Q4 2025 SuperCom Ltd Earnings Call

April 28, 2026

Speaker #2: Ladies and gentlemen, good morning. And welcome to Supercom's fourth quarter and year-end 2025 financial results and corporate updates conference call. At this time, all participants are in a listen-only mode.

Operator: 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 listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by 0. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star then 1 on your telephone keypad.

Operator: 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 listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by 0. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star then 1 on your telephone keypad.

Speaker #2: Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions.

Speaker #2: 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.

Operator: 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.

Speaker #2: 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.

Speaker #2: 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 20F and Form 6K, and Supercom's press release that accompanies this call, particularly the cautionary statements in it.

Operator: 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, 28 April 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. Ornan Trabelsi.

Speaker #2: Today's conference call includes EBITDA, a non-gap 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.

Speaker #2: For reconciliation of this non-gap 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.

Speaker #2: Reconciliations for other non-gap 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 28th, 2026.

Operator: The content of this call contains time-sensitive information that is accurate only as of today, 28 April 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. Ornan Trabelsi. Sir, the floor is yours.

Speaker #2: 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.

Speaker #2: 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.

Operator: Sir, the floor is yours.

Ordan Trabelsi: 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 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.

Speaker #2: Thank you, operator, and good morning, everyone. Thank you for joining us today. Earlier this morning, we issued a press release with our financial results for the fourth quarter and full fiscal year of 2025, along with our 2025 annual report filed on Form 20-F.

Speaker #2: You can find copies of 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.

Speaker #2: 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.

Ordan Trabelsi: 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 US 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.

Speaker #2: In recent years, our focus has shifted sharply towards criminal justice, where we leverage our proprietary peer security product suite for infender electronic monitoring, including domestic violence prevention technology, lightweight ankle braces with extraordinary long battery life, and other connected monitoring embedded devices.

Speaker #2: 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.

Speaker #2: In Europe, we achieved a win rate above 65% in competitive tenders. And in our recent US expansion, we're experiencing very high win rates as well.

Speaker #2: 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.

Ordan Trabelsi: Secondly, on global presence, our strategic focus is electronic monitoring market, projected to reach $2.3 billion by 2028. The US 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.

Speaker #2: Secondly, on global presence, our strategic focus is the electronic monitoring market, projected to reach $2.3 billion by 2028. The US and Europe represent the core markets we are actively pursuing.

Speaker #2: We currently hold active contracts across three continents and, as a result, over 85 government project wins to deploy our proprietary technology. And thirdly, our outstanding service.

Speaker #2: 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.

Speaker #2: 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 Iran Haddad to lead our international sales partnership development.

Ordan Trabelsi: Eran brings direct industry competitive experience from 3M, NICE, and Compus, 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 3 to 4 years, and 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 US.

Speaker #2: Iran 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.

Speaker #2: 2025 was a defining year where 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, and our annual EBITDA reached $9.4 million in 2025, representing approximately 34% EBITDA margin.

Speaker #2: In 2025, we continue 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 US.

Ordan Trabelsi: 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 US. US growth was one of the central developments in 2025 and early 2026. Since mid-2024, when we began our US 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 US progress around five themes and capture the structure of this expansion. Firstly, new state entry.

Speaker #2: Many of these new contracts led to follow-on contracts with the same customers, demonstrating Supercom's strength as an incumbent and the durability of our customer relationships.

Speaker #2: 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.

Speaker #2: Start with the US. US growth was one of the central developments in 2025 and early 2026 since mid-2024 when we began our US expansion rapidly.

Speaker #2: 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 US progress around five themes and capture the structure of this expansion.

Speaker #2: 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, and many of these states we replaced this incumbent vendors.

Ordan Trabelsi: 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.

Speaker #2: Texas was 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 displaced incumbents Louisiana secured in February 2026 marked our 16th new state and 17th service provider partnership.

Speaker #2: Secondly, we're looking at density in existing states. Beyond entering new states, we have 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.

Ordan Trabelsi: 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.

