SuperCom, Ltd.

Ladies and gentlemen, good morning and welcome to Supercom's second quarter 2025 financial results and corporate update conference call. At this time, all participants are on 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 your telephone keypad. To withdraw your question, please press star then 2. Participants of this call are advised that the audio of this conference call is being broadcast live over the Internet and is also being recorded for playback purposes. Joining me from Supercom's leadership team is Ordon Trabelsi, Supercom's President and Chief Executive Officer. I'd like to remind you that during this call, SuperCom management may be making forward-looking statements, including statements that address SuperCom's expectations for future performance or operational results. Forward-looking statements involve risks, uncertainties, and other factors that may cause SuperCom's actual results to differ materially from those statements. For more information about these risks, uncertainties, and factors, Please refer to the risk factors described in Supercom's most recently filed periodic reports on Form 20F and Form 6K and Supercom's press release that accompanies this call, particularly the cautionary statements in it. Today's conference call includes EBITDA, a non-GAAP financial measure that Supercom believes can be useful in evaluating its performance. You should not consider this additional information in isolation or as a substitute for results prepared in accordance with GAAP. For reconciliation of this non-GAAP financial measure to net loss, a comparable GAAP financial measure, please see the reconciliation table located on Supercom's earnings press release that accompanies this call. Recollations for other non-GAAP financial measures and comparable GAAP financial measures are available there as well. The content of this call contains time-sensitive information that is accurate only as of today, August 14, 2025. Except as required by law, Supercom disclaims any obligation to publicly update or revise any information to reflect events or circumstances that occur after this call. It is now my pleasure to turn the call over to Supercom's President and CEO, Ordon Trabelsi.

Thank you, Operator.

