Welcome to the Ondas Inc. second quarter 2026 earnings and business update 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 and then 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 can 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 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. A reconciliation of the non-GAAP financial measures to the most direct comparable GAAP measures is shown in our press release issued today, which is available at the investor relations section of our website. This non-GAAP information is provided as a supplement to, not as a substitute for or as superior to measures of financial performance prepared in accordance with GAAP. However, management believes these non-GAAP measures provide investors with valuable information on the underlying trends of our business. Please note this event is being recorded. I would now like to turn the presentation over to Eric Brock, Chairman and CEO. Please go ahead. Thank you, operator, and good morning, everyone. We appreciate you joining us today and your continued interest in Ondas. I am pleased to be joined this morning by key members of our leadership team, Neil Laird, our Chief Financial Officer and Treasurer, Oshri Lugassy, Co-CEO of Ondas Autonomous Systems, Meir Kliner, President of OAS, and Ryan Hartman, CEO of Ondas Sentinel. We have a lot to cover today, so we will dive right in. Let us turn to today's agenda. I will begin with a high-level review of our second quarter performance, the continued execution of our Core Plus strategic growth plan, and the progress we are making toward building One Ondas. Neil will then review our second quarter financial results, balance sheet, and the investment supporting the significant growth we expect in the second half of 2026 and beyond. We will then provide a growth and operational update, including commercial momentum, major customer programs, expansion across our four strategic market segments, and the continued scaling of our global operating platform. We will also discuss the integration of our expanding technology portfolio and our progress toward delivering AI-enabled multi-domain systems of systems solutions. I will close with our updated financial outlook and management priorities for the next phase of Ondas' growth. We will then open the call for questions. Let me begin with the operating model behind our strategy. Ondas continues to execute its Core Plus strategic growth plan. To be clear, Ondas is not simply a collection of acquired companies. We are building and operating one integrated global platform, One Ondas. That means assembling mission-ready technologies, world-class engineering talent, experienced leadership teams, customer relationships and operational capabilities, and then integrating those assets into a unified growth platform. The value of this model becomes most visible when we combine technologies across domains. We are connecting persistent multi-domain ISR capabilities to the complete detect, identify, track, and defeat chain. In counter-UAS, for example, we are bringing customers a unique layered architecture that can include passive detection, cyber takeover, electronic warfare, interception, and fully autonomous kinetic defeat. These integrated capabilities are designed to protect critical locations from hostile drones, ranging from small FPV drones to larger, more sophisticated threats. We are integrating these capabilities through software-defined command and control, enabling customers to operate a coordinated system of systems rather than a collection of disconnected products. Technology integration is only part of the equation. We are also integrating engineering resources, sales and marketing teams across more than 60 countries, production and supply chain capabilities, field support, training, sustainment, and customer service. As we have said before, exceptional technology that is useful, built to customer requirements, and operational in the field is essential. Developing that technology is extremely challenging, and we are proud to have operationalized the incredible portfolio we have at Ondas. With that said, technology by itself is not sufficient to win. Customers in global defense, homeland security, public safety, and critical infrastructure markets need partners that can deploy, support, and sustain mission-critical systems at scale. That is what One Ondas is all about. It is how we create value for customers, employees, partners, and shareholders. It is how we win, and Ondas is playing to win. The execution of our strategy is increasingly reflected in our financial performance. With these KPIs demonstrating the strength and momentum of our business, we delivered another quarter of record revenue, generating approximately $83.8 million in the second quarter. That represents more than 13-fold growth versus a year ago. We expect to sustain this momentum and deliver another significant revenue ramp in the second half of 2026. Based on our results, backlog, and current visibility, we are also increasing our full-year 2026 revenue target to a range of $525 million-$550 million. The growth is broad-based across the portfolio, supported by continued strength in our core businesses, the conversion of large orders already in backlog, and the transition of several emerging platforms from development and qualification into deployment. Our two-year strategic program pipeline has expanded to more than $11 billion, and our pro forma backlog now stands at approximately $757 million, including DZYNE and Cyberhawk, growing more than 11x during 2026 and providing substantial revenue visibility. Meanwhile, order momentum remains strong. We have already captured approximately $105 million of new orders quarter to date, further adding to backlog during this Q3. At the same time, we continue investing in the operating platform required to support this growth. Cash operating expenses were elevated in the quarter, reflecting the full quarter impact of businesses added earlier in the year, principally World View and Mistral, as well as approximately $29 million of growth investment across corporate development, Ondas Capital, partner initiatives, and the broader operating platform. We made these investments ahead of the significant revenue and gross profit ramp we expect in the second half and beyond. We expect the growth in these OpEx investments to moderate from here, providing substantial operating leverage as revenue scales. We also remain very well-capitalized. We ended June with approximately $1.4 billion in cash equivalents, restricted cash, and short-term investments. Even after deploying $325 million for new acquisitions in Q3, we retain significant financial flexibility to support organic growth, scale our operating platform, and execute our strategic growth program. This chart is a simple visual of the transformation underway in our financial performance. Quarterly revenue has grown from approximately $4.2 million in the first quarter of 2025 to $83.8 million in the second quarter of 2026. We believe this is what the early part of an S-curve should look like. Technology adoption curves are generally not linear. They are exponential. Once platforms are validated, customer requirements are established, and programs move from testing into scaled deployment, growth can accelerate rapidly. Our strategy is designed around that dynamic. As we execute our Core Plus strategic growth plan, we are not only expanding the technology portfolio, but also building the operating platform required to support an exponential growth curve across production, supply chain, customer deployment, field support, and sustainment. Importantly, the underlying core growth of our businesses remains a major driver of the financial model and the economic value we are creating. On a pro forma basis, assuming our current portfolio companies had been owned throughout both periods, Ondas generated approximately 85% organic revenue growth in the second quarter compared with Q2 2025. That is an important distinction. The growth reflected here is not simply the result of adding acquired revenue. Our underlying businesses are also expanding rapidly within the Ondas platform. Core organic growth is a theme we will return to throughout today's discussion. We have strong momentum and are positioned for growth to accelerate further during the second half of 2026 and into 2027. This slide provides additional detail showing our growth model is working. The