Speaker #2: 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.

Speaker #2: 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 Sheriff's Association.

Speaker #2: Thirdly, incumbent displacement. Many of these wins have come by replacing established incumbent providers—validating the competitive strength of our peer security platform. Our Texas, Kentucky, Alabama, and Missouri wins, among many others, displaced incumbents.

Speaker #2: 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.

Ordan Trabelsi: 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 US, we are moving up the customer ladder. We started the US 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 United States, awarded under Arizona Statewide Behavioral Health Services.

Speaker #2: And 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 then choosing to put on our technology and to displace their incumbents is another strong validation of the capabilities and advantages that we provide to the industry.

Speaker #2: In the US, we are moving up the customer ladder. We started the US expansion of resellers in very small county tier throughout 2025. We operate increasingly at the county level.

Speaker #2: Slowly growing to larger and larger counties and larger programs. An icebreaker through moment came in November 2025 when we secured our first state-level department of corrections contract in the United States, awarded under Arizona's statewide behavioral health services.

Ordan Trabelsi: The DOC and state agency tier represents a step up from the regional and county-level wins that built our US 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 5 themes, our wholly-owned subsidiary, LCA, was awarded a re-entry services contract in Northern California valued up to $2.5 million for over 5 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.

Speaker #2: The DOC and state agency tier represents a step-up from the regional and county-level wins that built our US presence. Implementation began in January 2026, and we expect this contract to serve as a strategic reference point for state-level pursuits, across the country.

Speaker #2: Beyond these five themes, our wholly owned subsidiary LCA was awarded reentry services contract in Northern California valued at up to $2.5 million. For over five years.

Speaker #2: Since 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.

Speaker #2: 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 tenth nation globally to adopt our domestic violence monitoring proprietary solution that we have introduced to the market to help toward our goal to assist in eradicating domestic violence.

Ordan Trabelsi: In January 2026, we secured a national EM contract in a Western European country, marking the tenth 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.

Speaker #2: 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.

Speaker #2: 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.

Ordan Trabelsi: The award came through a long, year-long competitive evaluation involving five companies, including a 25-year former incumbent. Once it clears the stand, still 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 only $7 million. 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.

Speaker #2: The award came through a long year-long competitive evaluation involving five companies, including a 25-year former incumbent, and once it clears, once it clears the stamp, still period which it has, it is becoming one of the largest deployments in our company's modern history.

Speaker #2: 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.

Speaker #2: We grew to Denmark with 1,000 units, Finland 3.6 million, then our first contract in Sweden back in 2018 and 2019 valued at $7 million only.

Speaker #2: 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, and now we achieved our fourth award in Sweden: the new $17 million contract with potential for substantial growth beyond that as we add additional programs.

Ordan Trabelsi: 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.

Speaker #2: Several large EU contracts are up for award in the upcoming 24 months, and we're actively pursuing them. Our deployment with Israel Prison Service continues to advance.

Speaker #2: 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.

Speaker #2: 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, a recent years, total revenue still grew.

Ordan Trabelsi: As new contracts and growth from other customers offset the prior year's contribution from an added incremental growth on top, underlying growth, excluding the impact of this customer decline, is approximately 40% year-over-year. I'll explain that again shortly in the financials. This is the first occasion we are working toward. It is an outcome of our US 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.

Speaker #2: As new contracts and growth from other customers offset the prior year's contribution, from an added incremental growth on top underlying growth, excluding the impact of this customer decline was approximately 40% year over year.

Speaker #2: And I'll explain that again shortly in the financials. This is diversification we are working toward. It is an outcome of our US expansion and broader European wins.

Speaker #2: We expect to see further contract activations and continue diversification through coming years. The new customers and projects in the USA during 2025 were still at early stages.

Speaker #2: 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.

Speaker #2: 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.

Ordan Trabelsi: 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.

Speaker #2: 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.

Speaker #2: 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.

Ordan Trabelsi: 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 31 December 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.

Speaker #2: 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.

