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Are you introducing me? Oh, yes. Yoav Efron is the CFO of Actelis Networks, trades over-the-counter AS&S. Correct. Thank you. Thank you so much. Hello, I'm Yoav Efron. I'm Deputy CEO and CFO. I'm the CTO of Acteles Networks. Happy to be here. Thank Equity. Thank You for having me. Thank You For Coming. We're webcasted, correct? So, I'm here to tell you about Actelis. Actels has been around for a while. And today, we're doing this, we connect AI to the edge. And we focus on modernizing defense, federal, intelligent transportation, and hospitality. We have had, I'll start with that because there's no way around it. We've had not a good year in 2025, not at all, and our revenues were slashed versus 2024. We finished the year with less than $4 million of revenue, but 2026 looks much better. We're home to MEND, and after our first half, we're at 2.1, up 26% in revenue, up 80% in booking, and Q3 is not yet released. But one thing I can tell you is we delivered a significant order to the U.S. Marine Corps in Q3, which was a major progress in our federal play and our federal program. Gross margin went back to where it should be at 51%, and we have many years in business, most of them as serving the telecom world. In the IPO we did, or right after the IPO, we did in 2022, we transitioned, pivoted into critical infrastructure, critical infrastructure intelligent transportation and smart cities and so on. lots of patents, and before I get to the story of the business and the technology, I want to talk a little bit about the momentum that we created since we had that terrible 2025 year. In federal, we've done federal business for a long time, but we did it sporadically and project-based. and what we did in 2025, we hired new talent who knows how to get to head sales into programmatic sales. The federal government, especially the military, operates what's called programs of record. And the programs of record, once you're in the program designed in, then you're continuously tapped into in order to continue modernizing. And modernization is the name of the game in government. Everything needs to be modernized from many, many aspects, and that's the frenzy that's going on right now. I talked about the IP telephony. Where do I put the laser? Oh, I don't think there's a laser. Okay, so in any case, in Q3, in September, we delivered a large deal as part of a U.S. Marine Corps IP telephony upgrade of 65 buildings and we did that successfully so that's part of our Q3 results we are in lots and lots of trials and discussions into the programs of record and this this will be be shown as we get into 2027 in in ITS intelligent transportation systems it could be in smart cities it could being road agencies we provide communication solutions to the anything that needs to be connected around the road or the city could be a camera a sensor a sign you name it everything else everything that manages the city the smart the digital city is what we connect and the deeper work in the city is showing we have we're tapping into the hundred thousand to a million people cities there are over 300 of these in the U.S., and we are in a multitude of them, but there's so much way to go. Cyber hardening is a focus of ours and what makes us also differentiated. Cyber hardener is an element that's critical in networking in order to be encrypted, in order do not be able to be tapped. So in intelligent transportation, in intelligent environments, it is critical and we're putting, we release, constantly release software versions that are embedded into our devices that have enhanced cyber hardening. Hospitality is a new segment for us. Lots of antiquated analog technologies in hotels all around you probably saw it and see it all the time as we get into streaming into new customer experiences we have multi gigabit solutions for hospitality that are unique and believe it or not it's not that not that easy to make that in-room experience digital and and also appealing. Recent developments, we had a big software and services renewal with a big tier one carrier in the US. We had been working with Alaska environments in rural areas to connect schools and healthcare facilities. We reported Q2, which we talked about. We're getting a deeper engagement with the federal market as we talked about and in September we finally delivered that US Marine Corps project which is one of I hope and I believe many in the future from a strategic corporate strategic priorities we have we have two main priorities in the pursuing of an M&A which we're in the process of I cannot talk about it but we are focusing on a synergistic acquisition that would allow us to join hands with someone who has a cyber orientation that would fit us, would be synergistic technologically and market-wise, and will be able to help us grow inorganically and eventually join hands technologically. This is something that is doable, and right now we're working on a target that I hope I'll be able to say more soon. The other thing is we want to return to NASDAQ, and that's what we need to do. We can do that, and M&A will help. We'll help tell the different story because we now have been reorganizing, cost-reducing, and on top of that, we have been doing this progress that I talked about in the in the federal government so what do we do there are three huge markets that are enabled with what Actelis does and the huge markets is that big bubble on the right that's probably outdated because the federal Department of War as it's being called now is much higher than that it's over a trillion dollars and grow cyber safety always big and always large and always growing and the third one is edge ai edge ai or edge computing as we as as the ai world is progressing it's it doesn't just happen in the cloud where we enjoy cloud and chat gpt and we work on it on a soft basis the more ai will become automating the environments we are in robotics uh autonomous cars buses you name it autonomous everything then more computing has to happen not in the cloud but close to where the activity occurs because latency is it can mean