Palladyne AI Corp.

Greetings and welcome to Paladine AI first quarter 2026 earnings conference call. At this time, all participants are on a listen-only mode. A question and answer session will follow the formal presentation. If anyone requires operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Brian Siegel with Hayden IR. Thank you. Please go ahead.

And welcome to Paladine AI's first quarter 2026 earnings conference call. Joining me on the call today are Ben Wolfe, President and Chief Executive Officer, and Trevor Thatcher, Chief Financial Officer. Earlier this morning, Paladine issued a press release announcing financial results for the first quarter ended March 31st, 2026, along with updated commentary regarding backlog and reiterated 2026 revenue guidance. A copy of that release, along with the accompanying financial tables, is available on the IR section at Paladine AI's website. Today's call will include prepared remarks from Ben and Trevor, followed by a question and answer session. During the call, management will make forward-looking statements within the meanings of the federal securities laws. These statements include, but are not limited to, statements regarding Paladine's 2026 revenue guidance, expected backlog conversion, anticipated quarterly operating cash usage, product development milestones, commercialization timelines, defense program activity, potential customer adoption, market opportunities, and future strategic positioning across air, space, land, and maritime domains. Forward-looking statements are based on current expectations, assumptions, and beliefs, and involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied. These risks and uncertainties include, among others, Paladine AI's ability to execute on development programs, convert backlog into revenue, scale production, manage operating expenses, integrate acquired businesses, secure additional contracts, maintain liquidity, and navigate evolving defense and commercial market conditions. These and other risk factors are described in detail in Paladine AAS filings with Securities and Exchange Commission, including its annual report on Form 10-K and subsequent filings. Paladine undertakes no obligation to update any forward-looking statements except as required by law. In addition, during this call, management will reference certain non-GAAP financial measures. In general, management will adjust for acquisition and other transaction-related expenses, stock-based compensation expense, non-cash warrant income or expense that are marked to market quarterly based on changes in the company's stock price, expenses related to the change in contingent consideration liabilities associated with closed acquisitions, and any tax impact these items may cause. A reconciliation of these non-GAP measures to the most directly comparable GAP measures is included in this morning's press release. With that, I'll turn the call over to Ben.

Thank you, Brian, and good morning, everyone. I want to cover three things this morning.