Qorvo, Inc.

Thanks very much.

Hello, everyone, and welcome to Corvo's fiscal 2026 first quarter earnings call. This call will include forward-looking statements that involve risk factors that could cause our actual results to differ materially from management's current expectations. We encourage you to review the safe harbor statement contained in the earnings release published today, as well as the risk factors associated with our business and our annual report on Form 10-K filed with the SEC, because these risk factors may affect our operations and financial results. In today's release and on today's call, we provide both GAAP and non-GAAP financial results. We provide this supplemental information to enable investors to perform additional comparisons of operating results and to analyze financial performance without the impact of certain non-cash expenses or other items that may obscure trends in our underlying performance. During our call, our comments and comparisons to income statement items will be based primarily on non-GAAP results. For complete reconciliation of GAAP to non-GAAP financial measures, please refer to our earnings release issued earlier today, available on our investor relations website at ir.corvo.com under financial releases. Joining us today are Bob Rugworth, President and CEO, Grant Brown, Chief Financial Officer, Dave Fullwood, Senior Vice President of Sales and Marketing, Philip Chesley, President of High Performance Analog, Eric Creviston, President of our Connectivity and Sensors Group, Frank Stewart, president of our advanced cellular group, as well as other members of Corvo's management team. And with that, I'll turn the call over to Bob.