model begins with strong mission-ready technology platforms in markets with very significant customer demand. That technology and demand are supported by the operating platform Ondas is building, providing working capital, global customer relationships, expanded sales capabilities, production resources, supply chain support, and field services. As mentioned, on a pro forma basis, Ondas delivered approximately 85% organic year-over-year revenue growth during the second quarter. Backlog also continued to grow, increasing approximately 33% sequentially from Q1 to Q2 on an organic basis. We continue to see a particularly strong organic ramp across the Ondas Autonomous Systems businesses. Sentrycs continues to see substantial demand for its cyber over RF counter-UAS systems, with second-quarter pro forma revenue up approximately 298% year- over- year. The Sentrycs team is performing extremely well, benefiting from the expanding global sales platform, customer access, and operating resources available through Ondas. Our success at the FIFA World Cup and recent win with the Jacksonville Jaguars are early signs that Ondas is winning as the long-term investment cycle kicks into high gear. Airobotics also delivered very strong growth, with revenue up approximately 112% year- over- year. That growth was supported by Iron Drone, continued customer demand for autonomous drone infrastructure, and new integrated systems of systems customer engagements. Similarly, 4M delivered approximately 258% year-over-year pro forma revenue growth. With the capital, customer access, operating support, and international reach of Ondas behind it, 4M is expanding its intelligent de-mining and land intelligence business into substantially larger programs. Rotron is proving to be another excellent addition to our portfolio. Rotron captured approximately $34.2 million in orders during the second quarter alone, compared with approximately $25 million of expected 2026 revenue we underwrote in the acquisition. Rotron's international pipeline outside the U.K. is also expanding under Ondas, and we believe its capabilities in jet precision strike, uav development, and platform commercialization will be meaningful value creators over the coming years. This performance is not isolated to one company or market segment. We are seeing strong organic growth across multiple businesses, and the data increasingly validates both our operating platform thesis and our execution. I want to pause on this slide because it illustrates the One Ondas operating model. At the top is Ondas Inc., responsible for capital allocation, corporate strategy, the Ondas brand, investor engagement, governance, and overall enterprise direction. Beneath that is our shared operational platform. This layer provides capabilities across supply chain and production, field support and services, global sales and marketing, government affairs, finance, and corporate infrastructure. These shared resources accelerate commercialization, improve execution, and allow the specialized technology companies within Ondas to scale more efficiently. Those specialized companies bring deep domain expertise, differentiated intellectual property, exceptional engineering talent, established customer relationships, and mission-ready products. We are integrating those capabilities across four major high-growth market segments: aerial security, ISR and persistent precision strike, and autonomous ground systems with AI software serving as a common enabling layer across the portfolio. Exceptional technology is merely the starting point in these markets. Customers need complete solutions built to requirements, integrated, reliably delivered, and supported across the mission lifecycle. Partners need a platform to bring technologies to market and pursue larger global programs. Employees need the resources, infrastructure, and capital to scale innovation. And investors need this model, too. Our shared operating layer deploys capital more efficiently, accelerates revenue, reduces duplication, and generates increasing P&L leverage as the platform scales leverage that is fundamental to sustained profitability and attractive long-term returns. Oshri and Ryan will discuss this model in greater depth later, including how we are integrating technologies, pursuing larger programs, and scaling execution across the portfolio. As we deploy capital and scale Ondas, one of our most important responsibilities is ensuring we have the strongest, most capable leadership team possible. We have made tremendous progress. Across Ondas, we are assembling a mission-driven leadership team deeply committed to delivering robust operational autonomous capabilities to customers in defense, homeland security, public safety, and critical infrastructure markets across the United States, Israel, and allied nations. I am pleased to welcome David Barnea as President and Chairman of Ondas Defense Ltd. David joins Ondas following a distinguished career serving the State of Israel, most recently as Director of the Mossad. He brings nearly three decades of intelligence, national security, and operational leadership experience, and intimate knowledge of modern warfare and the current battlefield. David's mandate is to help lead our global expansion, strengthen our relationships with international defense and security customers, and advance the integration and adoption of our AI-enabled multi-domain autonomous systems platform. He will work closely with me, Oshri, and the broader leadership team to maximize the impact of our technologies and services across our global customer base. To summarize, our plan is working, and I am extremely proud of our team's performance. We have had a very strong first half and believe we can accelerate this momentum through the remainder of the year. The revenue ramp we expect in the second half is significant and increasingly visible through our backlog, order book, and deployment schedules. Demand remains broad-based, and we expect to benefit from major program deliveries and new product adoption cycles across each of our principal market segments. As we convert these orders into revenue, we are expanding production, supply chain, deployment, and field support capacity to meet customer requirements efficiently and reliably. In aerial security and counter-UAS, we continue to see strong global demand across the portfolio. We expect Sentrycs' cyber over RF platform to remain a key growth driver as customers increasingly adopt layered, multi-site counter drone infrastructure. We also believe IonStrike, which came to Ondas through our recent acquisition of DZYNE, is positioned to begin receiving commercial volume orders and initial deliveries during the second half of the year. We see urgent demand for cost-effective kinetic solutions like IonStrike, capable of defending against increasingly sophisticated Shahed-class drones and coordinated swarms. Precision strike, Mistral is positioned to begin deliveries against approximately $240 million of aggregated orders associated with the U.S. Army LUS IDIQ. We also expect continued advancement on Project Brakestop, while Rotron ramps production and deliveries against material orders and a growing international pipeline. Across ISR and persistent intelligence, our backlog and pipeline for both ULTRA and Stratollite deployments continue to grow. We have been expanding production and operational capacity to support the launch of ULTRA programs and the increased adoption of Stratollites for maritime domain awareness and other persistent ISR missions. In autonomous ground systems, INDO Earth Moving is expected to begin deliveries during the fourth quarter on the combat machinery program, which has total program potential of approximately $140 million. These programs represent important customer adoption curves. As initial deployments move into larger scale production and follow-on requirements, we believe they can support meaningful, sustained growth across the platform. Our priorities remain clear: continue driving organic growth, convert backlog efficiently leverage the investments we have made in our scalable operating platform, and demonstrate the strength of the Ondas financial model. That concludes my introductory comments. I will now hand the call over to Neil, who will review our second quarter financial performance. Neil? Thank you, Eric. The second quarter showed record revenue and represented another important step forward in