Good morning, everyone. Thank you for joining us today. Earlier this morning, we released our financial results for the second quarter and first half and did June 30, 2025. You can find a copy of the press release in the investor relations section of our website at supercom.com. Today, I'll walk through our financial and operational highlights for the first quarter and first half year of 2025, as well as recent business development and strategic progress. We'll then open the call for a Q&A session. We delivered another strong quarter marked by continued margin expansion and growth in operating profitability. Our gross margin expanded year over year to 59.1% and operating income nearly tripled to 1.1 million. First half 2025 gap in income reached $5.3 million, marking an approximate 80% increase from our prior year period, a new first half record for the company. However, it's important to remember that we're talking and working with numerous governments around the world to drive transformative changes in public safety infrastructure. These efforts, often national in scale, take time, coordination, and are structured as long-term, multi-year contracts. As a result, individual quarters may not fully reflect the long-term trajectory of our business, which is shaped by the cumulative effect of many projects advancing in parallel. For example, this quarter's gross margin of 59%, is above our recent average. In future quarters, margins will fluctuate depending on the project mix, but we believe our long-term margin potential is even higher, giving operating leverage, economies of scale, and other elements of our expansion. I'll try to give a high-level view for those of you to understand our goals, our progress, and what levers to track to understand that progress. At Super Comp, our mission remains clear. to revolutionize public safety through cutting-edge electronic monitoring technology and data-driven solutions. For over three decades, we have partnered with dozens of national governments across the globe to deliver secure, scalable, and innovative platforms that enhance security for their country. Our focus in recent years has increasingly shifted towards criminal justice and offender electronic monitoring solutions. Our strategy is centered around three pillars. First, innovative technology. We invested over $45 million in our technology platform, and our proprietary solutions consistently outperform in competitive tenders, particularly in Europe, where we've had a win rate of over 65% in competitive RFPs. Our platform supports critical programs such as GPS tracking, house arrest, and domestic violence prevention. Recently, we've integrated AI-driven analytics to enhance predictive insights and client outcomes, and we'll have more information about that in the near future. Second pillar is to expand our global presence. Our global presence is significant and expanding rapidly, with more and more geographies adopting electronic monitoring technology. Our strategic focus is on the electronic monitoring market, where we see growing demand and where the market is projected to reach $2.3 billion by 2028. Estimates show the U.S. and Europe account for 95% of this market. And our third pillar is to deliver outstanding service. Our reputation as a trusted partner grows with each new deployment. Some of our government customers have been with us for more than 20 years. often starting with a single program and expanding into multiple solutions over time. Since 2018, we've secured over 70 multi-year government projects across multiple regions. In the past year, we've experienced accelerated expansion, whereby we added over 30 new contracts across North America alongside five strategic partnerships, nine strategic partnerships with leading regional service providers in the U.S. We continue to amplify our technological leadership with significant R&D investments, leading to the launch of advanced solutions like PeerProtect, also branded as PeerShield, our domestic violence prevention solution, and PeerOne. These offerings are making headway in various markets, including the U.S., and are pivotal in SuperCom's expansion. PeerProtect or PeerShield is a life-saving domestic violence monitoring solution, providing preventive measures to families suffering from domestic violence or stalking, thereby increasing their safety. PureOne is an all-in-one GPS ankle bracelet monitoring solution integrating comprehensive monitoring capabilities into a single device. Like many of our products, it offers top-notch features, placing it above the competition in most metrics. Our tethered ankle brace technology together with our cloud-based software-enabled peer security product line has been particularly effective in continuously monitoring offenders and managing real-time information. This real-time advantage is a game-changer, empowering authorities with actionable insights and timely interventions to mitigate potential risks and enhance public safety. Our technology is not just enabling better outcomes, it's actively redefining industry standards. We consistently displaced long-standing incumbents, such as a 24-year incumbent EM provider in Sweden and a nearly 20-year incumbent EM provider in Israel. In both cases, our technology agility, and innovation provided decisive and competitive tenders. We've also helped governments establish their first ever national electronic monitoring programs, as seen in countries such as Romania, where we're supporting a program of up to 15,000 simultaneously monitored individuals, and Croatia, where we selected to lead the country's first step into modern electronic supervision. These wins underscore the adaptability of our platform and the growing demand for comprehensive EM solutions around the world. Our continued investment in product innovation is driving measurable market expansion. The successful adoption of our Pure One and Pure Protect has expanded our adjustable market, supporting deeper penetration to existing geographies and entry into new ones, particularly in the U.S. and Europe. We've also reinforced our operational infrastructure and enhanced our go-to-market approach. Our sales team, composed of industry veterans, has played a key role in securing wins and building our pipeline. In the fourth quarter, together with our partner, Electric Security, we secured a multinational multi-year national contracts with Israel Prison Service to deploy our Pure Security Suite. The program encompasses all offender monitoring nationwide, and this one followed a rigorous competitive process and replaced a provider that held the contract for nearly two decades, underscoring our technological advantage and proven execution capabilities. As of today, over 1,500 units of Supercom's Pure Security Suite have been delivered under this program, reflecting recent growth with opportunity for more growth remaining. I remind this program encompasses all offender monitoring in Israel. So as more programs add more units, growth will continue. More broadly, we continue to gain momentum in competitive tenders across Europe and the U.S., often displacing incumbents. Our strong track record and reliable delivery remain pure to our growth. We view every new deployment as a start of a long-term relationship. By planting seeds in multiple regions and consistently delivering value, We've seen customers deepen their engagement with us over time, often evolving into multiple long-term projects. In Europe, our strategic execution continues to drive long-term growth. Over the past few years, we've secured over 15 national electronic monitoring project wins through competitive tenders, including large-scale domestic violence initiatives aligned with regional public safety priorities. Notably, in Romania, we were awarded the largest industry award of 2022 in Europe, over a $33 million program covering up to 15,000 individuals simultaneously. This program remains active and demonstrates the scalability of a pure security platform. Another great example of a long-term expansion strategy which reflects the strength of our reputation is Sweden. Since our initial award from the Ministry of Justice in 2019, we've been selected again and again by Swedish government agencies, including the Swedish Police Authority and Juvenile Justice System. This ongoing trust reflects our consistent delivery and high-level satisfaction with our technology and support. We also expanded in Finland with a national deployment of our domestic violence solution and recently launched our third national project in Latvia, ordered via formal tender to support the state police with offender compliance and victim protection. Earlier this year, we announced our seventh national domestic violence monitoring program, further expanding our presence in the EMEA region and signaling to our leadership in domestic violence monitoring solutions. In parallel, we continue to actively run programs in other European countries such as Denmark and Bulgaria and continue to receive follow-on orders from existing European partners. These follow-ons highlight the reliability of our technology