstly, we are in the early stages of a massive adoption cycle around unmanned and autonomous systems. Our thesis is that the market needs platforms, operating platforms, to deliver battle-proven and mission-ready technologies. Those platforms need to be well-capitalized. The operating leverage I talk about, of course, is across the supply chain. It's the fuel services and support and sustainment, and it is across the integration of the technologies as you've described. There's still quite a bit to do. The point we're making around the moderation of our M&A plan is specifically towards demonstrating that these systems can be integrated in the field, and are being integrated with customers, and that we are supporting them with a very robust operating platform, specifically around supply chain production and field support. Ryan, I'll ask you to expand a bit more on what we're doing on the software, to integrate the systems and make them even more valuable in terms of solutions for customers. Thanks, Eric. Sydney, thank you for your question. As you mentioned, Palantir is in wide use within the Department of War. I think what we learned in Operation Epic Fury and other conflicts around the world, that most wars are run on Palantir Maven. Our approach is to design a new solution that we call SkyWeaver. What SkyWeaver is designed to do is create mission autonomy. What that means is creating platform autonomy and the command and control architecture that connects platforms so that we can be doing collections and tasking of those platforms, through a software-defined architecture. Ultimately, what that means is the ability to detect something, then task another platform in the Ondas portfolio, to either refine that surveillance of that target or ultimately deliver an effect. That's where mission autonomy becomes key to the Ondas overall strategy. SkyWeaver will be very different than any other AI-enabled, agentic AI-enabled, autonomy solution that exists today. We're hard at work in bringing SkyWeaver to life. With DZYNE, we're going to accelerate that work. We've got demonstrations that are upcoming, then we're going to be doing an Ondas-wide rollout of SkyWeaver, before the end of the year. Understand. Will that work with partner companies and with other people's products? Because the Department of Defense is very big on avoiding vendor lock, avoiding proprietary systems that talk within a company's products portfolio but don't talk with other companies'. Big problems with those have been in the past. Are you going to try to avoid that? That's a great point, Sydney. The intent with SkyWeaver is for it to not be a proprietary solution within Ondas, but rather be a solution that can both ingest data from other platforms and provide tasking to other platforms. The last thing we want to do is to create a proprietary closed architecture that doesn't enable the Department of War to leverage all of the assets within their portfolio. Thank you. The next question comes from Austin Bohlig with Needham. Please go ahead. Thanks, guys, for answering my question, and congrats on the acquisition. First, guys, just wanted to dive into this $1.5 billion pipeline related to DZYNE. Could you maybe just walk through, one, is this more just U.S. driven, or is this including international opportunity? And then second, when do you guys have a sense of how quickly this pipeline could be converted into backlog/revenues? Is this a year, two-year type of horizon? Thank you, Austin. Clearly we're seeing an adoption curve beginning with both Ultra and IonStrike, and that pipeline also reflects the other platforms we discussed during the presentation. Ryan, I'll ask you and/or Matt to expand on the pipeline and what the cadence is in terms of capture. Yeah, awesome. Thanks for the question. The pipeline that exists today is certainly largely driven by US Department of War. As Eric mentioned, we expect significant growth in IonStrike and Ultra. To answer your question specifically on time to convert, we expect to see a significant growth in the backlog for both IonStrike and Ultra through the remainder of this year. That fuels the greater than $300 million in revenue that we expect in 2027. Beyond IonStrike and Ultra, we do see demand across the entire DZYNE portfolio, and bringing that in with the World View pipeline and backlog, we expect to see not just growth in the U.S. but globally. Allied nations, they see the same problem that we see within the Department of War. Attributable mass, affordable mass, and the ability to deliver multi-domain ISR is an absolute requirement. Although it's largely anchored in US Department of War, we see growth in the Indo-Pacific market, the European market, especially on the eastern flank, then we expect to see additional growth in the Middle East. Awesome. Well, thank you, guys. Maybe one follow-up here. If I remember correctly, I think on your guys' Q1 earnings call, you guys talked about getting to the OAS business profitability in Q1 of next year. With obviously Cyberhawk being adjusted EBITDA positive, this acquisition obviously adjusted EBITDA positive, how should we be thinking about timeline? Could that be pulled in Q4 of this year? Or should we still be kind of expecting Q1 of 2027 as when we hit that adjusted EBITDA milestone? Yeah, clearly, this does improve our financial profile and is going to provide quite a bit