Okay, welcome everybody, and thank you for joining us today at the Sidoti Microcap Conference. My name is Brendan McCarthy. I'm an analyst here with Sidoti, and I'm very pleased to welcome SuperCom, ticker SPCB. Joining us from the company is CEO Ordan Trabelsi. And before I hand it over, a quick reminder that the Q&A tab is located right at the bottom of the screen. Feel free to type in any questions throughout the presentation, and we can save time for a Q&A at the end. But with that said, Ordan, take it away. Thanks a lot, Brendan. Good morning, everyone. Thanks for joining our presentation. With that, I'll start right now. This is updated as of our Q3 numbers that were reported in mid-November. SuperCom, for those new to the story, we've been around since 1988, a global provider of electronic security solutions to governments around the world. Our latest focus in recent years is on offender electronic monitoring, essentially ankle bracelets that we put on offenders for various criminal justice services. I joined the company 13 years ago, but entered this role as the global CEO roughly five years ago in February 2021, together with others that we brought to the management team. And since then, we've run sort of a turnaround on the company, a transition from three years of declining revenues to now we're seeing over four years of growing revenues, improved margins, improved profitability, and a lot more interesting advances that we'll talk about here. Our CAGR over the last few years, over 31%. We reached EBITDA of $8.9 million on a trailing 12-month basis. We put over $45 million to develop a proprietary suite of electronic monitoring-related products. That's the hardware and the software. Everything is developed here, HQ in Israel. We won over 50 national projects, mostly in Europe, over the recent years. And 18 months ago, we started an expansion into the U.S., and it's been going very well. So far, we've signed over 35 new contracts in 15 new states. That's just a high-level overview. We'll take a step back to understand what it is that we're trying to solve. So our mission is to revolutionize public safety worldwide with our innovative electronic monitoring technology and complementary services. There's many problems in the criminal justice industry, and the main ones are high recidivism rates, prison overcrowding, excessive costs, and all this at the end leads to unsafe communities for all of us. We aim to resolve those problems, but let's first understand them a little bit better. Recidivism in the U.S., for example, people that are released from prison are likely to be arrested within five years at a 75% rate of likelihood, and that leads to the highest prison population rate in the world. In the U.S., so with 570 out of 100,000, or 0.5% of the U.S. population is behind bars. In the US, it's actually higher than other countries, as you see here in Europe in the chart. In the US and in many other countries, what we see is prison overcrowding. There's no room to keep the incarcerated offenders in prison, and they have to end up sharing beds or sleeping in shifts, and that leads to more problems, of course. Thirdly, one of the largest issues is excessive costs. It costs roughly $80 billion annually to operate prisons per year in the US. If you put everyone in house arrest, for example, you save 90% of the cost. Not only are you saving costs to the government spending budget, but also the people are able to contribute to society. Instead of being in prison and learning how to be great criminals, potentially, they could be studying, getting education, vocational training, raising their kids, helping their family members who are sick. They could do much more for society as a whole. So all these different problems that are resolved through electronic monitoring and alternatives to incarceration lead this to be a very large and growing market. It's expected to reach $2.3 billion in 2028. A portion we've been focused on in the majority of our experience has been Europe, over $330 million. And the US market, which is roughly six times that market of $1.8 billion, is where we've been expanding over the last 18 months quite effectively. The industry itself has 10 players globally, only 10 players that we continue to see in the international tenders. There's very high entry barriers. If you want to bid on a project like this, you have to be doing this for five to 10 years. You have to show experience tracking offenders with your technology for five to 10 years. That's a very big barrier. It doesn't let people enter. So we usually see the same players over and over. Sometimes they acquire each other, or they're acquired by other large players, but that's what we essentially see in the industry. Our technology that we talked about before, we put over $45 million into this tech. We developed our own proprietary suite of what we thought would be the best in class for every one of the different solutions for house arrest, for GPS monitoring, geofencing monitoring, rehabilitation services, and domestic violence, which is kind of a new architecture that we introduced. So in Romania, for example, one of our projects of over $33 million, if someone calls the police because they have domestic violence, the police arrive, they see marks of violence, they put a bracelet on immediately, and that makes sure that the offender does not come close to the victim. Because if he does, the victim's phone will alert immediately the victim and the police. So we're able to do domestic violence already in 10 nations around the world as part of our expansion to 15 national projects. You can see here at the top right, you have the PureTag. It's a very light ankle bracelet underneath the sock. Nobody sees it. It doesn't stigmatize you. And the battery life runs for up to a year. And we also have other solutions like the house arrest PureCom, the PureOne, which is an all-in-one GPS tracking device, the PureTrack smartphone, and other capabilities. With this suite, the PureSecurity Suite, together with the PureOne solution, the PureProtect solution, we entered the U.S. market, and it's been a very effective expansion. And we've tried also in the past. It was a little