and the strength of our relationships. As governments increasingly adopt proactive monitoring policies, we believe our proven model positions us well for sustained success in the region. While Europe remains an important growth driver, the U.S. market presents an even greater long-term opportunity. projected to grow to six times the size of the European market in coming years. With the launch of Pure One and our domestic violence solutions, we believe Supercom is well positioned to unlock substantial potential in this uptap market. Although Supercom has already done business in multiple U.S. states, we are actively focused on further expanding our presence in the U.S. Our U.S. subsidiary, LCA, continues to win in California new and existing customers. In June, LCA was awarded a reentry service contract to Northern California valued up to $2.5 million for over five years. This project builds on LCA's longstanding track record in community reentry and rehabilitation, further solidifying our presence in the region. Beyond California, our broader U.S. expansion strategy has gained significant traction. Since mid-2024, we've secured over 30 new electronic monitoring contracts, entered 11 new states, and established nine strategic partnerships with regional partners providers to accelerate market access. In the second quarter, we expanded into Tennessee, Virginia, and Nebraska, and were selected as the only new EM provider for a statewide procurement vehicle in North Carolina, enabling streamlined access to counties across the state. We also signed a new agreement with a southeastern service provider to introduce our EM technology in Florida and Mississippi, adding two additional growth markets for our platform. These milestones add to our previously announced expansions in Utah, Kentucky, Alabama, South Dakota, Arizona, Ohio, and others. We are already actively expanding into Wisconsin, Minnesota, and Michigan through our Midwest Focus Agreement and launched a GPS modernization initiative in Canada with a longstanding provider. These wins demonstrate our growing ability to replace legacy vendors and deliver recurring revenue from both urban and rural jurisdictions. Our technology leadership, particularly the capabilities of our peer security suite, combined with a proactive go-to-market approach, continues to differentiate Supercom in competitive bids. Our expanded sales organization has driven a sharp increase in demos, pilot programs, and qualified opportunities, resulting in the growing U.S. pipeline of recurring revenue opportunities. With sustained demand and good execution, we believe we are well-positioned to further scale our U.S. footprint throughout 2025 and beyond. A core operational advantage in the U.S. is our cloud-based centralized system, including inventory management and 24-7 support. allowing us to efficiently support nationwide deployments. This structure significantly improves operational efficiency and lowers costs compared to Europe, where projects typically require country-specific servers, local language adaptations, and centralized support. As a result, we're able to launch programs in the U.S. more quickly and cost-effectively, whether at small scale or statewide, enabling greater flexibility, faster time to revenue, and higher margin potential. But despite macroeconomic uncertainties and ongoing global challenges, including those in Israel, Supercom's solutions are becoming increasingly relevant. We continue to see growth driven by high recidivism rates, escalating costs of incarceration, and the surge in the adoption of victim protection solutions worldwide. The company's peer security technology solutions have been designed to address these trends, offering an effective way for institutions to enforce home confinement, ease prison overcrowding, and lower costs significantly. For example, Monitoring an offender on home confinement, or GPS, costs about $10 to $35 a day, which is 90% less than the $100 to $140 daily cost at a corrections facility. Moreover, home confinement helps to reduce repeat offenses, highlighting its effectiveness in helping offenders improve their lives and communities. In parallel, we continue to evaluate strategic acquisition opportunities in the U.S. market. Acquiring established local service providers can expand our footprint. unleash synergies, and enhance vertical integration. A proven example is our 2016 acquisition of LCA, which has since generated over $35 million in project wins in California alone. And in regards to artificial intelligence, we gave a glimpse in the recent past that we started integrating AI into our technology and solutions, and we'll have more news about this in the near future. Meanwhile, AI is already being leveraged significantly also in our ongoing operations, research and development, and other processes. Before diving into the quarterly results, it's worth noting that we achieved record profitability for the first half of 2025. With net income rising nearly 80% year-over-year to $5.3 million, our operating margin also more than doubled to 16.2% during the period, reflecting the strength of our operating model and ongoing transition into higher margin contracts and revenue mix. I'll now turn to the financials considering this quarter Q2 2025 in comparison to the same period last year. Q2 2024. Revenue for the quarter was $7.14 million compared to $7.5 million in Q2 of 2024. While revenue is modestly lower, our continued shift towards higher margin contracts and revenue mix drove meaningful improvements in profitability. Gross profit increased by 12.7%, for example, to $4.2 million, up from $3.7 million, and gross margin expanded by 9.5 percentage points, reaching 59.1%, compared to 49.6% last year. This improvement reflects a strong contribution of high-value technology-led projects and higher mix of revenue with higher margins. Operating income rose sharply by 187% to $1.1 million, compared to 0.4%, with operating margin nearly tripled to 15.1% from 5.3% in the previous year period. This significant improvement in operating margin reflects not only our shift to higher margin projects, but also the results of management's continued efforts to streamline operations and drive greater efficiencies across the business and different projects. Net income for the quarter was $1.1 million compared to $2.2 million in the same quarter last year, which included approximately $1.8 million in non-recurring financial income that did not repeat in the same fashion. Non-GAAP net income was $2.2 million compared to $3.3 million, and non-GAAP EPS was 49 cents compared to 1.81 in the period-year period also, which entails $1.8 million of financial gains, which does not recur in this quarter. EBITDA increased by 56%, reaching $2.5 million this quarter, up from $1.6 million in Q2 of last year, marking our 12th consecutive quarter of positive EBITDA and further demonstrating the resilience of our operating model. From a balance sheet perspective, we ended the quarter with a strong position. Cash and cash equivalents totaled $15 million, up from $5.7 million at the end of Q2 2024, reflecting improved cash generation and financing ability. Working capital improved to $40.8 million, and book value equity rose to $37.3 million, each up significantly from $26.1 million and $13.8 million, respectively, at the end of Q2 2024. These improvements to our balance sheet were driven by a combination of disciplined cash management, capital raises, and proactive debt structure and along with the improved operation capabilities that we've been showing. Results reflect our continued progress into enhanced profitability, expanded margins, and building a foundation for long-term sustainable expansion. In closing, I want to thank our global team for their continued commitment and execution. We've entered 2025 with strong momentum, delivering record financial results, accelerating expansion in key markets, and further validating the effectiveness of our solutions. As governments seek smarter, more humane, and cost-effective alternatives to incarceration, Supercom is uniquely positioned to lead. Our proven technology, growing contract base, and scalable infrastructure provides us with a strong foundation to continue our growth across the U.S., Europe, and beyond. We encourage stakeholders to track key indicators in our business, such as our win rate in competitive tenders, expansion into new geographies, and new projects from existing customers. Another important thing to remember is the project mix. This quarter, gross margin reached 59.1%. reflecting the increased contribution of higher margin revenues, while not yet our steady state offers a glimpse into our long-term profitability potential, where projects tend to achieve higher margins over time as they mature and grow, and economies of scale, together with operating leverage, are utilized. We remain focused on advancing public safety, creating long-term value, and building on the consistent progress we've achieved in recent years. And with that, I'll turn the call over to the Operator to open for questions. Operator?