of operating leverage to the financial model. I think I'll defer being more specific until our Q2 call, which we'll have in the first half of August. We'll lay out our objectives around the path to profitability to OAS, and of course, for the whole company. All right. Well, thank you, guys. Best of luck. Thanks, Austin. The next question comes from Timothy Horan with Oppenheimer. Please go ahead. Well, thanks, guys. Eric, congratulations, and best of luck to all of you. I've got about a dozen questions, and I'm not even really sure where to start. Just maybe at a really high level, can you talk about your autonomous or your AI capabilities? How much are you developing in-house, and how much are you relying on Palantir? Just out of curiosity, the Palantir relationship, is that an equity joint venture, or are you just paying them for services, or how is that structured? Very good. We'll talk about SkyWeaver and Leidos first, but then SkyWeaver, and I'll ask Ryan to dig in a bit more on SkyWeaver and Palantir and the development process. You think about our command and control capabilities at both the platform level and the integrated systems level at Ondas, vis-a-vis the mission autonomy, where autonomous platforms of Ondas and third-party vendors are integrated in the field around mission autonomy again. As it relates to platform autonomy, all of our autonomous systems have a command and control capability. We describe that as Leidos, L-E-I-D-O-S. For example there, we'll deploy an Optimus or deploy Iron Drone or we'll deploy Sentrycs, and those systems can be remotely operated and controlled with this software architecture infrastructure. As we're bringing, say, Iron Drone and Sentrycs onto, say, a ground vehicle from Roboteam, we begin to drive scale, and those systems can work in tandem, again, with this Leidos command and control software. Of course, the work we're doing with Palantir on top of that with SkyWeaver just expands that more broadly. Ryan, do you want to describe the development work there? Yep, happy to. Timothy, thanks for the question. SkyWeaver is a joint development program between Ondas and Palantir. The way to think about it is we have all of the command and control architecture on the Ondas side, and we're focusing on evolving that command and control architecture to enable both platform autonomy and mission autonomy. What Palantir brings to the table is the ability to connect us to Palantir ontologies and to their agentic AI capabilities to better deploy platform autonomy to create mission autonomy. On the Ondas side, we're responsible for both the hardware development and the command and control architecture, whereas Palantir is bringing the ontology and the connections to Warp Speed Foundry, and ultimately, the ability to integrate with Maven. As I mentioned earlier, we're in the process of pulling the hardware and software together to start demonstrations here in the coming months. Later in the year, we'll start rolling out SkyWeaver across the Ondas portfolio. SkyWeaver is more than just software. It includes hardware. Think of it as an agentic AI appliance to be deployed and integrated on Ondas platforms that runs both the platform autonomy and the mission autonomy for our overall strategy of connecting all of our systems to Department of War and allied nations' command and control architectures, and ultimately bringing to life what I mentioned, mission autonomy. On revenue share? I want to talk about Palantir, but also I want to ask a question, or have Ryan address what I think you're going to ask next, Tim, around the revenue model. Yeah. Which specific to SkyWeaver, but of course, it's integrated with the platforms we're delivering at scale. Coming back to Palantir, the relationship we have with them is substantial, and it's really across three dimensions. We have access to that full suite of Palantir's, what they call AIP, the Artificial Intelligence Platform. That ranges from the Warp Speed-type applications, the other software development work we're doing on top of Foundry. In that work, Palantir is sending those four deployed engineers because there's a really deep dive and substantial collaboration with both our engineering teams and the experts at Palantir. Again, we have firstly full access to the entire suite of Palantir's AIP. Palantir is also supporting with Ondas, in many instances, the revenue capture, program capture, so engaging customers, which of course is really important. There's a strategic roadmap, Palantir is very bullish, the reason we first met World View and Ryan via Palantir, because Palantir shared our view that we need to bring scale across domains, to these subscale companies who are doing incredible work in developing the unmanned systems, developing the autonomy. When you're going to deliver these technology platforms at scale, you need this integration. You need a scaled operating platform and a financial platform as well. Of course, Ondas is building that. That's the Palantirs across technologies, across revenue, business capture, and strategic roadmap, where we're mapping the acquisition programs to fill domains and integrate solutions. Ryan, talk a bit about, if you would, on the revenue models and business models that we're engaging with SkyWeaver. Happy to, Eric. In the ISR market, there's a significant push for what we call GOCO and COCO, government-owned, contractor-operated