harder, but in this last attempt 18 months ago, really, we got the technology as a good fit for the market and have since expanded over 35 new projects in the U.S. since mid-2024. In Europe, where most of our recent years have taken focus, we had a win rate of over 65% on competitive tenders. Now, the tenders in Europe, these are national tenders. It's a long process, take up to a year or two or even more, where they're evaluating your technology extensively. They call you in for evaluations for one, two, three cycles of evaluations, where they check your technology in live scenarios, in tested scenarios, and once you go through the process and you win the RFP, then you have a whole deployment cycle, which includes deploying a server farm and the software on the servers and the software on the bracelets and on the phones and training, having a local partner with the language. In Europe, it's a little bit of a different process than the U.S., but that's where we started, and we have a very nice win rate there, so out of all the 10 players, we had a 65% win rate on the tenders that we participated in, and we think a lot of that is, of course, thanks to our technology, which is what we lead with. We have a significantly longer battery life. We have ultra-lightweight ankle bracelet technology. We have next-gen location tech. We can also track with Wi-Fi network. We can track in subways. We can track within cities. We can track within buildings. We have multiple methods of biometrics. We have video call capabilities, two-way communication, and the whole domestic violence architecture that I described before, and with this and our complementary services coming out of a lot of the experiences from our operations in California, which is a company we acquired that's been running since 1991, operating on offender monitoring services, we're able to offer a full suite of services, whether it's to existing electronic monitoring agencies or to brand new ones like Romania or Croatia, which is the first time they've done this kind of solutions with us. You see in Europe, which is very common in the government contracting space, we entered the market with small projects, $100,000 in Lithuania, similar in Latvia, and then slowly grew and grew to 1,000 units in Denmark, $3.6 million in Finland, $7 million in Sweden, and $33 million in Romania, which is 15,000 units. It's one of the largest in the industry that serves as a great reference, and then the project in Germany, which we announced last year in 2025. There's always an ongoing continuous pipeline of opportunities for new countries which have yet to had the opportunity to try our technology, and we bid on it, and as I said before, we had a very nice win rate, and we hope to continue to win projects in Europe into new locations, but it's also interesting to note that in existing geographies in Europe, you have many opportunities. Once you get your foot in the door, then there are new opportunities to open up. And we could see that starting with Sweden, for example. Before we entered the country with the Ministry of Justice project of $7 million, there was an incumbent there for 24 years. And after we displaced them, we won three projects in Europe. We won the Ministry of Justice, the Swedish Police, and then the juvenile. We won all three. In Sweden and Finland, we won the second one afterwards. In Israel, we displaced over 20-year incumbents to deploy the program, which runs all the EM programs in the country, including home detention, GPS tracking, anything else that they would do in the country. In Germany that we just announced, we displaced again over 20-year incumbents. So once you get your foot in the door, it's very sticky. It's very comfortable to continue with the existing vendor. And if someone has to come in with a very significant differentiated offering to displace, and that's what we've been doing, displacing others who have been there for a very long time. And whoever tries to displace us is going to have the same effort of showing that they have significantly more value to show, which, of course, is going to be hard considering we just presented our value opportunity compared to everyone else and won these competitive tenders accordingly. Romania, we had a very large opportunity there that we won in the end of 2022. And Croatia is an example of a new country like Romania that hasn't done EM before, and they chose us. Next, I want to talk about the expansion in the U.S. So as we mentioned before, the U.S. market is roughly six times out of Europe. In Europe, we said you have to deploy server farms and customize the language and customize the protocols. In the U.S., it's much more homogeneous. It's much more similar. Everything runs on the cloud. Everything's in English. We don't need to have a local partner that helps with the translation and the training. We do everything directly. Sometimes we have a service provider who has a contract with the government, and that helps facilitate serving multiple or dozens of counties at the same time. But it's still the contract that comes to us, and then we run everything that is handed over to us. We don't have a 20%-30% margin that leaks out to a subcontractor. Everything's on the cloud. And the programs in the U.S. are almost entirely per unit per day in the structure. So recurring revenue and very similar to a SaaS-type structure with high margins and high contribution margins. We just add more units, ship out more units that are leased, and then add more users into the cloud, into our software on the cloud. So the U.S., we're very excited about also because of the nature, also because of the size, and also because of the great sort of traction we've been experiencing in the last 18 months. And not only entered into new states where we displaced incumbents, and you could see a whole handful of them here in Alabama and Arizona and Maryland, Missouri, Nebraska, Texas, Tennessee. We were displacing incumbents in every one of these states in the first counties. We quickly after are seeing additional counties that hear of the story, and then we expand into it. So once we come in, put our foot in the door, similar to in Europe, we expand into other