Speaker #2: 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.

Speaker #2: It's interesting to note, while revenue is 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, so essentially the decline from that customer was made up for in more by other customers that are growing and new ones that joined.

Ordan Trabelsi: 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.

Speaker #2: Growth 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 reduction.

Speaker #2: 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 $2.0 million in 2024, an increase of approximately 34%.

Speaker #2: This is primarily attributable to provision for DAFO 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.

Ordan Trabelsi: 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 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.

Speaker #2: DAFO 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.

Speaker #2: Gap net income for the year was $3.7 million, a record for us compared to $661,000 in the prior year. Non-gap net income was $11.2 million, and non-gap EPS was $2.47, which also a nice achievement, though it shows our improvements in our profitability.

Speaker #2: 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 gap net loss of approximately $6.7 million, over the four years since.

Ordan Trabelsi: 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. The financial results for the Q4 ended 31 December 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.

Speaker #2: We have more than doubled revenues to record levels, achieved our strongest gap profitability since, to lead to record net income, record non-gap net income, and record EBITDA levels.

Speaker #2: And built a contract base spanning three continents, with a growing momentum in many different regions. For the first quarter, the financial results fourth quarter ended December 31, 2025, our revenue was $7.5 million, compared to $6.3 million in Q4 2024, representing 18% year-over-year growth.

Speaker #2: Gross profit of $2.9 million, representing a gross margin of 39%, and this reflects some of the volatility we have in gross margin between the quarters.

Ordan Trabelsi: As we 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-Government 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.

Speaker #2: As we 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.

Speaker #2: It's better to look at these things on an annual basis and 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.

Speaker #2: 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.

Speaker #2: 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.

Ordan Trabelsi: 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. 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.

Speaker #2: We've already secured over six new North American contracts in the first four months of 2026, our $17 million national contracts in Sweden, the new one that we just described for March, is expected to begin contributing to revenue as deployments progress, and combined with the continued ramp of our existing North American and European contracts, under recurring revenue daily unit models, we believe we'll reposition for continued revenue growth and expansion in coming years.

Speaker #2: Our growth strategy across 2026 rests on five drivers. When versus when large-scale national contracts in Europe and our pipeline in Europe remains active, the $17 million in Sweden is now secured, and that's just the first stage we believe there's substantial upside from adding new programs into this contract.

Ordan Trabelsi: Several large EU contracts are up for award over the next 24 months, and our 65% win rate gives us confidence and ability. Yeah, to convert more opportunities into projects. We're expanding our US 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 resellers 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.

Speaker #2: Several large EU contracts are up for award over the next 24 months, and our 65% win rate gives us confidence in ability to convert more opportunities into projects.

Speaker #2: We're expanding our US footprint by entering through direct bids and partnerships. So, 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.

Speaker #2: The Arizona DOC win validates that our platform competes at the state and federal tier. We have a clear playbook for moving from resellers to small counties to large county projects to state and federal projects over time.

Speaker #2: We're also looking at acquisitions, some inorganic growth to complement. A lot of these service providers have a great presence, and they have great relationships with a lot of these counties.

Ordan Trabelsi: 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 LC acquisition is one example of this strategy, where we continue to actively evaluate US acquisition opportunities that fit similar profiles. We're enhancing our practice sales efforts to streamline cycles. As more contracts move past deployment, 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.

Speaker #2: 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 a good presence for additional top-line growth.

Speaker #2: The LC acquisition is one example of the strategy, where we continue to actively evaluate US acquisition opportunities that fit similar profiles. We're enhancing our practice sales efforts and streamlining cycles.

Speaker #2: As more contracts move past deployments, our recurring revenue-based 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.

Ordan Trabelsi: 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 to support additional program types and customer needs. Underlining all the structural market opportunity, the global electronic monitoring 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.

Speaker #2: And lastly, we continue to innovate. With every new project, we add additional features, additional capabilities that we take with us to other projects.

Speaker #2: 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 to support additional program types and customer needs.