ISR platforms, and then company-owned, company-operated ISR platforms. What's important to understand is, especially in the COCO model, it gives us the ability to introduce new technologies on a very rapid basis. That's one of the ways that we're going to be introducing SkyWeaver is through the COCO ISR services business model. In addition to that, as I mentioned, SkyWeaver is both hardware and software, and it gives us the ability to create recurring software revenues through the deployment of SkyWeaver on both Ondas platforms but also on other companies' platforms as well. We recognize that SkyWeaver will be a very unique set of AI capabilities that enable other platforms to realize mission autonomy, like we will at Ondas. Beyond the GOCO and COCO, we'll be expanding our product offerings to the overall ISR market, and offering software services as well. What's the model look like with Palantir? Is it a revenue share, or do they help you with the go- to- market? Yeah. It's more of a go-to-market. We're funding the development of SkyWeaver, and therefore it's 100% an Ondas product and a software suite. As Eric mentioned earlier, they're very bullish on the work that we're doing, and are enabling a lot of the go-to-market activities through customer relationships, and by ensuring that our platforms connect to how wars are run today. As I mentioned earlier, especially Epic Fury was run on Maven. The ability to ensure that our platforms are fully integrated with Maven and leverage the ability to exploit ISR and targeting capabilities on Maven through SkyWeaver is a very important point, and Palantir has been fantastic in just ensuring that the go-to-market strategy is, one, sound, but two, highly executable. Just a quick question, maybe, on the Blitz swarm technology in a box. These drones, can they communicate with each other and share data? Can they act like a true swarm, or how far away are you from that capability? Yeah. Ryan? Yeah. I'll turn it over to Matt McCue to answer that question. Okay. Yeah, absolutely. The Blitz probably does run an autonomy layer on the vehicle and also back on the C2 system back through it. The current way that it's employed is commonly through the ATAK system that's widely adopted by the Department of War for on the edge, at the ground level, deployed unit piece of autonomy interface. The Blitz system operates on multi-mission capability, where they can do heterogeneous swarms and the various mission effects to make a more complex effect with a very scalable, simple product. Thank you. The next question comes from Jon Siegmann with Stifel. Please go ahead Good morning. Thanks for taking my question and all the great information on today's call. Question on Ultra. You did mention it could be at an inflection point on a program or record. Can you talk a little bit about the advantages relative to the Reaper? Is it actually more survivable, or is it just the lower cost that makes us able to afford to lose those? What's the timing and potential size of that program? Thank you. All right, Ryan. Thanks, Jon. Ryan, you can take this. Yep. Jon, thanks for the question. As compared to a Reaper, the way that Ultra is positioned is to be complementary to Reaper. It provides a very similar ISR capability, but with much greater endurance. As we mentioned earlier, it provides three-plus days of endurance. What that ultimately means is fewer aircraft to operate within a combat air patrol, fewer aircraft in an overall sortie infrastructure. What we're seeing, and Epic Fury was a great example of this, is that what the Department of War needs is something that is affordable and attritable. When you look at both the acquisition cost and the operational cost of an Ultra, it is a small fraction of the cost of current Group 4, Group 5 assets. The transition to a program of record is happening now. We'll be sharing details around that over the rest of the year. It's really about being an augmentation to an overall combat air patrol, to deliver a Group 5 ISR capability plus targeting. To answer your question of is the advantage its comparison to Reaper or is it just the attritable nature of it? The answer is both. Obviously, we would want all ISR platforms to be survivable in the airspace. In a contested environment, especially in the early days of a conflict, there has to be an economic approach that makes ISR sustainable until you get to a point of airspace superiority. Ultra provides both the marquee ISR capability while also providing an attritable asset that makes the economics of ISR more sustainable. That's great. Maybe on launched effects, is that a near-term programs that we can track, or is that something that needs to be defined by the customer and how they buy some of that? You mentioned a potential family of programs there. Thanks again. Yeah. Eric, I'll take that one too, if you want. Sure. Yeah, please do. Yeah. Launched effects, it's the franchise program. The hero program is IonStrike. There are requirements today that require an affordable launched effect, specifically against the Shahed class of threats. It's something that you can track over the rest of the year. There are requirements today, and as Matt mentioned in his portion of the presentation, DZYNE went from concept to a demonstrable product in six months. Now we're responding to a significant number of RFIs, RFPs to field