demonstrating the scalability of our financial model. Revenue increased to approximately $83.8 million, up 67% sequentially and more than 13 x the prior year period. Importantly, this wasn't simply acquisition driven. On a pro forma organic basis, assuming our current portfolio had been owned in both periods, revenue grew approximately 85% year-over-year, reflecting strong execution across our underlying businesses and proving out the power of our growth platform. With $175 million of new orders during the quarter and continued strength into Q3, we believe that customer demand remains exceptionally strong across our platform. Gross profit increased to approximately $36 million, while adjusted gross margin, a new metric which excludes the non-cash items of stock compensation, expense, and amortization of acquisition-related intangible assets, was 50.4%, relatively stable from 51.5% in the prior quarter, despite normal product mix variability. As we've discussed previously, quarterly margins will fluctuate as deliveries shift between programs. We expect some gross margin pressure in the second half due to mix and recently acquired excess capacity. However, our longer-term target remains to achieve gross margins in excess of 50%. Operating expenses increased to approximately $199 million, but more than half of the total consisted of non-cash or acquisition-related items such as stock compensation, contingent consideration, revaluation, amortization of intangible assets, as well as $4.4 million in acquisition-related transaction costs. To better understand the business, we encourage investors to look at our underlying adjusted cash operating expenses, which amounted to approximately $93 million during the quarter. This includes normal operating expenses as well as investments to support the integration of recently acquired businesses, continued deployment of Palantir Foundry and Warp Speed, commercialization activities, and infrastructure required to support the significant revenue growth we expect over the coming quarters. Second quarter represented a large increase as we invested ahead of and in support of a transformational growth curve. The important distinction is that the growth of our operating expense will normalize in the third quarter and beyond. While revenue and gross profit are expected to rise significantly, resulting in significant leverage in our model. Given these investments, which are occurring ahead of a broader revenue ramp, adjusted EBITDA was a loss of approximately $51 million during the quarter. This result was consistent with our expectation that the second quarter would represent the peak in adjusted EBITDA losses. As revenue accelerates during the second half, we expect those investments to begin producing meaningful operating leverage. Turning to the balance sheet, which remains strong and provides us with significant advantages, we ended the quarter with approximately $1.4 billion in cash equivalents, restricted cash, and short-term investments, compared to $616 million at the end of 2025. Included in our total assets are investments in unaffiliated public and private companies totaling $70 million. These investments are aligned with our broader platform strategy. They support key partners, enhance access to critical technologies, improve supply chain efficiency, and we believe will generate attractive returns over time. During the third quarter, we've already deployed approximately $325 million of cash to complete the DZYNE and Cyberhawk acquisitions, both important elements for our near-term and long-term growth outlook. Our balance sheet allows us to invest aggressively in our operating platform, support larger customer opportunities, and continue executing our disciplined acquisition strategy from a position of strength. If there's one message we'd like investors to take away from today's call, it's that our confidence in the trajectory of the business has never been stronger. We believe the first half of 2026 has validated the strategic investments we've made over the past year. We enter the second half with record backlog, accelerating production, strong demand signals across a rapidly expanding product set, an exceptionally strong balance sheet, and increasing confidence in our outlook. We believe the foundation is now in place for substantial growth and meaningful operating leverage over the coming quarters. With that, I'll turn it back to Eric. As Neil noted, adjusted cash operating expense increased significantly in the second quarter to approximately $93 million. There were two principal drivers of that increase. First, our strategic M&A program added new businesses to the Ondas platform. These come with operating costs, but also bring meaningful revenue and gross profit, established customer relationships, contracted backlog, and expanding pipelines. We believe these additions materially strengthen Ondas' earnings power and long-term growth potential and should be viewed as investments in scale, not incremental overhead. Second, we continue to invest in the growth platform at both Ondas Inc. and across our operating platform. At the Ondas Inc. level, in addition to our underlying finance, accounting, and governance expenses, we invested approximately $29 million in growth OpEx related to corporate development, Ondas Capital ecosystem and partner initiatives, and our operating platform, including our work with Palantir. At the operating platform level, growth OpEx in terms of OAS leadership and operating infrastructure totaled approximately $6 million. These are deliberate front-loaded investments to ensure Ondas can integrate acquisitions efficiently, expand its global sales and marketing reach, scale supply chain and production, and provide the field support, sustainment, and services a much larger business requires. We are not building the operating platform for the Ondas of today, but for the significantly larger company we expect Ondas to become. We believe we are well on our way driving substantial growth, generating increasing operating leverage, and building a large and profitable global company over the next 12 + months. Much of our growth OpEx is discretionary, and we expect the rate of growth in these expenses to moderate from here as revenue and gross profit continue to scale. Let's now turn to our growth and operational update. Oshri and Ryan will cover our customer engagement, expanding pipeline, and major programs, along with the continued integration of our businesses under the One Ondas operating model. They'll also address the global scale we're building across sales, partnerships, supply chain, and field support, and the integrated multi-domain systems of systems platforms we're bringing to market, where software-enabled integration is delivering broader, more valuable customer solutions. Before I hand over to Oshri, I want to highlight an important addition to our advisory board, and that is General Charlie Flynn, who joined the Ondas advisory board earlier this month. General Flynn recently retired from the U.S. Army after 39 years of distinguished service. A four-star general, he most recently served as commanding general of U.S. Army Pacific, and previously as the Army's Deputy Chief of Staff for Operations, Plans, and Training. General Flynn is well-suited to help Ondas navigate the U.S. Department of War and allied ministries of defense, refine our multi-domain ISR and autonomous systems roadmap, and position our platforms for broader operational adoption. He brings exceptional experience, judgment, and relationships to Ondas, shares our mission, and understands the urgency of delivering advanced autonomous capabilities to the United States and its allies. I am grateful that Charlie has chosen to support Ondas, and we look forward to his contributions as we continue building and scaling the company. With that, I'll hand over to Oshri to discuss our growth and operational progress. Thank you, Eric. Ondas has built a deep, differentiated solutions portfolio across four strategic market segments: aerial security, ISR and persistent precision strike, and autonomous ground systems. In aerial security, we provide technologies to detect, identify, track, and defeat threats across the full counter drone kill chain. Our ISR and persistent intelligence portfolio provides multi-layer surveillance from the stratosphere through long-endurance airborne platforms and down to the tactical edge. Precision strike, we are delivering