Speaker #2: 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 developed worlds face high operating costs and meaningful capacity constraints.

Speaker #2: And 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.

Speaker #2: 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 most aggressive global expansion in our company's modern history.

Ordan Trabelsi: 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 US states at a faster pace than any prior moment. We enter 2026 with more contracts, a broader US 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.

Speaker #2: 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 US states at a faster pace than any prior moment.

Speaker #2: We entered 2026 with more contracts, a broader US footprint, deeper international activity, and a stronger foundation than any prior point in our modern history.

Speaker #2: 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.

Speaker #2: And with that, I'd like to open the call to questions. Operator, please go ahead.

Operator: Thank you. Ladies and gentlemen, if you wish to ask a question on today's call, you will need to press star, then the number one on your telephone. If you are using a speakerphone, 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.

Speaker #1: Thank you. Ladies and gentlemen, if you wish to ask a question on today's call, you will need to press star, then the number one on your telephone.

Speaker #1: If you were using a speakerphone, 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.

Speaker #1: One moment, please, for the first question. Thank you. Our first question is coming from Matthew Galinko with Maxim Group. Your line is live.

Matthew Galinko: Hi. Thanks for taking my question and congrats on the great results. Given the trend we've seen towards, you know, sort of against Euroskeptic 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.

Speaker #2: Hi. Thanks for taking my question and congrats on the great results. Given the trend we've seen towards sort of against Euroskeptic politicians in Europe, I'm curious how that influences the big picture for your opportunities in Europe.

Speaker #2: That helpful for getting more countries into the EM pipeline? I'm just curious if you have any big picture thoughts on that.

Ordan Trabelsi: Yeah, I just. Hey, Matt, you're 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?

Speaker #3: Yeah. You were just a little hey, Matt. You were just a little muffled. You said the trend we've seen and then I didn't hear it.

Speaker #3: You broke out. The trend we're seeing in Europe around?

Matthew Galinko: Fewer euro or EU-skeptic politicians.

Speaker #2: Fewer Euro or EU skeptic politicians.

Speaker #3: Oh, we're seeing—I can't answer specifics—but we're seeing a lot of activity in Europe. And as we did share for Sweden, they believe that there's going to be a lot of potential growth in crime.

Ordan Trabelsi: 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, 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.

Speaker #3: Because of various political and other advances that have happened in recent years. And they expect their program to grow 6X in the coming years and to add additional programs.

Speaker #3: We started with a $17 million win, and we can expect something on top of that. But the general trend that you're describing shouldn't impact us, except for what I described here.

Matthew Galinko: Okay. I guess secondly, as far as state level programs go for the US, what are your opportunities? What does that look like in 2026? Do you think that's sustainable and that you'll add to the single that you signed, or is it still more scattered as far as being able to move up market in the US?

Speaker #2: Okay. And then I guess secondly, as far as state-level programs, go for the US, what are your opportunities? What does that look like in 2026?

Speaker #2: Do you think that's sustainable and that you'll add to the single that you signed? Or is it still more scattered as far as being able to move up market in the US?

Ordan Trabelsi: In the US, 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, and we have the smaller ones and a bit larger and medium. We had the first TOC contract in Arizona, and we're bidding on others on the state level and also there's some large county opportunities like LA County, Cook County, and others. These are tens of millions of dollars in programs. There's great opportunities in the US, and we're bidding kind of in a, in a scattered way, but in areas that we think are most strategic with lowest hanging fruit.

Speaker #3: But in the US, just like we did in Europe, we started with very small counties and we already have lots of contracts, over 35, and now we're naturally growing in size.

Speaker #3: And we have the smaller ones and the bit larger and medium and we had the first TOC contract in Arizona. And we're bidding on others on the state level and also some of there's some large county opportunities like LA County, Cook County, and others.

Speaker #3: These are tens of millions of dollars in programs. So there's great opportunities in the US, and we're bidding kind of, say, in a scattered way, but in areas that we think are most strategic with the lowest hanging fruit.

