Shares dropped 19.2% following earnings as investors reacted negatively to a cautious outlook and evident deceleration in commercial segment momentum, despite growth in defense orders and technology milestones.

• Total Q1 revenue was $110.5 million, reflecting 20% year-over-year growth.
• Adjusted EBITDA nearly doubled year-over-year to $15.1 million, driven primarily by defense contract wins and operational leverage.
• Defense segment secured multiple orders: $16 million from a European Ministry of Defense, $9 million in Israel, $7 million for EnduroStream amplifiers supporting U.S. defense, and $6 million for U.S. Army field services.
• Commercial segment showed steady but less dynamic performance with approximately 750 Sidewinder ESA terminals delivered and initial certification for in-cabin Line-fit solutions expected in Q4 2026.
• Management emphasized technology investments and demonstrations, but gave a cautious tone on near-term commercial growth and competitive pressure, likely contributing to investor disappointment.