Ladies and gentlemen, good morning, and welcome to SuperCom's Q4 and Year-End 2025 Financial Results and Corporate Update Conference Call. At this time all participants are in a listen only mode. Should you need assistance, please signal the 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. Participants of this call are advised that the audio of this conference call is being broadcast live over the internet and is also being recorded for playback purposes. Joining me from SuperCom's leadership team is Mr. Ordan Trabelsi, SuperCom's President and Chief Executive Officer. I'd like to remind you that during this call, SuperCom's management may be making forward-looking statements, including statements that address SuperCom's expectations for future performance or operational results. Forward-looking statements involve risks, uncertainties, and other factors that may cause SuperCom's actual results to differ materially from those statements. For more information about these risks, uncertainties, and factors, please refer to the risk factors described in SuperCom's most recently filed periodic reports on Form 20-F and Form 6-K and SuperCom's press release that accompanies this call, particularly the cautionary statements in it. Today's conference call includes EBITDA, a non-GAAP financial measure that SuperCom believes can be useful in evaluating its performance. You should consider this additional information in isolation or as a substitute for results prepared in accordance with GAAP. For reconciliation of this Non-GAAP financial measure to net loss, a comparable GAAP financial measure, please see the reconciliation table located in SuperCom's earnings press release that accompanies this call. Reconciliations for other Non-GAAP financial measures and comparable GAAP financial measures are available there as well. The content of this call contains time-sensitive information that is accurate only as of today, April 28, 2026. Except required by law, SuperCom disclaims any obligation to publicly update or revise any information to reflect events or circumstances that occur after this call. It is now my pleasure to turn the floor over to SuperCom's President and Chief Executive Officer, Mr. Ordan Trabelsi. Sir, the floor is yours. Thank you, operator. Good morning, everyone. Thank you for joining us today. Earlier this morning, we issued a press release with our financial results for the Q4 and full fiscal year of 2025, along with our 2025 annual report filed on Form 20-F. You can find copies in the Investor Relations section of our website at supercom.com. Before getting into our results, I want to provide a brief overview for those new to SuperCom and then walk through what was a record year across the business. At SuperCom, we provide electronic monitoring and public safety technology for local and national governments around the world. For over three decades, we have partnered with national governments across the globe to deliver secure, scalable, and innovative platforms. In recent years, our focus has shifted sharply towards criminal justice, where we leverage our proprietary PureSecurity product suite for offender electronic monitoring, including domestic violence prevention technology, lightweight ankle bracelets with extraordinarily long battery life, and other connected monitoring embedded devices. Our strategy rests on three core pillars. Firstly, our innovative technology. We have invested over $45 million in our electronic monitoring platforms, and our proprietary solutions consistently outperform in competitive tenders. In Europe, we achieved a win rate above 65% in competitive tenders, and in our recent U.S. expansion, we're experiencing very high win rates as well. Our platform supports GPS tracking, house arrest, domestic violence prevention, alcohol monitoring, and rehabilitation services, among other programs. We issued 119 patents, and they help differentiate our technology from global competitors. Secondly, on global presence, our strategic focus is the electronic monitoring market, projected to reach $2.3 billion by 2028. The U.S. and Europe represent the core markets we're actively pursuing. We currently hold active contracts across three continents, as a result, over 85 government project wins to deploy our proprietary technology. Thirdly, our outstanding service. Our reputation as a trusted partner grows with each new deployment. Some of our government customers have been acquired by displacing a former incumbent who was with them for more than 20 years, often starting with a single program and expanding into multiple solutions over time. In December, on top of other new sales execs with industry experience that we brought onto the team, we welcomed Eran Hadad to lead our international sales partnership development. Eran brings direct industry competitive experience from 3M, NICE, and Converse with track record of building long-term government sales partnerships that drive sustained revenue growth and market expansion. 