affordable, autonomous, launched effects aligned with the growing demand for scalable mission-ready mass. In unmanned ground systems, our portfolio includes robotic ground platforms supporting de-mining, engineering, logistics, border security, and operations in contested environments. Supporting all four segments is an expanding portfolio of AI-enabled software and command and control capabilities, the unified command core, connecting sensing, decision-making, autonomous operations, and mission execution across domains. This is central to our strategy. We are increasingly able to offer customers integrated systems of systems solutions rather than standalone products. Our core technology platforms are mission-ready and operational, and we are building increasingly mature customer relationships as we demonstrate both our technology roadmap and our ability to manufacture, deploy, sustain, and support these systems in the field with excellence and at scale. That operational credibility is reflected in the representative customer base on this slide. Across the United States, Ondas supports customers, including the U.S. Air Force, Army, Navy, Special Operations Command, Department of Homeland Security, and NASA. Internationally, our customers include the Israel Defense Forces and MAFAT, the Australian Defence Force, the Japan Self-Defense Forces, the Royal Thai Army, and the Dubai Police, among others. We also serve major critical infrastructure and industrial customers, including PG&E, Southern California Edison, Shell, Chevron, National Grid, and Reliance. We have worked hard to earn this organization's trust, and we are extremely proud of these relationships. That trust is built through technology performance, operational reliability, successful delivery, and support in demanding real-world environments. Our strategy is focused on increasing Ondas' relevance and mindshare within these customers, expanding from individual technologies and initial deployments into broader, integrated, long-duration programs. We believe that will support an exceptional market position for Ondas as a trusted global solutions provider and lay the foundation for the large, durable business we intend to build. Our expanding technology portfolio, broader customer access, and increasing operational maturity are translating into a rapidly growing pipeline. Our two-year strategic program pipeline now exceeds $11 billion, up more than 2.5x since our last update in May. This pipeline includes many dozens of program submissions globally and is robust across the major geographic markets in which we operate. Recent acquisitions, particularly DZYNE, contributed important new platforms, customer relationships, and program opportunities to this pipeline. Equally important, the pipeline is also expanding organically on a same portfolio basis. That organic growth reflects the scaling of Ondas' direct sales and marketing organization, deeper engagement with existing customers, and the growing number of distribution and strategic partners extending our reach. Ryan will discuss that commercial infrastructure shortly. The size, breadth, and geographic diversity demonstrate the expanding relevance of our portfolio and the scale of opportunity now available to Ondas. More important than pipeline size is our ability to convert opportunities into programs, which we are increasingly demonstrating. The programs highlighted on this slide span border security and smart demining, military engineering vehicles, Lethal Unmanned Systems, autonomous UAV swarms, precision strike, stratospheric maritime surveillance, and contested logistics. These are meaningful programs, some of which have potential values of upwards of $1 billion in size. Looking forward, we see a strong near-term capture pipeline and expect additional strategically important awards during the second half of 2026. Those opportunities include ISR programs led by our ultra-long endurance aircraft, kinetic counter-UAS programs involving IonStrike, persistent stratospheric ISR programs, and additional opportunities across our unmanned ground vehicle portfolio. Another important example was the Digital Bat program we announced this week, whereby Ondas is providing the Israeli MoD with a next-generation one-way attack system. As we deliver against our existing backlog and pursue these new programs, we are deepening critical relationships across the U.S. combatant commands, NATO, and allied militaries, and the Israel Defense Forces. These relationships are increasingly focused on broader mission requirements and integrated solutions, not simply an individual platform purchase. That shift positions Ondas to participate in larger, longer-duration programs and deliver more value across the customer mission. To reinforce our ability to convert pipeline into orders, this slide highlights selected commercial activity since April 1st. As demonstrated, we are seeing a strong order cadence with an increasing number of large deals, which have continued into Q3. This order activity is diversified across all four target market segments: aerial security, ISR and persistent precision strike, and autonomous ground systems. It also reflects a growing, increasingly diverse set of customers, geographies, and mission requirements. This demonstrates the leverage we are beginning to realize from our expanded sales organization, customer access, partner network, and commercial infrastructure. We are pleased with our progress and remain focused on achieving even greater results. Our focus is sustaining and accelerating this order capture through the remainder of 2026 and beyond. Lastly, before I hand over to Ryan, I want to provide more detail on our backlog. Our pro forma backlog at June 30th was $757 million. That represents an increase of approximately 66% sequentially from the $457 million of pro forma backlog at the end of the first quarter. The increase reflects both the newly acquired businesses and strong organic order capture across the existing Ondas portfolio. As Eric mentioned earlier, with over $100 million in orders Q3 to date, our backlog is continuing to grow as well. Our backlog is diversified across our four market segments and geographically providing meaningful revenue visibility and shows demand is not dependent on a single product, customer, program, or region. Our immediate priority is execution, delivering against this backlog, supporting customers, and converting a meaningful portion of these orders into revenue during the second half of 2026. At the same time, we remain focused on replenishing and expanding the backlog organically through continued pipeline conversion. With that, I will hand over to Ryan. Thank you, Oshri. Ondas has made tremendous progress building the global operating platform required to support our rapidly expanding business. As we scale, it is critical that we do so under a One Ondas strategy. We are not a collection of independent companies. We are integrating our talent, technologies, customer relationships, infrastructure, and operating capabilities to leverage the considerable resources we have assembled across the organization. The benefits extend across every major aspect of our business: sales and marketing, supply chain and production, field support, sustainment and services, engineering and product development, technology integration, and finance and accounting. Today, Ondas operates in more than 60 countries through 25 physical locations with approximately 1,700 employees around the world. This footprint provides the local market knowledge and customer proximity to compete globally while letting our businesses draw on shared expertise and capabilities across the broader Ondas platform. This scale strengthens our ability to pursue and deliver larger programs, expand production, deploy systems more rapidly, and provide customers the reliable field support and service they require. Our footprint continues to grow, but scale itself is not the objective. The goal is to make every Ondas business more capable, more efficient, and more valuable as part of an integrated global platform. We believe this One Ondas operating model will support faster growth, stronger customer outcomes, and increasing operating leverage as the business scales. Having significantly expanded our global footprint through both organic growth and strategic acquisitions, our focus is now on scaling the operating platform. We are building the infrastructure required