Good afternoon, everybody. I would like [unclear] company.

With me here is Michael Grosman, the CEO, and Alex Levi, the CFO of Next Vision. I would like to say that this webinar is not substitute for reading the reports and financial statement that we just publish in the Maya.

I will start with some background, Michael will go through the presentation, and we will make sure that we leave some time for Q&A in the end. Just to remind, Next Vision is a leading company that sells stabilized video solutions for small platform.

We consider ourselves as a R&D company, meaning this is the way we think and act, and actually we try to bring to the market every year in between two to three new products. Usually, those product would be a game-changer in the market.

Our claim to fame in the market is the ratio between size and weight and performance, consider to be the best, and when you compare apple to apple, you will find that Next Vision solution will be usually cheaper than our competitor solution and in a very high of reliability. Some of the things that we done at 2025: regarding revenue, I remind you that the board goal for the management team was $160 million revenue, and we done 168.

The goal that we got for 2026 is $275 million, meaning 64% growth, internal growth. We done 4 months ago a global offering and raise $414 million, and the reason for that was to give us the ability to acquire a company and doing some M&A work in our company.

90% of the investors were global investors. The company cap today is around $10 billion.

We consider to be a growth company. We had annual growth or average annual growth for the last 5 years more than 70%.

Our backlog for now, for today, is $288 million. Most of it is for the next 12 months.

We are putting a lot of efforts today to be able to deliver the huge demand that we see from the market. Today, we can deliver around 2,000 unit per month, and we are planning to grow with that for more than 4,000 unit per month till the end of 2026.

Thank you, Chen. We are providing observation solution that consists of 12 different camera models that span the weight between 100 g and 2 kg, which literally means that every drone vendor can find a model which tightly fits its requirements.

We also provide accessories to ease and expedite the integration of the solution of Next Vision. They include some mechanical items, but also the video processing units which provide breadth of video processing capabilities, including object recognition, target tracking, and other sought capabilities.

In addition, we also include software to control and manage the observation solution of Next Vision, and by doing that, we are literally acting as a one-stop shop for the observation solution of the drone vendor. We are an R&D company which strive to release to the market two to three new product each year.

In 2026, we will leverage on the success of the Raptor and add the offering of Raptor with three axis, which will enable higher maneuverability when operating quick drones. We are also introducing the Stinger, which is destined for high-speed performance and manufacturing on a very large scale.

Last but not least, we will introduce the TRIP7, which continue the successful TRIP accessory line, which provides advanced video processing capabilities and more horsepower to perform them. What substitute the success of Next Vision?

What sustain that? We can identify four pillars.

First and foremost, the technology, where the claim to fame is that what you can see with Next Vision equipment you cannot see with other equipment with similar size weight. Second is given the experience and the field-proven capabilities of the products which sustain the confidence level that the drone vendors require.

Next is the production capability, which we constantly increase in order to be able to meet market requirement. Last but not least is the financial strength, and when you are looking at the situation in the market with the chaotic supply chains, the only remedy for that is inventory.

Next Vision leverage its financial strength in order to acquire the right amount of inventory and buffer all the shockwaves in the supply chain between the market and its customers. This all provide the competitive advantage that Next Vision provide to the market.

The market is out there and is growing. We are just witnessing another conflict in the Middle East, where the usage of drone is being highlighted once again and the importance of drones to the modern battlefield.

This all being converted into the decision like the various countries in the Western world to increase the arsenal, to increase the inventory and capabilities that are based on drones and unmanned vehicles. This, in return, increase the demand for the payload, for the camera payload, the EO/IR payload, because in many cases, the reason for taking the drone up there to the sky is to be able to see and collect information, the reconnaissance mission.

In many other missions, it's munition loitering, where once again, you need to have a camera payload in order to be able to reach the target, especially where in the modern battlefield, the GPS is usually denied and not available to you. We see that global defense spending is skyrocketing, not only in the US, but also in Europe.

When we combine all this trends and all this signals from the market, what we see is an increasing demand for small drones and increasing demands for the camera for drones, where Next Vision benefit for that and supply large part of this demand. We are currently have a footprint all over the Western world, serving mainly the system providers and enabling them with the highest technology at a good price level.

As you can see, as we anticipated in the past, while the European market is still holding the largest share, North America market is growing in a much larger pace and taking a larger and larger share in Next Vision revenue. We are being trusted by the key names and suppliers in the unmanned world.

To name few of them, you can find here Anduril, you can find here Quantum, you can find here Elbit, and other names that have selected Next Vision and embrace its solution in their offering. When we are looking at the various merits of Next Vision performance, we see growth all over.

We see growth in the income, both the net and the operating, in the profit, revenue, backlog, active number of customers, and we intend to sustain and continue this growth also in 2026. If we compare year by year, we see the sustained growth.

If the revenue at 2025 was $168 million, the current target of the board of directors is $275 million for 2026, which represent a growth of over 65%, compare that to the growth in 2025, which was 46%. In a sense, Next Vision accelerates its growth pace.

The financials also tell the success story of Next Vision, where we see that the gross margin is being maintained at over 69%. We see that the total R&D, the one that you see here in the P&L and the other R&D that was amortized into an asset, is over $8 million, and the bottom line with a net profit of $103 million for year 2025.

This is a significant growth comparing to 2024. In order to sustain this growth and in order to cater and stand up to the expectation of Next Vision customers, which do expects to see a very large volume delivered to them, in 2026, we are expanding both in terms of real estate, a major expansion in the real estate that is allocated to the manufacturing, expansion in the headcount of the production from nearly 40 to over 90, and if we are putting all that into numbers, then from the starting point of 2,000 cameras per month, we would like to reach over 4,000 per month toward the end of 2026.