2025 was a defining year. We broke many new records for top line and profitability. Over the past few years leading to this, our revenue has grown at a compounded annual rate of approximately 23% over the last three to four years. Our annual EBITDA reached $9.4 million in 2025, representing approximately 34% EBITDA margin. In 2025, we continued that progress, delivering record full-year results, record revenues, record EBITDA, record net income. We expanded gross margins and a series of landmark contract wins across Europe and the U.S. Many of these new contracts have led to follow-on contracts with the same customers, demonstrating SuperCom's strength as an incumbent and the durability of our customer relationships. This record year for new contracts helped SuperCom diversify and grow revenue despite geopolitical uncertainty in some operating regions. As our contract base continues to diversify, we believe we are positioned for continued and more meaningful expansion into more regions and larger contracts. Start with the U.S., U.S. growth is one of the central developments in 2025 and early 2026. Since mid-2024, when we began our U.S. expansion rapidly, we have signed more than 35 new electronic monitoring contracts, entered 16 new states, and built 17 new service provider partnerships. Rather than walk through each state individually, I want to organize our U.S. progress around five themes and capture the structure of this expansion. Firstly, new state entry. We entered 16 new states, as we said, since mid-2024, including Alabama, Arizona, Louisiana, Maryland, Missouri, Nebraska, New York, North Carolina, Ohio, South Dakota, Tennessee, Texas, Utah, Virginia, West Virginia, and Wisconsin. In many of these states, we replaced incumbent vendors. Texas was a notable late 2025 win. Our first contract was signed in December 2025, with a second one following within weeks in January 2026, both juvenile probation agencies and both displacing incumbents. Louisiana, secured in February 2026, marked our 16th new state and 17th service provider partnership. Secondly, we're looking at density in existing states. Beyond entering new states, we've been deepening our presence in states we've already entered. Wisconsin has seen three county-level deployments since September 2025 through a Midwest regional service partnership using PureOne and PureShield technologies. Alabama added two new contracts in November 2025 on top of an earlier direct agency contract. Kentucky added a fourth contract in March 2026 through a direct county agency. North Carolina followed an initial December 2025 PureOne deployment, with a third North Carolina contract in January 2026. In addition to the statewide procurement vehicle we won earlier in 2025 from North Carolina Sheriffs' Association. Thirdly, incumbent displacement. Many of these wins have come by replacing established incumbent providers, validating the competitive strength of our PureSecurity platform. Our Texas, Kentucky, Alabama, and Missouri wins, among many others, displaced incumbents. We have built 17 new service provider partnerships since mid-2024. These partnerships help us reach local agencies and county-level customers more efficiently together with local providers who have known and worked with these customers for many years. These providers, it's important to note, are experts in the electronic monitoring field. They've tried most of the technology, if not all, and them choosing to put on our technology and to displace their incumbents is another strong validation to the capabilities and advantages that we provide to the industry. In the U.S., we are moving up the customer ladder. We started the U.S. expansion of resellers in very small county tier. Throughout 2025, we operated increasingly at the county level, slowly growing to larger and larger counties and larger programs. A nice breakthrough moment came in November 2025, when we secured our first state-level Department of Corrections contract in the U.S., awarded under Arizona Statewide Behavioral Health Services. The DOC and state agency tier represents a step up from the regional and county-level wins that built our U.S. presence. Implementation began in January 2026. We expect this contract to serve as a strategic reference point for state-level pursuits across the country. Beyond these five themes, our wholly-owned subsidiary, LCA, was awarded a re-entry services contract in Northern California valued up to $2.5 million for over five years. Since the acquisition of LCA, our California presence has accumulated more than $35 million in total wins. The framework we have described to you over the past year is unfolding as expected. On the international side, we continue to deliver expansion of existing programs and entry into new geographies. In January 2026, we secured a national EM contract in a Western European country, marking the 10th nation globally to adopt our domestic violence monitoring solution, proprietary solution that we have introduced to the market to help towards our goal to assist in eradicating domestic violence. The contract