to support a much larger enterprise. Across manufacturing, commercial operations, partner networks, and global facilities, we have substantially increased capacity and reach over the past year. We are deliberately building an organization that can support growth at scale. We are creating the operational foundation needed to serve more customers, execute more programs, and deliver across a broader set of mission requirements than ever before. That is where our Palantir partnership becomes especially important. Foundry is helping us establish a common operating framework that connects data, workflows, and decision-making across the enterprise. It gives leadership real-time visibility into operations and lets teams coordinate across manufacturing, supply chain, flight operations, and finance. As we integrate acquired businesses and expand our capabilities, this infrastructure becomes a powerful force multiplier, helping us scale efficiently while improving execution across the enterprise. As we have been building the foundation, we are also accelerating integration and quickly realizing value. One of the biggest challenges in any acquisition strategy is integration. Historically, bringing together systems, processes, operational data, supply chains, and business functions can take years. Our integration strategy, coupled with our Palantir partnership, fundamentally changes that dynamic. Foundry dramatically accelerates integration, allowing us to bring newly acquired organizations into the Ondas ecosystem in a fraction of the traditional timeline. The impact extends beyond software deployment. Faster integration means faster visibility into operations, faster standardization of processes, faster collaboration between teams, and ultimately faster realization of the value from our acquisitions. We believe this capability represents a meaningful competitive advantage, allowing us to rapidly transform acquired technologies, talent, and operations into a unified enterprise platform capable of operating at significantly greater scale. Ultimately, Foundry is becoming the operating system that enables Ondas to move with speed while maintaining the agility to innovate and grow. We have made significant progress translating capabilities and next-generation solutions as we operationalize our system of systems strategy. First, our Iron Wave product line is not only operational but being fielded by a customer with very strong performance. Iron Wave provides forward-deployed aerial and ground-based ISR capabilities through an integrated platform architecture designed to support mission execution at the tactical edge. This is another important step in expanding our ability to deliver multi-domain solutions to customers. Second, we are beginning to see the real benefits of combining the technologies acquired across the Ondas portfolio. A strong example is the effort combining DZYNE Sawtooth counter-UAS technology with Sentrycs' cyber over RF capabilities. This unified solution will soon enable a more complete detect, identify, and defeat capability, bringing multiple layers of sensing, electronic effects, and command and control into one platform. We believe this integration can create a highly differentiated counter-UAS capability that addresses a rapidly growing market requirement and demonstrates the value of our systems of systems approach. Finally, I would like to update you on SkyWeaver, our edge AI platform being developed with Palantir. Last week, we successfully conducted both ground and aerial testing of the SkyWeaver platform, validating key aspects of the architecture and providing a clear path toward final development and broader operational integration. SkyWeaver is designed to serve as a unifying intelligence layer across the Ondas portfolio, enabling operators to ingest, process, and act on information from multiple domains in real time. As it matures, we believe it will become a foundational capability supporting true system of systems operations across air, ground, and future mission environments. Taken together, these developments reflect our broader strategy: integrating advanced technologies, accelerating innovation through software, and delivering multi-domain operational capabilities that help customers make better decisions when every second counts. With that, I will turn the call back over to Eric. Thank you, Ryan. The work Ryan just described, embedding AI-enabled command and control across our platforms, is central to how we differentiate our systems of systems offerings as we scale. Let us now turn to our outlook for the second half of 2026 and the priorities guiding the next chapter of Ondas's growth. As highlighted throughout today's presentation, Ondas has transformed its business and built meaningful scale. At the same time, we are scaling the operating platform to commercialize and deliver these technologies globally improving capital efficiency, strengthening unit economics, accelerating delivery, and supporting the much larger programs we are now pursuing. The opportunity ahead requires us to keep scaling, and management is focused on four priorities. First, commercial scale, converting our backlog and pipeline, expanding our global reach, and turning initial deployments into recurring long-duration programs. Second, operational scale, strengthening shared capabilities across the platform, expanding global manufacturing capacity, and driving consistent execution as volumes increase. Third, AI and innovation, embedding agentic AI, autonomy, and advanced software more deeply across the portfolio to deliver integrated software-defined multi-domain solutions rather than standalone products. Fourth, corporate development, disciplined portfolio expansion through strategic acquisitions, technology partnerships, including our work with Palantir, and further expansion into key global markets. These priorities reinforce one another, converting the demand we are seeing into sustained revenue growth, stronger operating leverage, and long-term value for our customers and shareholders. Against that backdrop, we are increasing our full-year 2026 revenue target to between $525 million and $550 million. At the midpoint, this would represent more than 10 x Ondas's 2025 revenue and greater than 30% organic growth on a year-over-year pro forma basis. For the third quarter, we expect revenue of between $140 million and $155 million. At the midpoint, that represents approximately 73% sequential growth and greater than 30% organic growth year-over-year on a pro forma basis. Clearly, our outlook implies another significant sequential ramp in both the third and fourth quarters. We believe we have meaningful visibility into that ramp through our backlog and rapidly expanding pipeline. Importantly, we expect growth to remain broad-based across market segments, as depicted in this pie chart. Several major programs already in backlog are also expected to contribute meaningfully during the second half. We are beginning volume shipments against more than $240 million of orders captured under the U.S. Army's $982 million Lethal Unmanned Systems IDIQ. We also expect growing contributions from ULTRA and IonStrike as those platforms begin their adoption curves and volume deliveries during the third and fourth quarters. Similarly, INDO Earth Moving. is expected to begin delivering against the $140 million combat engineering vehicles program announced earlier this year. As Neil discussed, our first-half cost structure reflected substantial front-loaded investment in the operating platform required to support this growth. As revenue and gross profit scale, we expect adjusted EBITDA losses to narrow in the second half, beginning in the third quarter, while we continue investing in the opportunities ahead. We see upside to our previously announced adjusted EBITDA profitability objectives and are pulling forward the timeline by one quarter. We now expect our operating platform, consisting of Ondas Autonomous Systems and Ondas Sentinel, to reach profitability in the fourth quarter of 2026, and for Ondas Inc. to reach company-wide adjusted EBITDA profitability in the fourth quarter of 2027. Finally, if we execute against the planned fourth quarter ramp, we expect to exit 2026 at $1 billion in annualized run rate revenue. Indeed, we are tracking well ahead of our 2030 target of $1.5 billion in revenue by perhaps a couple of years. We have significant work ahead, but the strength of our