loss of life and very dangerous so latency is something that is one of the reasons why AI automation is going to drive a lot of the processes to be at at the edge, where the critical infrastructure lies, in the city, on the road, in the airport, on the rail tracks and so on, and this is where we play. We have, so this is one of the tailwinds that helps us be very relevant. The other one, of course, cyber safety could be the weakest link, and I'm definitely sure that all of us do not want cyber safety to be a weakest link anything we do. So it's increasingly critical. Compliance gets tougher and tougher. Europe introduced the Cyber Resilience Act, becoming mandated for organizations in 2027 to make sure that they are vulnerability free. In the US, FIPS is the cybersecurity standard for the joint IT command of the Department of War. So it's a, call it a military thing, but more and more municipalities and educational facilities who are hacked all the time. And I see stories, endless stories of ransomware attacking those civilian facilities. So the result is, they say, well, we want everyone that serves us to be FIPS compliant. So we are FIPs compliant. This is a process we had to go through with the joint IT command. And that wasn't easy, but it's behind us. And talking about the edge, at the edge we have three wired infrastructures, fiber, copper, and coax. Coax is another fancy name for the cable TV infrastructure. So fiber is amazing. Fiber is the best form and conduct of networking, but it doesn't exist everywhere. Actually, it will never exist everywhere because there are 10% to 30% of locations where it is just impossible to put fiber in. So what are the alternatives? Other than wireless and mobile, let's put that aside because in critical infrastructure, it's not necessarily doable. Then we could use command and control, telephony lines, all those infrastructure cabling that have been there since the 60s, since the 50s, and coax. what happens is that when when when a smart city needs all those services and copper is available everywhere but is difficult and unsecured difficult to operate fiber is amazing but not everywhere and wireless is problematic just because of its because of it's characteristics so the result is what we can do is we provide equipment that can work on either fiber or copper or coax or a hybrid solution of all so in other words the real world we look at it again the real-world is a mishmash of many many infrastructures and it's different in every corner of the city or web or wherever so we we the the task that we or we know how to do well is to provide that infrastructure networking infrastructure that is tailored to whatever the infrastructure exists so no recabling rewiring all this requires a lot of disruption very expensive very slow and mind you AI is so fast that we have to be fast we cannot wait so fast to implement because you just go plug and play and no need to wait for additional infrastructure to be deployed or set up. Resilience and cyber safety and the results is fiber speed, fiber grade on any wire. This is an example, think about it, these are many many many copper pairs and they sit in in this very big cluster, originally desynchronized, unsecure, and disrupted heavily by the elements. The result of what our technology knows to do with that is to make it optimally synchronized, to make encrypted, to make spectrally compliant, to make manageable, and also if you can think about copper as a conduit for for electricity it's also allows to it also allows for power over Ethernet so that is an important element for for implementations looking for for power Ethernet these are the three main verticals that we are playing at federal primarily military smart cities and roads and hospitality you can see this you can see here in the small print there are so much there are so many budgets going on for modernization modernization is the name of the game as i said earlier and that modernization is for of course for speed and for reliability but also for cyber safety so we enjoy the fact that this is a critical requirement for those verticals just to give you a glimpse of these think about it these are kind of switches these switches these are this is how our products look those small boxes they're not very big inside those this is our giga line product line and one superset serves many many all those Verticals and the embedded software provides the low latency, the ability to be hybrid, the ubiquity power over Ethernet that we talked about, power over the network, the cyber hardening, low touch management, all the good things that are required in managing a critical infrastructure network that needs to be reliable all the time. On top of everything, we also look at that you may not understand you may not have heard of maybe you have in in the physical world there is a the world of IT which we all know the information technology and on the other side there is the OT the operating technology the operating technology means all those devices that are in the network so there's an IT element the network itself where the traffic flows and there's the operating technology it could be it's it's these types of devices on the road or in the smart city but it could an MRI machine in a hospital or it could be a manufacturing device or manufacturing machine in a factory those have their own operating technology vulnerabilities and we are looking to use the network and provide meta shield which is a solution that we have right now of AI intelligence and threat management anomaly detection and auto correction for from a centralized centralized machine that looks through and monitors 24-7 what's going on and identifies things that should not be either, anomalies. For example, this traffic light talks to the camera and it shouldn't, or the speed and the volume of traffic from this device should be one gigabit per hour, and right now it's 500 gigabits per hour. So these are the types of anomalies that, and there are so many other types, that can be captured and mitigated. A small glimpse to some of our customers, transportation authorities all