is structured as a multi-year framework with a term of at least three years and began deployment in Q1 2026. The partner has indicated plans to transition its entire EM program portfolio to our proprietary solutions and technology. In March 2026, we were awarded the Swedish Prison and Probation Service National Contract, valued at a whopping $17 million. This represents 6x the scale of our original 2019 deployment with the same customer, and they've shared their expectation to grow the program significantly. The award came through a long, year-long competitive evaluation involving five companies, including a 25-year former incumbent. Once it clears the standstill period, which it has, it is becoming one of the largest deployments in our company's modern history. Our European contract history shows how the scale of our program has increased over time. We started in Lithuania and Latvia with projects valued at only a few hundred thousand dollars. We grew to Denmark with 1,000 units, Finland, $3.6 million. Our first contract in Sweden back in 2018 and 2019 valued at $7 million only. We won Romania of over $33 million in 2022, a program with 15,000 offenders, which serves as a great reference for us for additional large programs. Now we achieved our fourth award in Sweden, a new $17 million contract with potential for substantial growth beyond that as we add additional programs. Several large EU contracts are up for award in the upcoming 24 months, we're actively pursuing them. Our deployment with Israel Prison Service continues to advance after displacing a 20-year incumbent here as well. The national EM contract covers all EM programs, including home detention, GPS tracking, among other programs. One of the structural change goals for our business is the increased diversification of our revenue base. As we grow to more and more customers, to more geographies around the world, this goal will become more attainable. In 2025, our largest customer represented approximately 25% of revenue. Despite this decline in concentration from our largest customer of recent years, total revenue still grew. As new contracts and growth from other customers offset the prior year's contribution from and add incremental growth on top, underlying growth, excluding the impact of this customer decline, was approximately 40% year-over-year. I'll explain that again shortly in the financials. This is diversification we are working toward. This is an outcome of our U.S. expansion and broader European wins. We expect to see further contract activations and continued diversification through coming years. The new customers and projects in the USA during 2025 were still at early stages. We expect them to grow in size and lead to more contracts of various sizes through strong networking effects and referrals as our momentum continues. Turning briefly to our capital structure and corporate actions in 2025 and 2026. The company reduced its long-term debt by approximately 45% since the start of 2024, mainly through premium price share issuances, including a $4.3 million reduction at $43 a share, enhancing its ability to capitalize on growth opportunities. Amended debt terms also improved the company's debt annual interest rates from double digits to a blended annual rate below 6%. In January 2025, we completed a $6 million registered offering at common only registered offering at $11 per share. Net proceeds were used for working capital, R&D, and potential acquisitions, as part of our general strategy. Over the course of 2025, we also executed a meaningful restructuring of our debt, as described, including the conversions into shares at premiums. Shareholders' equity has grown substantially to $43.5 million at the end of 2025 from $11.7 million at the end of 2024, reflecting both improved profitability and strengthened balance sheet. Looking to the rest of our financials. For the full year ended December 31, 2025, revenue of $27.9 million compared to $27.6 million in fiscal 2024, demonstrating stability and modest growth despite geopolitical headwinds in certain operating regions. It's interesting to note, while revenue has only increased 1% year-over-year, this period reflects a lower contribution from our largest customer. Excluding this impact, the underlying revenue growth was approximately 40% year-over-year. Essentially, the decline from that customer was made up for, and more by other customers that are growing and new ones that joined. Gross margin expanded to 55% from 48.4% in 2024, reflecting the continued shift toward higher margin recurring revenue contracts and the impact of technology investments on cost reductions. EBITDA in 2025 reached $9.4 million compared to $6.3 million in 2024, a 49% year-over-year improvement and a record number for us. Other expenses of $2.7 million for the full year compared to $2 million in 2024, an increase of approximately 34%. This is primarily attributable to provision for doubtful accounts, mainly related to long overdue receivables from African government customers from our