backlog, the breadth of our pipeline, and the increasing scale of the operating platform give us confidence we can sustain momentum through the balance of 2026 and into 2027. Let me wrap up our prepared remarks before we open the call for questions. We believe Ondas is positioned to win in large and expanding defense and security markets. We have built a differentiated portfolio across four strategic market segments, supported by growing backlog and commercial momentum, a global customer base, strategic partnerships, and an increasingly integrated technology and operating platform. Most importantly, we believe we have a clear path to profitable, scalable growth, and we plan to demonstrate that operating leverage as we move through 2026 into 2027. Our focus now is execution, converting backlog, delivering on major programs, integrating our capabilities across the platform, and realizing the operating leverage inherent in the model. We believe these assets, technologies, and execution capabilities position Ondas to build the global leader in autonomous defense and security technologies and create substantial long-term value. Thank you again for joining us today. Operator, we will now open the call for questions. Now begin the question and answer session. To ask a question, you may press star then one on your touchtone phone. To withdraw your question, please press star and then two. Our first question comes from Austin Bohlig with Needham. Please go ahead. Hey, guys. Thanks for taking my question, and congrats on the great results and solid execution. I guess I just wanted to dig into the big uptick in the pipeline opportunity here going from about $4 billion to $11 billion. Was curious on if you could maybe elaborate on what is included in the DZYNE acquisition, but then also what was new incremental organically. It looks like APAC saw a really big uptick in this pipeline. Austin, thank you. The uptick in our strategic pipeline is really broad-based across the four market segments we are active in. As you can see, it is also broad-based regionally. DZYNE has certainly brought quite a bit on the ISR and counter-drone systems in particular. In Europe, we are seeing strength across segments as well. I highlight what we are seeing precision strike with Rotron. We think these are also very relevant, and we are seeing a demand in Asia Pac as well. I do want to highlight or come back to General Flynn has joined us. Part of his mandate is to help us penetrate and serve the Asia Pacific region. We think that is going to be supportive in us pulling through this pipeline. Awesome. Then maybe just one quick follow-up. I appreciate the color on kind of the pro forma organic revenue in the quarter, 85%. I believe for the full year, you said it will imply around 30% organic growth. I am just kind of curious if you can maybe, is that an apples-to-apples comparison between the two? Or does that 30% number imply something else? Well, clearly, as we are moving through the year into 2027, the base we are comparing to is growing. What I am seeing from here is a 30%-40% growth level across the portfolio. Of course, some of the systems and markets we are in will grow faster than others. I think it is fair to say that we are seeing underlying demand and adoption curves across the board. That is the context I can share. If you are thinking about the 2027, those are the metrics I would be focused on. Okay. That was my quick follow-up. As we think about 2027, is this kind of 30% revenue CAGR something that is sustainable, or how should we be thinking about growth as we enter next year? I think it is sustainable. I would also add that we have some very significant platforms that are really just beginning their adoption curves. One thing you have seen at Ondas over the course of 2026 is that the frequency and size of the orders we are capturing has been growing, and I think that is going to be the case as we are moving over the next three, 6- 12 months. The growth rates we are talking about, I think we are trying to achieve higher growth rates, but 30%-40% would be very attractive and strong performance all the same. All right. Well, thanks, guys, for taking my questions. Keep up the great work. Thank you. The next question comes from Jonathan Siegmann with Stifel. Please go ahead. Hey, good morning. Thank you for taking my question, and congratulations on the backlog and revenue. Just maybe one question on the corporate investments. I know, Eric, you mentioned these are one time in nature, and you are confident you are pulling forward the EBITDA targets next year. But it was unclear to us if these costs will scale down on a dollar basis or a percentage basis. Just maybe you can expand a little bit more on what you are actually investing, given it diverges from your confidence next year. Thank you. Yeah, sure. Thanks, John. I think the level of spending on the corp dev and Ondas Capital and partner programs is probably a steady state, at least for the next 6 - 12 months. We may see that moderate, or we are certainly going to see it moderate, and we potentially could see a decline into 2027. At the same time, we do believe we are growing a substantial business, and those investments are really designed to ensure that we are capturing market position in a market we think has a very strong growth curve over the next 5- 10 years. I think you are going to see the operating leverage from Ondas on strong revenue growth and gross profit generation. Thank you. Thanks, Jonathan. The next question comes from Scott Searle with Roth Capital. Please go ahead. Good afternoon. Good morning, excuse me. Thanks for taking the questions, and congrats on the momentum that you continue to build with the M&A opportunities. Eric, this was sort of answered in the opening remarks, but I want to dive in a little bit more in terms of the continuing to build the systems of systems and multi-domain approach that is being unified with the SkyWeaver platform. How is it really changing the level of engagement with government agencies and potential customers out there? What is built into the pipeline when you look at that huge $11 billion ramping up from $4 billion, I think, prior quarter? When do we start to see some of the conversion of these, I will call them larger, multi-diverse, multi-domain sort of opportunities? When does that start to transition into the P&L? Just a real quick one, follow up on the financials and OpEx. Given the timelines for the closure of DZYNE and Cyberhawk, how should we be thinking about normalized OpEx as we are exiting the fourth quarter of this year? Thanks. Sure. Let me take the last one first. Clearly adding DZYNE in the Q3 P&L will present a step up in operating expenses. At the same time, that is coming with higher revenues and gross profit. When we talk about our outlook for both the top line and the operating leverage, that is reflected. The expectations around DZYNE and the contribution to the P&L over the next six plus months is reflected in that outlook. We do expect operating leverage and DZYNE to provide operating leverage on top of that. In terms of customer engagement and pulling through a pipeline, we certainly see a lot of receptivity to the systems of systems. Of course, it is not just that. It's Ondas and companies like Ondas becoming platform companies, where we can deliver the technologies and the roadmaps and start to add more and more autonomy to the unmanned operations. When we're seeing customers, they really like our technology roadmap and capabilities. They're also very excited about the financial strength, the ability to energize supply chains, and the ability to deliver in the field and support and sustain systems in the field. What I'm saying is that we're bringing the talent together, we're bringing the technologies together, and that the customers are very receptive to that because they're seeing a company like Ondas step up and be able to be a long-term partner in critical technologies that are really essential to securing our country. Ryan, would you add anything to the systems of systems, SkyWeaver in particular, and how that's impacting conversations in terms of us growing? Yeah. Thanks, Eric, and thanks, Scott, for the question. I'd add two things. As it relates to the pipeline, how you view SkyWeaver in that pipeline, there's two things that I would add. First is, through the addition of SkyWeaver into our platforms, we're increasing the probability of win for programs