counties. And here it's even faster because of the nature of the market in the U.S. So we've, over the last 18 months or so, had over 35 new EM contracts in the U.S., 15 new states that we entered, 16 new regional service provider partnerships. And these service providers are experts. They try all the technology, and they have many counties that they serve. And so when they choose us, that gives us a great signal of confidence, the testament that our technology is doing very well in this market. We have, as I said, displaced incumbents. And also in California, since our acquisition of a company back in 2016, we have a great presence there with a local player that we acquired as service providers. We understand the service provider business also very well. Using the references and their relationships, we won over $35 million of revenues in California. So there are opportunities, and we still consider potentially more acquisitions of the sort. Relatively small, the one in California was a $3 million acquisition, but it opened up a great opportunity for us in California. And there are many other markets in the US that we would be excited to enter in that fashion. And once we were acquired, we would try to leverage our technology instead of what they're using. One, because our technology would help with bringing more programs because it scores very well on the competitive tenders. And two, because of the obvious cost synergies, vertical ones. So when we talk about long-term government projects, and a lot of these are national projects in Europe, and they will be the state projects in the U.S., even though we just announced a state project, the DOC project in Arizona, there's usually a more formal process where they put out a proposal. And then after you win throughout the proposal process, you do a deployment. And then after you finish the deployment, then you have recurring revenue. And that recurring revenue runs for a very long period of time. And as we see here, the average is roughly $2,900 a year. That includes the hardware and the services. So the services might be provided by a company like ours, LCA in California, that we own fully, or another service provider. The hardware that we provide for SuperCom, that's what I showed you earlier in this presentation, the PureSecurity Suite. What's nice is once you're there and it runs well, they typically renew the contract for another five years, another five years. That's how we see governments like Germany or Sweden or Israel have the same vendor for over 20 years. Our growth strategy, we want to continue to win large-scale national contracts in Europe. We want to expand our footprint in the U.S. through states and direct bids and these partnerships of service providers. We are considering acquisition of small service providers to help expand our market presence in the U.S. We're enhancing our proactive sales approach. Until now, in Europe, we didn't have so much proactive sales. It was more bidding on these contracts and then being evaluated for our technology. Now, in the U.S. market, it's much more fragmented. We actually have salespeople meeting with customers, putting the technology in their hand, and so far, it's doing very well, as you can see from the continuous stream of new contracts in the U.S., and we continuously innovate with new opportunities, and this is an important point because domestic violence is something that I described, which is extremely important because until now, most of the domestic violence programs would require the offender to wear a heavy ankle bracelet that everyone could see. They have to charge the wall every day for an hour or two, and it's hard to put that on someone who's not convicted, and in domestic violence, before there's a conviction, there's already a complaint, and you want to have something on there. So when you have new technology and you have new capabilities, you're able to overcome hurdles and offer an open, brand new market. And we have so many deployments in so many different locations. We're doing everything in parallel. And with every new capability that we have, we offer it to our existing customers through the software and through the updated hardware. So we continue to stay at the forefront, and that's what helps us continue to win and to grow and to have some sort of technology moat between us and the rest of the players in the market. For those who have looked a little bit back into our history, you might notice that maybe 10 years ago, our main focus was identification, those passports, ID cards, driver's licenses. What we've done effectively over the past 10 years is shift away from that business, which was close to $30 million in annual revenues in 2015, to the public safety business, which is right now, in the last year, is roughly $27 million, $27.6 million. And that was a shift. It shifted away. And then you see very nice growth over the recent years. The CAGR of total of 55%, which is not easily seen when you look at just the top line revenues, but that's what's been going on underneath the service all these years with the public safety market that we've been developing. Now, the industry itself grows at different rates every year. And a lot of our competitors, we see them pretty much stagnant, but some do grow. And the market is growing on average at roughly 12% over the past few years. We grew in that time with the public safety, the electronic monitoring business at 41.6%. So we've been growing at 3.5 times faster than the market. That's apparent also through our continuous wins. It's been nice that we were able to achieve in parallel to this growth also improved EBITDA. Of course, this reflects some operating leverage that we have. Once you deploy a system and infrastructure, every time you add additional units to it, there are much higher margins than the initial system launch. So as revenues grow and the company expands, there's more opportunities for improvements in a similar manner. For investment highlights, just to recap, roughly $2.3 billion market by 2028 with very high barriers to entry and large growth potential. Only 10 players. We are experiencing rapid expansion in the U.S. with over 35 new contracts, 15 new