legacy business of e-government, which amounted to roughly $1.8 million in bad debt expense in 2025 versus $1.2 million in 2024. Doubtful accounts related to our current main markets in the United States and Europe remain extremely low as the payments and collections are doing very well in these markets. GAAP net income for the year was $3.7 million, a record for us, compared to $661,000 in the prior year. Non-GAAP net income was $11.2 million, and non-GAAP EPS was $2.47, which also a nice achievement that shows our improvements in our profitability. To put these results in context, when we began executing our current strategy in 2021, revenues were $12.3 million, and the company carried a GAAP net loss of approximately $6.7 million. Over the four years since, we have more than doubled revenues to record levels, achieving our strongest GAAP profitability since to lead to record net income, record Non-GAAP net income, and record EBITDA levels, and built a contract base spanning three continents with a growing momentum in many different regions. For the financial results, Q4 ended December 31, 2025. Our revenue was $7.5 million compared to $6.3 million in Q4 2024, representing 18% year-over-year growth. Gross profit of $2.9 million, representing a gross margin of 39%. This reflects some of the volatility we have in gross margin between the quarters. As we've described many times in the past, the mix of revenues depends on many different contracts that are consolidated for the quarterly results, and there could be fluctuations between quarters. It's better to look at these things on an annual basis. GAAP net loss of $2.3 million compared to net loss of $1.9 million. Over $4 million of this was impacted by one-time expenses, including bad debt expense of $1.9 million related to legacy e-Gov operations in Africa and approximately $1 million expense related to the change of fair value in warrant derivatives. In this quarter, EBITDA was $2.2 million compared to $1.6 million in the previous year period, and non-GAAP EPS was $0.36. As we look ahead to 2026, we're encouraged by the momentum we are carrying into the new year. We've already secured over six new North American contracts in the first four months of 2026. Our $17 million national contract in Sweden, the new one that we just described it from March, is expected to begin contributing to revenue as deployments progress. Combined with the continued ramp of our existing North American, European contracts under recurring revenue daily unit models, we believe we are well-positioned for continued revenue growth and expansion in coming years. Our growth strategy across 2026 rests on five drivers. Win versus win large-scale national contracts in Europe. Our pipeline in Europe remains active. The $17 million Sweden is now secured, and that's just the first stage. We believe there's substantial upside from adding new programs into this contract. Several large EU contracts are up for award over the next 24 months, and our 65% win rate gives us confidence and ability to convert more opportunities into projects. We're expanding our U.S. footprint by entering through direct bids and partnerships. We have these 17 service provider partnerships. They help bring us into local new opportunities as well as direct bids with county agencies of various sizes, and we're also looking at the state level. The Arizona DOC win validates that our platform competes at the state and federal tier. We have a clear playbook for moving from rural to small counties to large county projects to state and federal projects over time. We're also looking at acquisitions, some inorganic growth to complement. A lot of these service providers have a great presence and have great relationships with a lot of these counties. After we're to acquire one of these, we can replace their equipment costs by other vendor equipment with our equipment that drives a very strong growth to their operating profit and also gives us good presence for additional top-line growth. The LCA acquisition is one example of this strategy where we continue to actively evaluate U.S. acquisition opportunities that fit similar profiles. We're enhancing our practice sales efforts to streamline cycles. As more contracts move past deployments, our recurring revenue base compounds. Our sales organization is positioned to convert pipeline into revenue, and we have new industry experts, salespeople from the industry that are helping us get more demos out there and more projects to close. Lastly, we continue to innovate. With every new project, we add additional features, additional capabilities that we take with us to other projects. Our domestic violence solutions are a clear example of how product innovation creates entirely new sub-market revenue streams. We expect to continue adding capabilities that support additional program types and customer needs. Underlining all the structural market opportunity, the global electronic market is projected to reach $2.3 billion by 2028. The prison systems in the United States