that need to be connected into the customer C2 systems and through the ability to do mission autonomy. The second thing I would add is that it enables an increase in cross-selling. When you have a stratospheric balloon with SkyWeaver that can be connected to an ULTRA in the Group 5 UAS space, and they can be collaborating on a mission, it just increases the ability to sell Stratollites where there are ULTRA customers or vice versa. In our customer engagements, those are exactly the kinds of things that they're looking for, is the ability to autonomously connect our platforms and provide a greater level of mission autonomy. Great. Thanks so much. Thanks, Scott. Operator? Timothy, your line may be muted. Oh, sorry. I didn't hear the question. I apologize for that. Eric, you've put together an incredible world-class set of physical AI assets and software board and management. The $11 billion pipeline is kind of scary to execute on. I know you're very focused on it. Ryan, you did touch on this, but on slide nine, you talked about the operational platform. Can you give us, and I know you're saying you're integrating these companies quicker than basically most kind of roll-ups work. Can you elaborate on how you've built that operational platform? I know you said Palantir is a partner in there. What cloud are you using? How much is AI involved? How quickly can you kind of integrate these companies together? Any more color there would be very helpful. Yeah, sure. First, Tim, we're very deliberate in building out a scalable operating platform, and I do bristle a bit at the term roll-up, because what we're doing is combining exceptional technologies, adding value across domains. As we're doing that, we're investing in the operating platform, which is first and foremost a people process, right? We've added incredible leadership. You've seen over the past 12 months with Oshri Lugassy coming on in his critical role, partnering with Meir, and many, many leaders inside of Ondas. More recently, Ryan Hartman and Matthew McCue have joined, and they both have experience leading large organizations. Of course, we've also added David Barnea to help us globalize the business. Leadership is really essential. On the technology side, we will ask Ryan to expand upon what we are doing with Palantir, and he can be more specific on some of the technical aspects of it as well. Ryan? Yeah. Thanks for the question. There is a couple of things we are doing. A lot of the integration is built on Foundry and Warp Speed. We have worked with Palantir to design AI agents that have read-write capability into ERPs and into MRPs and material planning systems, into inventory systems and financial systems. Ultimately, what that enables us to do is have a unified picture of the businesses, and create efficiencies through supply chain and manufacturing processes. Then even doing things like building AI agents to merge policies. We can merge a policy in a couple of minutes versus days and weeks for teams to write new policies or adopt policies. All this is built on GovCloud, in Microsoft Azure. We are staying compliant with our security requirements and legislation related to having our facility clearance licenses and CMMC level 2s, et cetera. It is largely based on AI, and the ability to use AI to create a common operating picture. Over time, we will start to gracefully degrade or sunset some of the legacy systems in the background. We will not have to have merged them because we have created a common operating picture built on Palantir Foundry. Ryan, how mature is this and how much better can it get? When did it really become operational? Some of the first tools became operational about a week after World View was acquired by Ondas. We started there. We built the infrastructure. The first thing we built was an inventory management tool, then a supply chain tool, and then started to build out some of the other tools. All of the tools that I have mentioned are operational today. We are actively using them to integrate DZYNE and World View, to start with. Then we will be adding additional tools. But everything I have mentioned is already operational and has been for months. Eric, lastly, do you have a sense of how much you have improved revenue growth or margins for the portfolio of companies? We have got underlying growth rates that are extremely high in multi-year adoption curves that are really just launching now. I do not necessarily see us improving them as much as unlocking them. We are putting the infrastructure that can drive the adoption, support the adoption. Again, it is a multi-year cycle on everything we have in our portfolio. That is the context I would share. Very helpful. Thank you. Thanks, Tim. The next question comes from Clarke Jeffries with Piper Sandler. Please go ahead. Hello. Thank you for taking the question. One thing that stands out is these comments around momentum accelerating in the second half of 2026 as deliveries are ramping on counter-drone, ISR, precision strike. i wanted to ask what the expectations are precision strike versus ISR in the second half, and maybe specifically a little bit of color on what's organic in the sequential ramp in Q4. You called out some Lethal Unmanned Systems deliveries in second half and INDO Earth Moving starting in Q4. But wondering if you could put a little bit more color on maybe the shape of the curve for that Lethal Unmanned Systems segment, and if that's a big portion of the ramp to Q4. Then one follow-up. Sure. The LUS program was first captured by Mistral late last year. It was in fourth quarter, I believe. Since that time, they've been preparing and energizing the supply chain and moving forward on production and the things they need to do to turn orders into deliveries. We feel like we've made quite a bit of progress on that. I'll point to just in the last week or so, a couple of weeks ago, I think it was, we saw an additional order on that IDIQ. Clearly the systems are in demand and we're working through now, as I said, scaling production so we can begin commercial deliveries in Q3 and Q4. I think we're going to see that program continue deliveries on that into 2027 as well. I don't want to put a number on it. I also don't want to shape the quarters around it because as we're doing this, putting a stick in the ground as to when will the deliveries come and what quarter they're in is hard to say at the moment. At the same time, the demand here in our growth is broad. We feel good about what we're talking about in the second half. But the LUS program will be a material part of it, of course. Yeah, certainly. It seems like the market is accelerating in some of these core programs, and we're sort of gauging the ramp that's coming over the next 12 months. Just on- Absolutely. Yeah, I'll add to that. Clearly on the counter drone precision strike, the demand is significant, and I think this is going to be over really for the foreseeable future. We came into, or as you've seen with Operation Epic Fury and the conflict in the Middle East, and certainly in Ukraine, strike and counter-drone, they go hand in hand, and we just have not built enough inventories here. In fact, on a sustainable basis, we're going to have to have much larger inventories of these technologies. We're getting ready, not just in the second half of this year, but into 2027 and beyond. These are important categories for Ondas. Yeah, certainly. That was my follow-up question. Just on the $105 million of orders quarter to date, there was even a mention of $90 million of proposals on the long-endurance ISR segment. It's just appreciable to me that you have $300 million tied precision strike, $258 million tied to ISR. Over 70% of the backlog to these two categories. Is the order pipeline pretty similar to that? Is it consistent or are there any other segments that are disproportionately adding to the quarter-to-date volume of orders? Thank you. Yeah, Clarke, it really is broad. I think for our platform technologies, the underlying growth is just very strong. It is not any single platform that is going to drive our success. Thank you very much. The next question comes from Michael Latimore with Northland Capital Markets. Please go ahead. Great, thanks. Just on the supply chain, how is the health of the supply chain? Are there any constraints you are seeing in any categories? Then second, with Cyberhawk buying into the critical infrastructure space, commercial relative defense, is that