around the world, cities that we all know, all the Department of War and Homeland Security, US agencies. If you remember last year there was a a big incident of a halt in Newark of traffic. Air traffic control was stuck, was frozen for more than over a minute. It caused a ripple effect of weeks of delays. This had to do with antiquated infrastructure in their network. The FAA received a $12 billion critical urgent budget to to uh modernize and we are competing to be there and we're going to and we'll we're going after faa projects within that energy campuses uh we see canadian rail over there new york city seattle fremont san jose washington dc is a very large customer of ours All those are smart cities that we have been talking about and announcing. Every once in a while, we release a story about some win that we had, some implementation. Washington, D.C., we talked about. The FAA, we talked About as well. Legacy T1 to fiber modernization for a major U.S. carrier. Alaska Air Force and so on. The numbers are endless, and the cases are endless. And if I want to summarize, I remind you we didn't have a good year in 2025, and we're in the men right now looking for an M&A that's synergistic, and we restructured, we have cost-reduced, We are going to market differently, more systematically, and more efficiently. We're positioned in the intersection of two huge and critical markets today. We're unique. We have lots of IP. Our brand reputations, I can tell you that we have a reputation of high quality and maybe slightly high or expensive pricing. experienced teams, strong players in federal market that as I said Jason Chassie helps us get into the programs of record and lots of integrators and contractors, partners that will help us do what we are here to do so I really appreciate everyone listening and thank you if there are any questions I'll be happy to answer but this is it Onwards and upwards. A hotel brand resonates because it seems like their internals are very antiquated. Is it a sell or are they dying for the solution? Well, they have to. and sometimes they're not dying for the solution because in order to modernize a room you have to keep it vacant for a period and of course they don't like that it's the same as the subway in new york it it doesn't get it doesn'T get modernized because just you can't stop the subway ever so but yes if you if you think about the analog equipment in hotels or also in venues and sports venues in order to uh transition into streaming transition the customer experience or the guest experience in the in the tv to a streaming uh something that uh that that that is a 21st century era, you have to deploy this modernization and become multi-gigabit. Eventually, we get into the hotel, so we log into our Netflix account and we watch the shows that we like from home. Many times, if the hotel is new and well-invested, it might be there to begin with, But if it's a hotel that has been around for a long time, it's not necessarily available. So that's an important one. Yeah. Yes. I'd like to hear a little bit more about what the landscape looks like for you guys. You guys are playing in a broad range of industries. But I just want to know where you guys fit within that. Yeah, that's a great question. So first of all, so I spoke about fiber only, which is a big, big component of not just telecom networking, but also critical infrastructure. And then the hybrid networking or the more people may consider it a less advanced when you talk about copper networking, which we actually can show that we make fiber to fiber grade multigigabit. so in fiber only you have very big players like juniper and cisco and extreme so these are in sienna so these would not typically go for projects the size that we are going because it's too too small for them which is a good thing for us so the small to medium market is less competitive But you do have extreme playing in the smaller market, but also names like Belden Hirschman, AdTran to an extent. But the quality of the ability to do hybrid networking well depends on many, many, many small factors, and we know how to do it well. I would say that we know how to do it the best, and that's why when it comes to hybrid, and it's not always a hybrid network. Sometimes it's just copper only, fiber only. It could be something less hybrid, as I said, and then it might be, as as I mentioned, those competitors more competitive. But we were able, for example, in Highways England, we are in phase three now of modernizing all their devices around the roads. We beat AdTrend and Cisco at that time. It was in 2018, but now it has a positive ripple effect for us as we're already 10 years later, and we continue to be relevant for them. So price is important here, especially in those economies where it's critical. Sure. You mentioned you're doing the infrastructure. So is the hardware your own, or are you sourcing hardware from other developers, I guess? the hardware is our own of course we assemble and we develop the final product but the chip the memory all those things are coming from the vendors so the firmware is definitely ours and that's where we developed all the cyber hardening which is probably by now the biggest focus of that firmware we have several tools of code scanning which we do constantly I think up to once a week for all code and when we identify vulnerabilities and that happens you get to a new week and then you have a scan and you see that there's a new vulnerability so we need to fix it and then ship it to customers if it's major then we may so it may be a reason to charge for it it depends also when we come to customers who actually bought from us 5 years ago 8 years ago, even more so the equipment might be working fine, but the firmware is so outdated, so A, it will be cyber vulnerable and we will need to update it, or the cyber secure hardened firmware will not be able to run on their outdated hardware. So, but yeah, that's by now the most important element of firmware and we scan it constantly and not just with one, two. Thank you. Thank you for your time. Any last questions? No? Thank you very much.