Certainly. Ladies and gentlemen, if you wish to ask a question on today's call, you will need to press star, then the number one on your telephone. If you're using a speakerphone, please pick up your handset before entering your request and speaking on the call. If your question has been answered and you wish to withdraw your request, you may do so by pressing star, then two. One moment, please, for the first question. Your first question is coming from Matthew Galenko from Maxim Group. Your line is live.

Hey, thanks for taking my question, and congratulations on the strong results in the quarter and a half. Thank you. Can we start with where the opportunity is for expansion with the contract in Israel? Is there just kind of a layering in of... you know, your devices on the existing, you know, system, or do you need sort of expansion in the use of monitoring in the country to kind of expand within that contract?

It's a great question. On our last quarterly results, we announced, I think, roughly 1,200 units that were delivered, and now we were surpassed 1,500. It's already growing in the amount of units, and before us, there's another company, another Israeli company, and they've been providing the solution for over 20 years. So we're new, and we've brought the technological advances that we've deployed all around the world in many different projects, and now we brought them here to the program in Israel. And the project is such that it encompasses all EM programs in Israel. So at the company, in general, we have GPS tracking, which allows someone to also leave their house go to work and other things while they're being tracked. We have a house arrest. There's alcohol monitoring. There's domestic violence, which we've been taking a strong lead globally on. And in Israel, whatever programs they decide to deploy, it would utilize our technology. So there's growth within existing programs that they had for a long time, which is mainly house arrest. And they're delving in and trying and looking to add additional ones. And we'll be there to support them in that expansion. as we've done with many countries around the world. I remind you that in Romania and Croatia, for example, they've never done electronic monitoring before, and we're able to deploy massive programs there very effectively. And so it's going to be potentially easier with a government office that has done this for a long time, just maybe not with all the different solution capabilities that are out there. And now we look forward to deploy and help as much as possible with public safety. using the Pure Security Suite together with our partner, Electro Security in Israel. Got it.