something that you might expand on going forward, doing more acquisitions in the commercial space? So, supply chain and then industrial. Let's start with industrial. Yeah, we do see Cyberhawk as a platform company that we can build around. And they came with quite a bit of a pipeline in terms of strategic options or opportunities. And of course, Ondas has been active in these markets as well. So I do see the industrial segment for us as being important to build. And I see the opportunity is here. On the supply chain, we're doing all the hard work to energize supply chains, particularly on the new programs that we're going to see adoption. So I highlight what we're seeing with long-endurance ISR as well as counter-strike with DZYNE. We talked a bit about Mistral and their supply chain work and the production ramp they're preparing for. We've got challenges, there's no question. They're not unique to Ondas, but we do think we've put the strategies and capacity to fulfill what we're trying to do over the course of the year into 2027. And Mike, I think we're going to have a regular conversation around this on each quarter because the industry's growing a lot. Ondas is growing a lot, and we have to, as an industry, build ecosystems around this and build scale. And we think that comes back to the thesis and the philosophy around how Ondas is building a scaled platform. We think we need more of this, and we also think we need that on the vendor side as well. Okay, great. Yeah, congrats on the strong results here. Thanks, Mike. And the next question comes from Amit Dayal with H.C. Wainwright. Please go ahead. Thank you. Good morning, everyone. Thank you for taking my questions. The main question I guess I have right now, Eric, is just around what's driving the M&A strategy from this point forward. Are you still looking to fill maybe gaps in the portfolio? Or is it more revenue oriented? Just any color on that would be helpful. Thank you. Sure. Firstly, I don't see gaps in our portfolio. But I do see quite a bit of opportunity to deepen each segment we're in. The opportunity set for strategic acquisitions remains strong. Disciplined. It's really important to drive our strategic program, along with our financial model. These deals have to be accretive, and they have to strengthen the operating platform in parallel, and advance our objectives around profitability and growth and market position. So I think we disciplined in financial creation, strategic accretion is really going to be the emphasis. Understood. Thank you. Then just a follow-up with respect to the backlog. As that number grows, how should we think about backlog being filled within one or two quarters or maybe slightly longer, I guess maybe 12-month timeframe? Just any color on that. Thank you. Of course. The pipeline is large and growing as we articulated. It's also maturing. I mentioned earlier what we are seeing is opportunities to move our order size up and the cadence as well, in terms of the velocity of order capture. Now we have this global platform, right? We've got footprints in many markets, and they're maturing. I do believe that we have the wherewithal to continue to grow backlog as we're scaling the P&L, the revenue. Well, as- Thanks, Amit. The next question comes from Max Michaelis with Lake Street Capital Markets. Please go ahead. Hey, guys. Thanks for taking my question, and congrats on the quarter. I just want to go back to the organic revenue growth of 85%. Thanks for the data as well around Sentrycs, Airobotics, as well as 4M. Those segments seem to be kind of rolling hot here. I am just curious to know, I know we are talking big growth rates at 85%, but are there any other segments of the business now that may not be performing to what you guys originally had expected and what the game plan around that is to kind of get those segments of the business up and moving? I cannot highlight a segment that we are disappointed in. What I would say is that from a resource and capital allocation standpoint where we are going to spend our time, we make decisions. So if we are having particular success with one platform, a specific customer, we will spend more time and attention to drive that, and sometimes that can be at the expense of attention on another platform. But I would not say that that is a weakness in the platform we are not focused on. It is just that what we are trying to do is get the highest return for our time and capital we are deploying on the OpEx side. My last follow-up. Can you touch on, give a little bit more detail on the Digital Bat program you guys announced the other day with Israel? Yeah, sure. That is a great program. We are really excited to support it. Meir, I will ask you to expand on it. As you heard in the announcement, we are going to manufacture a mass production of active V2, the next generation. It is going to be in the battlefield. As Eric said, we are very happy about that, and we are going to have a big manufacture site to have the ability to build a mass production in the short term. We are very excited about that, and we will take it to the next phase also, more and more territories and not only in Israel. All right. Thanks, guys. Thanks, Max. The next question comes from Matthew Galinko with Maxim Group. Please go ahead. Hey, thanks for taking my question, and congrats on the results. With respect to the, I guess, pull forward on EBITDA positive on the corporate level, I am just curious, looking a year out, whether you can say, as you think about capital deployment at that point, when you hit that milestone, do you expect to be more selective in how you might deploy towards acquisitions or how you will make allocation decisions to maintain that positive EBITDA going forward? Or is it going to be just situational on kind of where the market and opportunities are? Well, it is a great question, Matthew, and I believe we are very selective today, and we are going to continue to be. I will come back to the discipline around the financial model and accretion. Of course, that does also mean that we are very focused on demonstrating EBITDA leverage. In the near term, I would say over the next 6- 12 months, we want to demonstrate that EBITDA and operating leverage. At the same time, we will be investing to ensure we are capturing as much market position as we can, because as we have outlined in the past, we think this market is going to grow significantly. We are going to penetrate these unmanned and autonomous sectors. The value is going to accrue to platform companies, and there is going to be fewer and fewer of them. As such, what we are trying to really do is capture market capitalization for our investors. But when thinking about those investments, that is on OpEx, ensuring we have the right operating infrastructure to win and support and drive bigger and faster growth. That is not OpEx, or that is not OpEx related to the M&A program. The M&A program comes in with companies that we have modeled. We see significant revenue opportunity, gross profit, and we expect them all to be very highly accretive as we are spreading that gross profit and operating income across Ondas Inc. and the growth platform we have at the holding company. Got it. Thank you. Just as a follow-up, Iron Wave, I think you mentioned you had a successful deployment there. I am just wondering if it moves the needle for other potential customers. Absolutely. We are seeing tremendous feedback. In fact, as we are thinking into it, you look in our pipeline, and how we are expecting the cadence of orders in the coming months and quarters, we do think Iron Wave will be very material. We think we can expand firstly with our current customer, and the success there should open other markets for us, and there is interest globally in Iron Wave all day long. This concludes our question and answer session. I would like to turn the conference back over to Eric Brock for any closing remarks. Okay. Thank you, operator. As we wrap the call, I want to thank you again for spending time with us this morning. As we outlined, we are very pleased with where the business is, and we do expect a strong second half of 2026. We are focused on execution and on sustaining this momentum into 2027. We look forward to providing more updates in the coming weeks and months. We will go back now, do the important work of building a company, and we hope you have a great day. Thank you. The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.