Elauwit Connection, Inc.

Good day and welcome to the Elowit fourth quarter and full year 2025 results conference call. All participants will be in a listen-only mode. 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. To ask a question, you may press star then one on a touchtone phone. To withdraw your question, please press star then two. Please note this event is being recorded. I would now like to turn the conference over to Matt Kreps with Darrow Associates. Please go ahead.

Good morning, and thank you all for joining us today to discuss Elowit's fourth quarter and full year 2025 financial results and business update. The earnings release covering our 2025 results is now available on the investors page of our website at investors.elowit.com. We plan to file our Form 10-K for the full year today as well. I would encourage you to review the full text of the release and accompanying financial tables in conjunction with today's discussion. This conference call is being webcast live and will be available for replay on our investors page. Speaking today on the call are Executive Chairman Dan McDonough, Chief Executive Officer Barry Rubins, Chief Financial Officer Sean Arnett, and Sebastian Schiavone, our Chief Growth Officer. We'll cover our prepared remarks on the business and financial results and open the call for questions from our analysts and institutional investors. Please note that during this call, management will make projections and other forward-looking statements regarding our future performance. Such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, including those noted in the earnings release, as well as other risks that are more fully described in Elwood's filings with the SEC. Our actual results may differ materially from those projected in the forward-looking statements. we encourage you to review our filings with the SEC for additional information on factors that could cause actual results to differ from our current expectations. I will specifically disclaim any intent or obligation to update these forward-looking statements except as required by law. We'll also reference adjusted EBITDA, which is a non-GAAP financial measure. A description of adjusted EBITDA along with a reconciliation of adjusted EBITDA to the most comparable GAAP financial measure can be found in our earnings release. And with that, I'll turn the call over to Dan. Please go ahead.

Thank you, Matt, and thank you to everyone who has joined today's call. I'll begin today's call with an overview of the business, then pass to Sebastian for an update on a rapidly expanding sales program. Barry will have a discussion around our operations, and then Sean will provide a few highlights from the financial results. Since we are still a newer company than NASDAQ, let me give a quick summary of our business. Elluit is a technology-driven broadband infrastructure provider focused on delivering high-speed internet to multifamily and student housing communities. We install and activate carrier-grade gigabit service via fiber and Wi-Fi 6 access throughout the entire property. We then generate long-lived recurring revenue from these properties under two financial models, managed service and network as a service, which we refer to as NAS. Uniquely, we integrate the property owner into the revenue chain, driving new revenue and value creation for them. Ultimately, we expect to create a win-win-win scenario where we generate high margin revenue streams for Elowit, elevate the resident experience, and unlock value for property owners. In addition to a growing number of units already under contract, we have a robust and quickly expanding pipeline of new installations, giving us visibility into our growth ahead. To deliver on this, we have built a scalable operating model that we believe can grow to handle almost any number of units and in any location as we take share in a large and fragmented addressable market. At its core, the ELOIT model represents simplicity, service, and profit. When a resident moves into an apartment or other multifamily housing unit, they sign a lease, then begin the arduous process of securing internet access. This usually means a lengthy sign-up process, waiting several days for a technician to be available, and then taking a day off work for an open-ended install appointment. Typically, the property owner isn't even participating in this revenue stream. Eloit simplifies and improves every facet of this experience. The property is pre-wired with enterprise-grade networking equipment, offering the resident better service and faster speeds. When the resident signs their lease, the internet fee is included on their rent invoice as a standard cost, but usually at a 10 to 15% less expense than the conventional products I just described. Instead of waiting days for an install, they get their log-on credentials when they get their keys, providing immediate internet access, not just in their unit, but property-wide in all of the amenities. That alone is a compelling case, but we take it one step further by integrating the property owner into the monthly recurring revenue from the service, which provides a source of profit and the increased recurring cash flow that can increase the value of their property. We offer two approaches to this incredible service in what we estimate is more than a $25 billion market opportunity. For both approaches, the entire property is turned on and serviced, and the monthly fee is included in the resident's costs by default, ensuring full subscription to the services. Option one is a managed network approach, whereby the property owner pays us an upfront fee to construct and install the network throughout the property. The property owner then collects a monthly fee from the resident that goes in part to them for their installation cost and profit and partly to us for our services under a five to seven-year contract. This model works well in new construction or with large and financially sophisticated properties seeking retrofit upgrades. Option two is network as a service, or NAS, ideal for retrofits or smaller property owners. Under this model, we can use our public company balance sheet to install in on the network, then collect a higher recurring monthly fee from the property owner to operate under an 8- to 10-year contract. Both models mirror the data center or alarm company model, where customers stay for years, generating what we expect will be high-margin service revenue. We are now moving ahead quickly to expand our pipeline of targeted managed services and network-as-a-service opportunities with a major marketing and sales campaign. Sebastian will speak more to this point in a moment, but I'm very pleased with the initial results of our newly unleashed revenue engine, and I look forward to what the year ahead can bring. And that brings me full circle to my opening comment, that Elwood represents a compelling growth case of high-value recurring and long-lived revenue. And with that, I'll turn it over to Sebastian to talk through our new sales and marketing program to deliver on that opportunity.