Operator

Greetings, and welcome to Palladyne AI First Quarter 2026 Earnings Conference Call. [Operator Instructions] 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.

Brian Siegel
Hayden Ir, LLC

Good morning, and welcome to Palladyne AI's First Quarter 2026 Earnings Conference Call. Joining me on the call today are Ben Wolff, President and Chief Executive Officer; and Trevor Thatcher, Chief Financial Officer.

Earlier this morning, Palladyne issued a press release announcing financial results for the first quarter ended March 31, 2026, along with updated commentary regarding backlog and reiterated its 2026 revenue guidance. A copy of that release, along with the accompanying financial tables, is available on the IR section of Palladyne 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 Palladyne'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 aerospace, land and maritime domains.

Forward-looking statements are based on current expectations, assumptions and beliefs and involve risks and uncertainties that could cause actual