and across the developed world face high operating costs and meaningful capacity constraints. Electronic monitoring offers substantial cost advantage relative to incarceration, while supporting public safety objectives such as reducing incarceration. As governments seek smarter, more cost-effective alternatives, we believe SuperCom is well-positioned to compete. We will provide further updates on our progress throughout the year. In closing, 2025 was a defining year for SuperCom. Record full-year results, a substantially strengthened balance sheet, and the most aggressive global expansion in our company's modern history. We delivered one of our largest electronic monitoring contract wins since the transformation started in 2021, our first state-level Department of Corrections contract in the United States, and entered new U.S. states at a faster pace than any prior moment. We enter 2026 with more contracts, a broader U.S. footprint, deeper international activity, and a stronger foundation than any prior point in our modern history. The opportunity in front of us is meaningful, and our team has demonstrated the ability to execute against it. We are grateful for the continued trust of our government partners, our employees, and our shareholders. With that, I'd like to open the call to questions. Operator, please go ahead. Thank you. Ladies and gentlemen, if you wish to ask a question on today's call, you will need to press star then number one on your telephone. If you are using a speaker phone, please pick up your handset before entering your request and speaking on the call. If your question has been answered and you wish to withdraw your request, you may do so by pressing the pound key. One moment please for the first question. Thank you. Our first question is coming from Matthew Galinko with Maxim Group. Your line is live. Hi. Thanks for taking my question, and congrats on the great results. Given the trend we've seen towards, you know, sort of against Euro-skeptic politicians in Europe, I'm curious how that influences the big picture for your opportunities in Europe. Is that helpful for getting more countries into the EM pipeline? I'm just curious if you have any big-picture thoughts on that. Yeah, Hey, Matt, you were just a little muffled. You say the trends we've seen, and then I didn't hear you broke out. The trend we're seeing in Europe around? fewer Euro or Euro-skeptic politicians. I can't answer specifics, but we're seeing a lot of activity in Europe. As we did share for Sweden, they believe that there's going to be a lot of potential growth in crime because of various political and other advances that have happened in recent years. They expect their program to grow 6x in the coming years and to have additional programs. We started with a $17 million win, and we can expect something on top of that. The general trend that you're describing shouldn't impact us except for what I described here. Okay. I guess secondly, as far as state level programs go for the U.S., what are your opportunities? What does that look like in 2026? Do you think that's sustainable and that you'll add to the one that you signed, or is it still more scattered as far as being able to move up market in the U.S.? In the U.S., just like we did in Europe, we started with very small counties and we already have, you know, lots of contracts over 35, now naturally we're growing in size. We have the smaller ones and a bit larger and medium. We had the first DOC contract in Arizona, and we're bidding on others on the state level and also some of the large county opportunities like L.A. County, Cook County, and others. These are tens of millions of dollars in programs. There's great opportunities in the U.S. and we're bidding kind of in a, say, in a scattered way, but in areas that we think are most strategic with lowest hanging fruit. Great. The last question would just be on the debt. Obviously, you've done a great job at bringing that down. Anything you could say about plans to continue managing that in 2026 or, you'll just be opportunistic when you can? I think we have a good relationship with our debt holders, and we're able to pay down meaningful parts of the debt. We have right now in the latest amendment until end of 2028 to pay down the debt. All the interest is picked. That being said, we hope to opportunistically pay down the debt and lower the balance over time, and we work with them to do that in various specific periods of time where it makes sense. Thank you. Our next question is coming from Greg Mesniaeff with Kingswood Capital. Your line is live. Thank you. Good morning. Question on your recent wins in the U.S.. Ordan, how much does price negotiation enter into the equation? I mean, is that really what drives the displacement of legacy vendors? Or is it a combination of price, aggressive pricing and, you know, feature richness of the product? Hey, Greg, great question. In most of the wins that we had in the U.S., we displaced an incumbent vendor, as you might be aware. We typically try to come