Matthew Galinko: 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?

Speaker #2: Great. And then, 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 will it just be opportunistic when you can?

Ordan Trabelsi: 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, the to pay down the debt. All the interest is fixed. 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.

Speaker #3: I think we have a good relationship with our debt holders and we're able to pay down meaningful parts of the debt and we have right now in the latest amendment until end of 2028.

Speaker #3: To pay down the debt without any 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.

Operator: Thank you. Our next question is coming from Greg Mesnier with Kingswood Capital. Your line is live.

Operator: Thank you. Our next question is coming from Greg Mesniaeff with Kingswood Capital. Your line is live.

Speaker #1: Thank you. Our next question is coming from Greg Mesneeff with Kingswood Capital. Your line is live.

Greg Mesnier: Thank you. Good morning. Question on your recent wins in the US. Ordan Trabelsi, 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?

Greg Mesniaeff: Thank you. Good morning. Question on your recent wins in the US. Ordan Trabelsi, 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?

Speaker #4: Thank you. Good morning. Question on your recent wins in the US. Ordan, how much does price negotiation enter into the equation? I mean, is that really what drives the displacement of legacy vendors?

Speaker #4: Or is it a combination of price, aggressive pricing, and feature richness of the product?

Ordan Trabelsi: Hey, Greg, great question. In most of the wins that we had in the US, 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.

Speaker #3: Hey, Greg. Great question. In most of our—in most of the wins that we had in the US, we displaced an incumbent vendor, as you might be aware.

Speaker #3: And we typically try to come in with similar prices. We offer newer, more innovative technology with better capabilities, much longer battery life, lighter weight, more accurate tracking.

Speaker #3: And try to match prices, not to come in aggressively. And it's been very successful in that fashion.

Greg Mesnier: Would you say that that's been a template that you can then bring to other regions of the world as well?

Greg Mesniaeff: Would you say that that's been a template that you can then bring to other regions of the world as well?

Speaker #4: And would you say that that's been a template that you can then bring to other regions of the world as well? I realize.

Ordan Trabelsi: Yes, in Europe.

Speaker #3: Yes. In Europe. The template in terms of we come in with we come in with similar pricing and we offer a better solution at that price.

Greg Mesnier: Uh-huh.

Greg Mesniaeff: Uh-huh.

Ordan Trabelsi: We come in with similar pricing, and we offer a better solution at that price, better accuracy, better features, more innovation. In Europe.

Speaker #3: Better accuracy, better features, more innovation. In Europe.

Speaker #4: So it sounds like it sounds like competitive pricing is sort of a starter, but what really clinches the deal at the end of the day is the feature richness.

Greg Mesnier: 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.

Greg Mesniaeff: 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.

Ordan Trabelsi: 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, and 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, you know, 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 like what we have to offer, so much so that they're able to displace, you know, their incumbents for 15 years, 20 years, 25 years.

Speaker #3: We don't come in with special pricing. The pricing in the industry we could see what the prices are, especially if we're working with a reseller.

Speaker #3: He tells us what he's paying. And we can give him at the 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.

Speaker #3: In Europe, as well, we had the processes in Europe are national government processes that are the valuation of technology is very lengthy and stringent and they look into the capabilities and they like what we have to offer.

Speaker #3: So much so that they're able to displace their incumbents for 15 years, 20 years, 25 years. Prices, that's scored, of course, and you don't want to come in with the highest price of the competition.

Ordan Trabelsi: Price is a score, of course. You don't wanna 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.

Speaker #3: But if you have a similar price and you have much better technology, that's enough to win. That's what we've been focusing on.

Greg Mesnier: Got it.

Greg Mesniaeff: Got it.

Ordan Trabelsi: That's what we've been focusing on.

Greg Mesnier: Okay. Thank you. That's all I have.

Greg Mesniaeff: Okay. Thank you. That's all I have.

Speaker #4: Okay. Thank you. That's all I have.

Ordan Trabelsi: Thank you.

Speaker #3: Thank you.