Thank you. And as you think about the opportunities you have in Europe versus kind of the more fragmented U.S. market that I know you're investing in, looking out over the next four to six quarters, Is the balance more in the U.S., or are there national programs that you're competing for in Europe that could also land? I'm just curious kind of where we should think about growth coming from in the next few quarters.

It's a great question. So in Europe, we started several years ago in Europe. And We started with Latvia and Lithuania, which were small projects. Then we grew into more and more projects. And lately we had Latvia Police, which is an additional project in Latvia. And Sweden, we had the second and third project. And so we are so active in Europe. And we've just been bidding over the recent months. And we continue to bid on projects in Europe. Some are smaller scale add-ons to existing deployments. Some are brand new projects. And some are very large projects, larger projects. also than the ones that we've until date. So there's a variety of opportunities in Europe and we still plan to be active in the European market. Just that when you look at the US market, we've also put a lot of focus onto it because it's expected to reach six times the size of Europe. The economics are higher. You don't need a local partner to help you with language and deployment. Everything is done centralized through the cloud and it's all in English. And with our 24-7 monitoring and inventory management services and other support services, we're able to deploy units all across the U.S. with higher margins. And the U.S. market is fragmented, as you mentioned, which is true. So it takes a little bit more work on the sales process, more meetings, more demos, but allows you also to grow faster. You don't have to wait for an RFP that comes out in two, three years for the entire national project that we see in Europe. You can pick off counties one by one and small resellers that you work with. And as you've seen in the last year alone, we've signed over 30 contracts just in the US for electronic monitoring. So the expansion potential is great there along with high margin potential, higher than what we saw in Europe and higher than what we've seen yet today in the company. But over time, as we expand and we add more and more revenues in the US, not only are they almost entirely recurring in nature because the US market is almost all the contracts are per unit per day, whereas in Europe you have some that are per unit per day and some that include purchase and maintenance. So not only is it more recurring in nature, which helps with predictability and management, Um, they're also a higher margin and also allow for potential, uh, faster growth. So we're excited about both the Europe, European market and the U S and there's still opportunities also outside Europe and the U S there's opportunities at many places around the world. We don't talk about them as much because there are more, you know, uh, one off here, one off there. We look at them and, um, we've also won outside, outside the U S and Europe until now. And there's more opportunities also around the world in APAC. and in other locations in EMEA and also in South America. So the market is large, and we see that almost in every region of the world. Once they start using electronic monitoring, they grow the programs. In California, 10, 15 years ago, you would have seen a fraction of what they have in the program today in California State, same in Florida, and the same goes for other countries around the world. Once they see the cost savings, the effectiveness, the efficiency of such alternatives to incarceration, they usually grow their programs.

Got it. Thank you. And final question for me before I jump back in the queue. You touched on the possibility of acquiring local service providers like you did with LCA. You know, your balance sheet cash position is stronger than it's been in quite a few years. So I'm curious, you know, how close you're looking at M&A as a potential for accelerating U.S., growth and kind of how you compare that to adding more salespeople in the US to grow organically?

Great question again. Thank you for that. We talked about acquisitions for a while because we did do it back in 2016 that helped us enter in the market because there's very high barriers to entry. And for a long time, we've been focused in the European market and developing our technology. And now that we started entering into the U.S., where we've been aware of these value-added resellers for a long time, they help aggregate the counties, and they're very efficient and needed for the U.S. market. But our technology wasn't exactly there yet, and also the balance sheet wasn't in the same position now as the technology is showing to be an amazing fit for the U.S. market. We continue to expand it, and with our sales people, a very small sales team, we've been able to secure over 30 different contracts. It becomes even more of an opportunity, the path of acquisition of value-added resellers in the U.S. market. Because these resellers have a contract and they're purchasing the technology from other vendors, there's top-line synergies, there are cost synergies, there's opportunities to expand into more geographies faster, and there's opportunities to get more of a technology into more markets faster. So there's a really nice opportunity there that we expect to capitalize on. in the coming years. And we think now more than ever before, the opportunity and the value from doing that is there and it's effective. So we'll have more news on that, but we're in good relations with a lot of these resellers. As we said, we signed the nine of them just for operations and deployment, but we also talked to them about the alternative of acquisition. And so there's an interesting growth channel there as well.

Thank you. Thank you.