states, high revenue growth of 41.6% on our electronic monitoring business, which is roughly 90% of our annual business base in the annual reports of recent years, trailing 12-month EBITDA of close to $9 million with a 33% EBITDA margin. In the last nine months, or sorry, the last reported nine months of 2025, the first nine months of the year, we had a record net income of $6 million and non-GAAP EPS of $2.17. We have high recurring revenues because the majority of our revenues are recurring. And as we enter more into the U.S. market, we'll see a larger portion of recurring revenues because, as I said before, the majority of revenues in the U.S. are of that structure per unit per day, very similar to a software as a service model. And we have invested over $45 million into our tech. We believe we're at the forefront and have created a nice moat. And we continue to invest in R&D to maintain our technology leadership and capabilities in the industry. On the financial summary, this is the first nine months of 2025. And we plan to have their annual report, their 20-F, in April of this year, as we've done in similar years. But until now, you can see the nine-month numbers. We had revenues of roughly $20 million, gross profit of 61%, net profit margin of 29%, and EBITDA margin of 35% in this period. Cash burn in the quarter was $13 million. Our current assets of $47 million, total of $67 million. Long-term liabilities have come down significantly. Some remember they were over $35 million at some point. Now, we're looking at $21 million. We restructured the debt roughly a year ago. We announced we amended the debt. We pushed it out to the senior debts maturing in December 2028. We lowered the interest rate and adjusted. There's no interest cash payments right now. Everything is payment in kind and also converted debt at premiums. That's how we brought the debt down to levels that you're seeing. That's it on this. I think that's it for the presentation. I'll happily open it up right now to Q&A. Great. Thank you, Ordan. We can now open the floor for Q&A here. We have a couple of questions from the attendees. Our first question is, do you currently have any U.S. federal government contracts, and are you involved with U.S. immigration? It's a great question. Most people are typically referring to the ICE contract here, which is very large and right now mainly served by one of our competitors, BI, which is owned by the GEO Group that had been acquired. Currently, it is an interesting project, and many have talked to us about it over time. Right now, we're focused more on the lower-hanging fruit. There's so many other opportunities that are easier for us to enter and to grow into before taking on something of that size, which is massive, the largest project in the world by far. So our technology could certainly handle it. It might be even a much better fit than technologies that are currently being used. And there are talks around the world of doing something similar also outside the U.S. for monitoring, which is not just for offenders, also for detainees of various sorts and also in the immigration efforts that the country's used. So it's certainly something that we're capable of doing as part of our market. We'll see how we develop right now. We have so many opportunities that are easier to handle and more seamless to where we are currently in our expansion. Got it. And you've mentioned you've won government contracts previously held by some larger incumbents. What specific aspects of your technology has led to those contract wins and really displacing competitors? So we can't know, as you can imagine. They don't tell us exactly which part of the technology they like. They give us a general score and a few different attributes. But as a whole, we offer very advanced biometric capabilities, location capabilities, reliability. The form factor is small. The battery is much longer. We're talking about usually in the programs of GPS, the battery runs for a day or two. In our programs, they run for up to a year. All these features, when you put them together, together with the software, which is extremely comfortable to use and shows you a lot of capabilities in live view of everything that's happening, that's what wins these bids. And they don't just look at what you put on paper. They evaluate it, and they run it, and they see how it feels. They see how quick it is. They see how reliable it is. And then you get networking effects because you start winning one country and another and then another and then another and one country and another and another and another. They talk to each other. It's a very small industry, like a niche industry that people know each other. And that's what creates this trend that you're seeing today. Got it. That's helpful. And looking at your revenue makeup, what percentage of the mix do you expect for 2026 to kind of come from that higher margin recurring SaaS-like revenue? And then what percentage is more project-based? I haven't broken out exactly which percentage is what. But we do share, and I'll clarify it again. The projects in the U.S. are almost entirely per unit per day. And that just started, just like we in Europe started with smaller projects, $100,000, $200,000. Then we reached $37 million, $33 million. The U.S., we're just starting with the smaller and growing in size and also spreading very fast, much faster than we did in Europe because we're already very experienced in the industry. And we're doing a very good job there with our teams. In Europe, you have projects that all have different components. Some they purchase the equipment. Some they lease the equipment. Some they pay you for the whole, the software and the hardware together. Some they separate the payment for them. Some is maintenance. So it's every national project, like we've seen in our previous business, and identification is a little bit different. So there's no straight answer to that. But I can say that over time, when more revenues come from the U.S., you'll see more of that simple recurring revenue per unit per day structure. And there's advantages to each. Got it. That makes sense. Somewhat of a related question here. Can you speak to your