in with similar prices. We offer newer, more innovative technology with better capabilities, you know, much longer battery life, lighter weight, more accurate tracking, and try to match prices not to come in aggressively. It's been very successful in that fashion. Would you say that that's been a template that you can then bring to other regions of the world as well? Yeah, in Europe. Uh-huh. The template in terms of we come in with, similar pricing, and we offer a better solution at that price. Better accuracy, better features, more innovation. In Europe- It sounds like, you know, competitive pricing is sort of a starter, but what really clinches the deal at the end of the day is the feature richness. We don't come in with special pricing. The pricing in the industry, you know, we can see what the prices are, especially if we're working with a reseller. He tells us what he's paying. We can give him at a similar price, a much better solution, more innovative and better technology. We don't need to come in with a lower price to win the projects because of our technology. In Europe as well, the processes in Europe are national government processes. Their evaluation of technology is very lengthy and stringent, and they look into the capabilities, and they liked what we had to offer so much so that they're able to displace, you know, their incumbents for 15 years, 20 years, 25 years. Price is a score, of course, and you don't want to come in with the highest price of the competition. If you have a similar price and you have much better technology, that's enough to win. Got it. That's what we've been focusing on. Okay. Thank you. That's all I have. Thank you. Thank you. As a reminder, ladies and gentlemen, if you do have any questions, please press star one on your telephone keypad. Our next question is coming from Brendan McCarthy with Sidoti & Company. Your line is live. Great, good morning. Thanks for taking my question here, and congrats on the strong results. Just wanted to look at the pipeline across Europe and the U.S. Which pipeline looks relatively more attractive, you know, heading into 2026? In Europe, we're later stage. We started our projects, as I noted, with a few hundred thousand dollars in size, and we grew it to several million and $7 million and $17 million and over $33 million. We're in the stage right now in Europe that we can bid on practically any size. We have great references there. Naturally, the pipeline is larger in Europe. That being said, the opportunity in the U.S. is 6x the size of Europe. The margins are much higher. Everything is recurring revenue per unit per day. Everything is centralized on the cloud. Everything's in English. It's much more diversified. We're of course, very interested in the U.S. market, and we're expanding into it as well, and we think over time that will be a larger part of our business. At this point, since we have a lot of experience in Europe and we're very well entrenched in Europe, the pipeline in Europe is larger. Got it. That makes sense. Thanks, Ordan. In terms of value. In terms of value, at least. The number of opportunities in the U.S. are more than Europe, but the total value in Europe is still larger. Understood. From a competitive standpoint, does one market tend to carry, you know, like a more favorable competitive bidding process? I'm curious as to, you know, how many competitive bidders there are, you know, during each procurement process. It's interesting. This market is very highly barriered. We see 10 players around the world, whether, you know, a max of these same 10 players in Europe or in the U.S. We've had a very successful record in winning these RFPs in Europe and in the U.S., we're doing very well as well. Some of these are through direct contracts with service providers, and some of them are through formal RFP processes. We're able to score highly on these bids, whether they're very technical with long evaluations, as we've seen in Europe, or if they're shorter. What I mean shorter is sometimes a service provider will ask you to send the technology, they'll demo it, they'll try it out, and you know, very quickly they could see that it's much different and hopefully much better than what they've tried to date. That's how we can bring on these contracts relatively fast in the U.S.. That's helpful. Appreciate the insight. That's all for me. Thank you. Thank you. Thank you. If there will be any final questions or comments, please indicate so now by pressing star one on your telephone keypad. Okay. At this time, as we have no further questions in queue, I'd like to hand it back to management for any closing remarks. I wanna thank you all for participating in today's call and for your interest in SuperCom. We look forward to sharing our progress on our next conference calls, filings, and press releases. Thank you very much and have a good day. Thank you, ladies and gentlemen. This does conclude today's call. You may disconnect your lines at this time and have a wonderful day, and we thank you for your participation.