Thanks, Doug. Welcome, everyone, to our call. Corvo delivered a strong first quarter of fiscal 2026 with notable achievements across our three operating segments. Beginning with ACG, we continue to leverage the breadth and performance advantages of our cellular product portfolio. For our largest customer, we supply four categories of highly differentiated products, They are antenna tuners, high-performance filters and switches, integrated modules, and envelope tracking power management. Corvo's envelope tracking PMIC for this customer has been custom developed to pair with their internal baseband, and this represents a durable multi-year content opportunity. In HPA, our growth investments are in defense and aerospace and power management. Defense and aerospace is HPA's largest market by revenue, and we expect durable year-over-year growth in DNA supported by increases in U.S. and allied defense spending. In power management, we are leveraging our leadership in PMICs and motor controls to diversify across markets, including consumer, defense and aerospace, industrial and enterprise, and mobile. Growth applications include enterprise and AI data centers, wearables, drones, robotics, smartphones, and advanced power management solutions for AESA radars. In CSG, we supported Wi-Fi access points and flagship smartphones with Wi-Fi 7 front ends, while also aligning with market-leading chipset providers to develop next-generation solutions for Wi-Fi 8. CSG is also leveraging our ultra-wideband and matter portfolio to scale new use cases and diversify revenue, Ultra-wideband is our third largest investment area, providing Corvo a significant long-term opportunity for diversification and growth as applications proliferate. We are engaged broadly across markets and maintain a robust ultra-wideband sales funnel with over $2 billion of qualified opportunities. Now turning to strategic highlights by market. In the automotive market, Corva's ultra-wideband technology enables a range of automotive use cases, such as secure access using smartphones and smartwatches, in addition to key fobs, as well as precision short-range radar applications, including child presence detection, hands-free liftgate access, and intrusion detection. During the quarter, Corvo was awarded an Ultra Wideband Design win for a leading automotive OEM based in Japan and secured an Ultra Wideband win in support of the world's leading EV manufacturer. For automotive asset tracking, we were selected to supply Ultra Wideband tags for an automotive OEM based in South Korea. These tags enable the OEM to enhance operational efficiencies as cars are manufactured and transported. In consumer markets, we secured a Wi-Fi 7 design win in augmented reality glasses. This is a growth category, and Corvo is also supplying Wi-Fi 6 and Wi-Fi 7 FEMs for a leading supplier of AR glasses and VR goggles to a company headquartered in the U.S. During the defense and aerospace markets, Corvo's opportunity set continues to expand. our sales funnel increased approximately $2 billion sequentially to over $7 billion. This growth reflects a sharp increase in both U.S. and international defense spending and Corvo's expanding position in high priority programs. Recent U.S. budget reconciliation legislation includes approximately $150 billion in additional U.S. defense funding. This is an incremental tailwind to revenue given CORBO's strategic importance to the DoD and leading defense primes. We are actively engaged across a broad range of advanced programs, including radar, comms, SATCOM, and missile defense, and we stand to benefit from initiatives such as the Golden Dome Multilayer Defense System. We are also a beneficiary in increased EU and allied defense funding in ground, airborne, ship, and space-based sensing platforms. Corvo is uniquely positioned in this market. We offer GAS, GAN, BAW, SAW, and advanced multi-chip packaging, all manufactured onshore in the U.S. These capabilities, coupled with our silicon beamforming technology, are critical enablers for modernizing defense platforms. By integrating these core technologies, Corvo is able to enhance system-level performance, reduce size and weight, and deliver greater value across increasingly complex architectures. During the quarter, we supported a broad range of mission-critical applications, including manned and unmanned airborne radar, space-based radar, SATCOM, electronic warfare, and missile defense. To address increasing requirements for functional density and efficiency, we introduced two highly integrated S-band switch filter bank modules, leveraging BAW and SOI technologies. Additionally, we expanded our SATCOM portfolio with a new GAN-based K-band power amplifier that delivers superior levels of integration, bandwidth, and power efficiency to meet the needs of next-generation LEO constellations. In industrial and enterprise markets, Corvo enabled the demonstration of breakthrough new enterprise networking applications with a leading Tier 1 equipment manufacturer. We've engaged with this customer and other Tier 1 equipment manufacturers for a number of years to incorporate Corvo's ultra-wideband solutions into their network access points. These access points have already begun to shift to end customers as part of their Wi-Fi 7 deployments. This enables a range of ultra-precise applications such as indoor navigation, location awareness, and asset tracking that deliver superior real-time location accuracy in high-density venues such as factories, warehouses, offices, airports, hospitals, campuses, retail locations, and stadiums. In addition to this ultra-wideband engagement, Corvo supports this customer's enterprise ecosystem with Wi-Fi 7 front ends and filtering solutions. Turning to infrastructure, there's strong momentum in DOCSIS 4.0 broadband cable access. Corvo is a market leader, and we are well aligned with industry leaders in the continuing evolution of DOCSIS standards and capabilities. During the June quarter, we released two new GaN-based power doubler amplifiers, supporting the industry's transition to more intelligent and adaptive hybrid fiber coax systems. For the base station market, we sampled key customers' new solutions, including high-efficiency pre-driver and high-rejection ball filter. Corvo's newest small signal solutions offer higher performance and tighter integration for massive MIMO, fixed wireless access, and other 5G deployments. In the mobile market, we are investing to increase our content opportunity at our largest customer in future programs over multiple years. We've expanded our portfolio for this customer with ET power management, and we expect to achieve greater than 10% contact growth in this year's fall launch compared to last year's fall launch. At our second largest customer, our solutions span our smartphone portfolio. Content this year includes low-band pads, mid-high band pads, and ultra-high band pads, as well as mid-high secondary transmit, antenna tuning, discrete filters, and Wi-Fi 7 FEMS. We also supported the ramp of multiple smartphone models by an Android OEM based in North America. Corvo supports this customer with multiple high-value placements across product categories. For Android OEMs based in China, shipments increased sequentially during the quarter as expected and in line with seasonal ramp profile 5G smartphones. We continue to supply mid-tier design wins awarded prior to our pivot from lower margin Android 5G. However, 5G product development ACG now targets the premium and flagship tiers. During the quarter, we secured multiple Wi-Fi 7 design wins across leading Android smartphone OEMs using MediaTek's Dimensity chipset. These wins are concentrated in the flagship and premium tiers, and we are engaged to support Wi-Fi 8 deployments in the upper tiers of the Android smartphones as early as the second half of calendar 26. Looking across our operating segments, we're expanding our content opportunity in ACG with our largest customer while diversifying across markets, customers, and product categories in HPA and CSG. We are operating the business with discipline and continue to evaluate opportunities to optimize costs. Where businesses do not meet our financial or strategic objectives, we will continue to act decisively, whether through divestiture or exit, to focus our resources on core, high-performing areas. Since last year, we have exited base station PAMs, divested our silicon carbide business, pivoted from legacy Android programs, ramped higher-value product categories, begun a sales process related to our MEMS force sensing business and pursued a broad set of actions to optimize our global factory network. Most recently, we transitioned gas wafer production from our Greensboro, North Carolina fab to our Hillsborough, Oregon fab. On last quarter's call, we announced our intent to close our facility in Costa Rica. The closure is on track and will occur in 2026, providing an additional tailwind to margin when complete. To build on this, Today we're announcing the closure of our Greensboro fab and transfer of our saw filter production to our Richardson, Texas fab. In his remarks, Grant will provide additional information on this, including timing and savings. We want to thank all the employees who are supporting us through this closure to make sure it's a seamless transition for our customers. And with that, I'll turn it over to Grant.