accounts receivable collections since your most recent Q3 report? And as well, can you talk about the aged or old allowance for the doubtful accounts? Great question. I think they meant the AR as of the last report because what we've seen in some of the recent quarters, AR has been growing. People have asked to understand why. It's not from a late payments structure. Most of the late payment issues that we have are in our old business, identification, out of Africa and South America. There's been some write-offs on the annual reports that people see. We haven't been experiencing anything similar at all in the U.S. and Europe. Things are being paid on time very consistently. But we do have some projects where percentage of completion is used. If the majority of the costs are upfront, it could be separate for when the payments are due. The payments could be due over five, six years and the majority of costs earlier on. That creates percentage of completion revenues. Then we collect them over time, not because of bad debt, just because that's the structure of the program. We usually adhere to the structure that the governments want. We have the flexibility to do so. Different governments want different structures. Great. That makes sense. Another question here with the current contracts that you know you've won, how do you anticipate funding the working capital requirements? Do you anticipate the need to raise additional capital? This is why I say there's advantages to each because if it's a purchase project, you need less working capital because you manufacture the equipment, you ship it off to them, and shortly after, you'll get the cash. When it's more of a lease structure, you get the cash over the years and it's more of a recurring nature and it's higher margin, but it requires a little bit more cash, so we have a mix, and some projects are great for cash contributions, and some projects require a little bit more of cash upfront for investment for manufacturing of the equipment, so we manage it. We manage the We manage the mix well and so long as we continue to add additional programs, as we've done in the past, it's becoming actually easier to manage and if we have something astronomical in size, then we will announce it. I'm sure we'll have many channels of funding available to support the needs for that as well. Got it. And do you anticipate the need to raise additional equity anytime in the near-term future? We evaluate the needs consistently. As you saw, Q3, we had roughly $13 million of cash. And so we didn't need cash at the time. We continuously evaluate based on opportunities for potential new projects that we're expecting or likely to win based on our experience with those customers and potential acquisition opportunities that we discussed as well, which sometimes we see very interesting opportunities for the company to grow inorganically as well. So that comes into consideration with everything else available to us. And then the board makes a decision. Got it. Can you talk about the ramp-up process going from the time that you ultimately win a contract to fulfillment, delivery? Just maybe talk about the timeline there. Sure. We'll start with the U.S. because it's a little simpler. The county-level projects that we've had, these counties, whether it's a service provider or a county, they typically have, let's say, hundreds or thousands of units running. They'll try our technology. And if they like it, we'll ship out immediately. It could start off with 20 or 50 or 100 and then grow to hundreds more or even thousands because they have that flexibility. When it's a national project, it's a little bit more rigid. And they'll define you have a month, two months, four months to replace all the existing technology out there with your technology. And they'll have just like we did in Israel, where we essentially transitioned 1,500 units from an existing vendor to our vendor, and just like you would do in Germany and countries like that. So the transition in the national projects are more structured and organized. And that's why we have these numbers and processes because they publish it that way. And when it's the smaller counties or service providers, there's a little bit more flexibility and a little bit less rigid. And that allows us to move faster, actually. Got it. That's helpful. Maybe as a final question, are there any geographies that you would like to eventually break into? Any that look more attractive from a growth perspective relative to the ones that you're already in? I'll say that there's a traditional electronic monitoring, and then there's the domestic violence, which is a submarket that we've opened. There's other submarkets that we'll open with our advanced technology. And I think across the U.S. and Europe, domestic violence is needed. Unfortunately, it's a big need. It could help many, many people, many families that are suffering from that. And we're seeing very much of a hype and interest in that. So that's a submarket within the geographies that we currently exist, but that opens up new parts of the market that exist. And also, other areas of the world, they need the technology as well, whether it's Thailand or Philippines or Costa Rica or Colombia or Mexico or Dubai. There's many countries that either directly or indirectly, we've heard that there's interest in deploying such programs. It's, again, a little bit more complicated for us, but the projects are massive, as you can imagine, very large countries. And it'll be their first project. And we have a lot of experience deploying first projects for these customers. So I think we'll be a great candidate for that as well. And we will streamline those together with all the work that we have ahead of us in the U.S. and in Europe. They're certainly out there. Great. Great. Well, that's very helpful insight there. We appreciate the time. We'll conclude there. Ordan, I really appreciate you joining us today. Thanks a lot, Brendan. And thank you, everyone, for listening in. If you have continued interest, you can look on our website and our updated press releases on the advances in our business. Thanks a lot. Great. Thanks, everybody. Have a great day. Have a great day.