Elauwit Connection, Inc.

Good day and welcome to the ELOWIT first quarter 2026 results call. All participants will be in 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 touch-tone 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, Investor Relations for Elowit. Please go ahead.

Thank you. Good morning, everyone, and thank you for joining us today to discuss Elowit's first quarter 2026 financial results and business update. The earnings release covering our 1Q 2026 results is now available on the Investors page of our website at investors.elowit.com. We plan to file our form 10Q for the quarter in the next couple of days 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 on the call today are Executive Chairman Dan McDonough, Chief Executive Officer Barry Rubins, Chief Financial Officer James DiBartolo, and Taylor Jones, our Chief Technology Officer. We will 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 what's found with the SEC. Our actual results may differ materially from those projected in 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. ELO specifically disclaims any intent or obligation to update these forward-looking statements except as required by law. Additionally, we will also reference adjusted EBITDA, which is a non-GAAP financial measure. The description of adjusted EBITDA along with reconciliation of adjusted EBITDA to the most comparable gap financial measure can be found in our earnings release. And with that, I will now turn the call over to Dan.

Please go ahead. Thank you, Matt, and thank you to everyone who's joined today's call. I'll begin today with an overview of our business, and then Taylor will update us on the readiness programs for expansion. Barry will have a discussion around our operations, and James will provide a few highlights from the financial results. Then we'll open for questions from our analysts. The first quarter was excellent across the board and demonstrated our execution on the most important growth drivers in our long-term business model. While revenue declined, this was due to the timing of our construction contracts for new networks, which is lumpy. While these are important to our short-term business, they are simply the first step of our long-term recurring revenue stream. All of our key customer metrics, new contracts, activated units, and build units increased significantly year over year, and our contracted backlog for long-term services continues to grow quickly. Add to that the significant new contract additions that have been indicated and Elwood's position for success in 2026 and the coming years. Stepping back a moment to remind you of our business and its fundamental drivers. Elwood is a differentiated technology-driven broadband infrastructure provider focused on delivering high-speed internet to multifamily and student housing communities. As opposed to residents choosing a service provider for just their unit through an inconvenient, expensive, and outdated process, We install and activate ubiquitous carrier-grade gigabit servers via fiber and Wi-Fi 6 access throughout an entire property. We then generate long-lived recurring revenue from these properties under two financial models, managed services and network-as-a-service, which we refer to as NAS. What particularly differentiates us as a provider is that we integrate the property owner into the revenue chain, driving new revenue and value creation for them. We target a win-win-win scenario where we generate high margin revenue streams for Alouette, elevate the resident experience, and unlock value for property owners. This is a proven model with a large number of units already under contract, plus a rapidly growing pipeline of new installations ahead, supported by a scalable operating model that we believe can grow to handle almost any number of units nationwide as we take share in a large and fragmented addressable market. At its core, the outlet model provides simplicity, service, and profit. The property is pre-wired with enterprise-grade network equipment, offering the resident immediate access to better service and faster speeds than conventional providers. The internet fee is included in the rent invoice as a standard cost, but usually at 10% to 15% less expense than market rate offerings. When the resident gets their keys, they get the Wi-Fi access code and log in within seconds. Their connectivity arrives before their first piece of furniture. That alone is a compelling case, but we take it one step further by integrating the property owner into the monthly recurring revenue stream, which provides a source of profit, increased recurring cash flow, and higher value for the property. We offer two approaches for property owners to deploy Eloit in this more than $25 billion market opportunity. 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 networked as a service, or NAPs. This is ideal for retrofits or smaller property owners. Under this model, we can use our public company balance sheet to install and own the network then collect a higher recurring monthly fee from the property owner to operate under an eight to 10 year contract. Both models result in what we expect will be long lived 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. On our last earnings call, we spent time with our chief growth officer discussing the sales team investments we have made and which are already paying off with immediate effect. This quarter, we have our Chief Technology Officer joining to discuss those outcomes and our increasing readiness for rapid growth. The short version, we're making strong early strides on sales, and it's only May. As of the end of Q1, we have locked in a 114% increase in billed units year over year, 110% increase in activated units. But that's just the beginning. Our sales team has secured verbal commitments on about 40 additional properties across 16 states and District of Columbia so far this year. having just fully started in the first quarter. In total, that is more than 11,000 new units already this year and more than 36,000 contracted units to date. This has pushed backlog to more than 38 million in construction and recurring revenue, giving us increasing clarity for both growth and sustained recurring revenue. With that, I'd like to turn it over to Taylor to talk through our operating updates and those factors in a little bit more detail.