And once again, everyone, if you have any questions or comments, please press star then one on your phone. Your next question is coming from Greg Mesnieff from Kingswood Capital. Your line is live.

Thank you. Ordon, can you hear me? Yes. That's great. Good. Thank you. Thank you. Question on the quarter. Your strong earnings were really clearly a function of margin expansion more than revenue growth. Can you give us a little bit of color regarding what the opportunities are for even higher margin expansion? You mentioned that briefly in your opening remarks. But also, is the very strong margin expansion a function of geographic mix or is it a function of first-time sales versus follow-on sales? And how do you see that playing out in the next couple of quarters in terms of your revenue growth as well? Thank you.

Okay. It's a multifaceted question. Let me first talk about generally what we've been doing in Europe. We've been deploying projects in different regions and everyone teaming up with local partners as you do this. After we do this more and more for many years, we start to consolidate the various services, and that, of course, helps us with margins. We're always looking in our operations to improve profitability and margins with things that we do over and over and over again, like deploying more projects in Europe. In the U.S. market, from the nature of it, because it's all in English and it's all in the cloud, and we have a 124.7 center, it already has inherent optimization of margins. That is certainly going to be helpful. And so we are optimizing where we can, but at the same time, and this is what I noted also in the script in the opening remarks, we're deploying many projects around the world at the same time. We talked about 30 contracts in the US. We talked about some existing customers in Europe and new add-ons. They all have their own timeline and they all are different stages. So some early on have lower margins and then reach higher margins. Some early on have, you know, higher margins and reach stable margins, which are potentially lower. It's, it depends on the structure of the program and whether it's, it's a lease or a purchase of the monitoring and also what they're looking to do and the partnership. So while I would love to give a general answer to exactly how it's happened, how it's going, it's, it's actually, we're reporting the mix, but behind, behind the currents, there's many different things that are moving around every quarter. And so it's hard to predict exactly how that's going to fall into place. We, We are seeing general improvements across the board and operating leverage and economies of scale, and we'll continue to see that. And very long-term, if we want to start with that, long-term, we think that as more and more of the revenues come from the U.S. and more and more units deployed in existing contracts and more operational efficiencies, economies of scale, and operating leverage, margins can expand even more than where they are today, and that's long-term over the years. But currently, we're still in a transition state where we're going from, you know, lower margins, and now we're starting to bring in some higher margin projects, some optimizations, and then the way things fall in the quarters, sometimes you'll see things that are a quarter of 60%, as you see now, and as you saw the previous quarter of 63%. So it doesn't mean that every quarter is like that yet. There's still volatility in the quarters, but it's important to focus on the general trend, and the general trend is definitely positive for what we're doing to improve our operations. But when top line is higher and you have operating leverage more and economies of scales and more deployments, then long-term we expect to see good direction there.

Okay. Thank you. And just a very quick follow-up, Ordon. Would you say that your visibility on margin expansion is a little better than your visibility on revenue growth or is it the other way around or any comments there? Thank you.

That's a great question. With the projects, on some of the previous questions, we've been on many projects also in Europe besides the ones in the U.S., and even the ones that we started in the U.S., they each are growing at a different rate. We talked about Israel, that there's growth in the project, there's potential for more. It's still hard to know where the growth will come from and at what pace. And similarly for margins. The margins, it's a different challenge. We know that the margins in general how to improve them. But per project, we can't know which stage of the project is going to happen on which quarter. So it's on the back, behind the currents. It's a mix of a lot of different things happening together. It's still hard for us to predict. Over time, certainly, we expect to have more customers, more diversity in customers, and we'll have much better visibility on also revenues and margins. But that, of course, is together with us expanding into more and more locations and having a bigger, more diversified customer base across the world.

Thank you. You're welcome. Thank you. At this time, we will pass the call back to Ordon for closing remarks.

Operator, before you pass it back to me, can you please do another round to see if there's more questions?

Certainly.

And if there's nothing else, then we'll, yeah.

Absolutely. And once again, everyone, if you have any questions or comments, please press star then one on your phone at this time. Please hold while we poll for questions.

Thank you.

And at this time, we'll pass the call back to Ordone for closing remarks.

Thanks, and I want to thank all of you for participating in today's call and for your questions and for your interest in Supercom. Please contact us directly if you have any additional questions, and we look forward to sharing our progress with you on our next conference calls, filings, and press releases. Thanks to you once again, and have a great day.