This is the goal of Next Vision in order to be able to cater to the demand and orders that it has from its customers. Moving forward, it is important to note that Next Vision management is putting large portion of its time and effort into reviewing and looking for strategic acquisition.

We are always speaking about that, and we are actually not only speaking, but investing energy into that. As we see external growth, even that the internal growth is quite massive, we see opportunity and external growth, and we would like to materialize that.

Besides that, we are putting an effort as an R&D company into increasing the offering, giving more for the same price that was paid before, and all of that should sustain and even further accelerate the growth rate of Next Vision. Like we said, we would like to allocate most of the time into the Q&A, as much of the information is already being presented in the docs of Next Vision, in the financials.

I will go over some of the question. First is, what can we say about the first quarter of 2026?

The first quarter of 2026 has started with a massive flow of orders. They were not acquired easily, we have put a lot of work into that, but this work has materialized.

If we are looking at the backlog at the moment, as we speak, this is over $220 million for 2026 only. This is out of a backlog of over $280 million moving forward.

Nearly 80% of the backlog that we are having is expected to be delivered in 2026, and we are at early March, and we see huge demand moving forward. We are actively in discussions about additional orders, many of them also for 2026.

Let's see what will be materialized, but we are definitely see a very strong quarter for Next Vision in terms of the activity and achievements. The second question was about the production and assembly line increase in light of that.

Like I said, we significantly increase the land, meaning the area and the facility where we manufacture, but not only that, we are also more than doubling the personnel, the headcount, which perform the actual assembly. This is besides increasing operational personnel.

The third thing which we should always remember: inventory. We are heavily investing in inventory in order to be able to sustain.

The recent conflicts and other global factors makes the supply change to be much chaotic, and in the other words, it is very difficult to rely on the supply chains that we find in the market. The only way to buffer that between this chaotic behavior and a sustainable delivery to our customers is to buffer that with inventory.

We leverage our financial position, make the right decisions about inventory, and assuring our customers and partners that they can rely on Next Vision. This is a paramount quality of the company.

There is a question about what level, what type of growth we are looking in the next 3 years. The target growth for 2026 was set by the board of directors, and if we look at the past 5 years, then in each year, Next Vision revenue surpass the target of the board of directors without sacrificing the margins, without expensing them.

We expect that the efforts that we are doing will continue this line. The large demand that we see in the market make us confidence that the growth will continue.

However, this is internal growth. We will show external growth as soon as we materialize the capabilities that we have to acquire companies.

There is a question about the main bottlenecks in materializing the target in 2026. While we are presenting a situation where there is a high demand, high backlog, and we are increasing the manufacturing capabilities, increasing inventory, still, nothing comes easy.

It puts great demand over the employees of Next Vision, which are required to sustain all of that. The bottlenecks are the headcount that we need to be able to train as quickly as possible and reach the level that is required in order to sustain the quality of the products.

This is a bottleneck that we are fighting by opening training on a weekly basis for new recruits and new persons that are being added to Next Vision manufacturing capability. The other are the chaotic supply change, especially with some of the high-end processors and some of the delicate items in the market, and also some of the changes, the political changes in the market.

We are doing our best to be able and acquire as soon as possible and hold as much inventory as possible. Besides that, last year, we have started the process of manufacturing, of having the capability to manufacture Next Vision cameras outside of Israel, outside of Next Vision facility.

The recent occurrences of the recent conflicts are delaying us from completing that, but we will definitely complete that, and we will be able to offer Next Vision equipment that is being manufactured outside of Israel. There is a question about the AI and the capabilities that we are providing, and what we can add to that.

The AI capabilities are being sold as part of the video processing units. In 2026, we are going to offer to other companies to buy some of the capabilities as software, which will increase the revenue with the investment that we have made in this capabilities.

There is another question about how fast can we double the production capability. As far as we are concerning is as soon as possible, but in order to be practical with the hurdles and the bottlenecks, then it seems like at least at Q4, we will be able to do that.

Another question is about pricing level, and that's relate to the strong demand that we are seeing. Are we considering price increase in light of the strong demand?

Next Vision provide stable business to our customers, and we have no intention to change pricing level, as we have not changed that in the last 5 years. What we do is we introduce new products at some different price points.

Usually, they are destined for lower price point at higher capacity, at higher volume. This is one thing that we do.

The other thing is that we are providing more for the same price, meaning we do not change the price of the product, but we are adding capability to the products. This provide our customers the comfort that they are seeking when incorporating Next Vision equipment into their offering.

Another question is, how can we further accelerate the penetration into the US market in 2026? First, by introducing products and capabilities that address the requirement in the market, being able to offer products that are US-made, and being able to leverage on the current success with the current customers while approaching new players in the US.

I would like to highlight two things that are connected. One is the competitor issue and the positioning of the company in the market.

We see some competitors in the market. Usually, they will be small companies, and today, I think, even though still Next Vision have the best solution in the market, the barrier for those company now and the main issue is the capacity.

We don't see a lot of companies that can actually deliver the quantities that we see from the big players, the big system providers in the market. That's all for me.

Michael, any other?

There is a question about US listing. We put our eyes on that all the time.

This also involve the board of directors of the company, and it can be a matter of timing. When the right times arises, Next Vision will know, as we have demonstrated with the global offering, that we will know and we will be able to complete such move.

We don't see the listing in the US as a target for us. We will do that in the second that we will understand that it will be a benefit for Next Vision and for Next Vision shareholders.

That's all the question that we got. We are open to get some more if you can send them by email, I will make sure that you will get the answer as soon as possible.

I would like to thank you again for taking the time with us, and say that we are coming every morning to this company, working very hard to do the job and make sure that Next Vision will continue to be the leading company in the market. Thank you very much for your time.

Thank you.