Operator: Thank you. As a reminder, ladies and gentlemen, if you do have any questions, please press star 1 on your telephone keypad. Our next question is coming from Brendan McCarthy with Sidoti & Company. Your line is live.

Speaker #1: 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 Sadoti and Company.

Speaker #1: Your line is live.

Brendan McCarthy: Great. Good morning. Thanks for taking my question here. Congrats on the strong results. Just wanted to look at the pipeline across Europe and the US. Which pipeline looks relatively more attractive, you know, heading into 2026?

Speaker #5: 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 US.

Speaker #5: Which pipeline looks relatively more attractive heading into 2026?

Ordan Trabelsi: In Europe, we're later stage. We started projects, as I noted, with $few hundred thousand in size, and we grew it to $several million, then $7 million, $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 US is 6 times 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 US market, and we're expanding into it as well. We think over time that will be a larger part of our business.

Speaker #3: So in Europe, we're later stage. We started our projects as I noted for $100,000 in size and we grew it to several million and then 7 million and 17 million and over 33 million.

Speaker #3: We're in the stage right now in Europe that we can bid on practically any size with great references there. And so naturally, the pipeline is larger in Europe.

Speaker #3: That being said, the opportunity in the US is six times the size of Europe. The margins are much higher. Everything is recurring revenue per unit per day.

Speaker #3: Everything is centralized on the cloud. Everything's in English. So it's a and it's much more diversified. So we're, of course, very interested in the US market and we're expanding into it as well.

Speaker #3: And we think over time that will be a larger part of our business. But 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.

Ordan Trabelsi: 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.

Brendan McCarthy: Got it. That makes sense.

Ordan Trabelsi: At least in terms of value. Yeah, in terms of value, at least. The number of opportunities in the US are more than in Europe, but the total value in Europe is still larger.

Speaker #5: Got it. That makes sense. Thanks, Ali.

Speaker #3: Yeah. In terms of yeah, in terms of value, at least, the number of opportunities in the US are more than in Europe, but the total value in Europe is still larger.

Brendan McCarthy: Understood. From a competitive standpoint, does one market tend to carry, you know, like a more favorable competitive bidding process? Because I'm curious as to, you know, how many competitive bidders there are, you know, during each procurement process.

Speaker #5: Understood. And then from a competitive standpoint, does one market tend to carry a more favorable competitive bidding process? Because I'm curious as to how many competitive bidders there are during each procurement process.

Ordan Trabelsi: 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 US. We've had a very successful record in winning these RFPs in Europe and in the US, 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.

Speaker #3: It's interesting. This market is very highly barriered. We see 10 players around the world, whether a max of the same 10 players in Europe or in the US.

Speaker #3: And we've had a very successful record in winning these RFPs in Europe and in the US. 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.

Speaker #3: And 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—and when I mean shorter, sometimes a service provider will ask you to send the technology.

Ordan Trabelsi: When 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 US.

Speaker #3: They'll demo it. They'll try it out. And very quickly, they could see that it's much different and hopefully much better than what they tried to date.

Speaker #3: And that's how we can bring on these contracts relatively fast in the U.S.

Brendan McCarthy: That's helpful. Appreciate the insight. That's all for me.

Speaker #5: That's helpful. Appreciate the insight. That's all from me.

Ordan Trabelsi: Thank you.

Operator: 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.

Speaker #3: Thank you.

Speaker #1: Thank you. Thank you. If there would be any final questions or comments, please indicate so now by pressing star one on your telephone keypad.

Speaker #1: 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.

Ordan Trabelsi: 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.

Speaker #4: I want to 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.

Speaker #4: Thank you very much. And have a good day.

Operator: Thank you, ladies and gentlemen. This does conclude today's call. You may disconnect your lines at this time and have a wonderful day. We thank you for your participation.

Speaker #1: Thank you, ladies and gentlemen. This does conclude today's call. You may disconnect your lines at this time and have a wonderful day. We thank you for your participation.

David Brown: Goodbye.

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