that capability. I encourage you to watch as we grow that platform or grow that capability and start fielding that system in the very near future. Thank you. The next question comes from Max Michaelis with Lake Street. Please go ahead. Hey, guys. Thanks for taking my questions, and congrats on the acquisition. Just two from me. First one with Ultra and IonStrike scaling up next year. Can you help give us an idea of what you expect revenue mix between the two business segments would be, as well as their margin profiles? Sure. We're not giving that level of detail today on mix between IonStrike or Ultra, and remember, we've got other systems as part of that revenue outlook as well, including the counter-drone systems such as Dronebuster. Yep. In terms of margin profile, what we're seeing is the 40%-50% on the gross margins. Of course, we'll be working to scale those up to the extent we can. That's the answer. We'll give more details on not just the margins here, but of course across the company when we meet in August for the Q2 call. Okay. Then last one from me, and maybe I missed it, but given IonStrike, it's more of the cost. It comes at a better price than sort of a Patriot or the main SAM intercept units. Yeah. Can you kind of help me understand sort of what that cost difference is? Yeah. In actual numbers. What we're talking about is cost parity vis-à-vis the threat. That threat is the next generation Shahed, also known as the 136. Jet powered, moves very fast. What you're trying to do is level the playing field vis-à-vis the adversary with a defense that is at cost parity and can perform, and that's what we have built here With IonStrike. Ryan, would you add anything to that? Yeah, I think that's exactly right. The foot stomp here is cost parity to the threat. As we build out a family of systems built around the IonStrike, that will always be the focus, is creating low-cost effects with a focus on parity or greater. Greater meaning that the intercept is less than the cost of the threat. Okay. All right. That makes sense. Thank you. The next question comes from Matthew Galinko with Maxim Group. Please go ahead. Hey, good morning. Thanks for taking my question. Really was just curious about whether this was a competitive process and I guess for DZYNE, why now is the right time to go this route and, I guess, why Ondas? Thank you. Yeah, there was a process here. It was competitive. At the same time, I think it's fair to say that Ondas brought a lot to the table that made us particularly competitive as a acquirer of the company. As you can see through the conversation today, that DZYNE has built an exceptional business. Technology, talent, the go-to-market capability, the work they've done to start to build a scalable supply chain and production capability. Jeff Hull, who's the president and CEO of Highlander, as you looked at the outlook here, I think he, like many folks in our industry, are looking at how this industry is going to evolve. I think it's fair to say that we're seeing that platform companies like Ondas that can bring capital and scale across multiple domains, which of course feeds into a competitive advantage vis-a-vis supply chain relevance, customer relevance, the ability to support in the field. I think it's very compelling. As we mentioned, and it was in the press release, the Highlander folks are very bullish on the combination. They really like what they've done in DZYNE. They see a very strong ramp there, and they think that's going to have a very strong impact on the combined company at Ondas. They're very happy to be shareholders and continue to participate in the upside. I think, Matt, that's the way you're going to see this market evolve. There's been an incredible amount of work in terms of developing technology platforms that have extreme relevance. They're now operational, they're hardened, they're very incredibly useful, and in fact, even more so, they're essential. How we deliver these technologies is going to be very important. I think pursuing the scaled operating platform at Ondas has really made us a compelling partner for Highlander and the management team at DZYNE. Great. Thanks, Eric. Awesome. Thanks, Matt. This concludes our question and answer session. I would like to turn the conference back over to Eric Brock for any closing remarks. Sure. Thank you, operator. I'll try to be brief. To wrap up, I want to say that acquiring DZYNE is about much more than just adding another product line or two or three. It's really about positioning and continuing to advance the position of Ondas at the center of a massive, and what is ultimately going to be a once in a generational technology transformation across global defense. We're combining persistent intelligence, autonomous aerial systems, counter-drone platforms, precision strike, and of course, we're layering in AI-enabled mission software. We're bringing this in a single platform, as we layer these essential capabilities. Our job here today, of course, now, is to execute, support our customers, and continue to build a platform that creates long-term value for both national security across our allied nations. Of course, with the shareholders front and center as well. That's what we're going to do. Thank you again for joining us. We're going to go back to work, and I hope you have a great day. The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.