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DATE

Thursday, Aug. 13, 2026 at 10:00 a.m. ET

CALL PARTICIPANTS

• Investor Relations - Paul Bartolai
• President and Chief Executive Officer - Shahram Askarpour
• Chief Financial Officer - Jeffrey DiGiovanni

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TAKEAWAYS

• Net Sales -- $26.7 million, increasing 10.7% year over year driven by organic growth in commercial and business aviation markets.
• Organic Revenue Growth -- Over 40%, excluding F-16 revenue and contributions from new acquisitions, reflecting increased demand across aerospace sectors.
• Net Income -- $4.5 million, or $0.25 per diluted share, compared to $2.4 million or $0.14 per share in the prior year period.
• Adjusted Net Income -- $6.0 million, or $0.33 per diluted share, which excludes amortization of acquired intangibles and acquisition-related costs.
• Gross Profit -- $13.8 million, up 60.9% year over year due to revenue growth and a more favorable sales mix.
• Gross Margin -- 51.7%, increasing from 35.6% last year, representing the fourth consecutive quarter with margins at or above 50%.
• Adjusted EBITDA -- $7.7 million, an increase of approximately 75% year over year driven by operating leverage and favorable product mix.
• Product Sales -- $17.5 million, increasing from $16.6 million in the prior year period.
• Service Revenues -- $9.2 million, growing from $7.5 million last year due to increased service volumes for IRU and autopilot product lines.
• Backlog -- $82.9 million as of June 30, 2026, an increase of approximately $5.5 million over the comparable prior year period.
• New Orders -- $22.7 million during the third quarter, reflecting continued demand in commercial and business aviation.
• F-16 Revenue -- $5.7 million, declining from $12.6 million in the prior year period due to a pull-forward of revenue during the previous year's manufacturing transition.
• Research and Development Expense -- $1.9 million, increasing by approximately $1 million to support next-generation capabilities across multiple platforms.
• Operating Cash Flow -- $15.5 million for the first nine months of fiscal 2026, up from $10.3 million in the same period last year.
• Free Cash Flow -- $12.3 million for the first nine months of the year, up from $4.8 million in the previous year, reflecting a capital-light business model.
• Capital Expenditures -- $3.2 million for the first nine months of fiscal 2026, compared to $5.5 million in the prior year period.
• Net Debt -- $43.8 million, including $54.5 million in total debt and $10.7 million in cash and equivalents.
• Available Liquidity -- $53.7 million, comprising cash on hand and availability under the company's expanded credit facility.
• Net Leverage -- 1.4x at quarter end, maintaining financial flexibility despite more than $35 million deployed for acquisitions.
• Fourth Quarter Revenue Guidance -- $28 million to $30 million, incorporating expected organic growth and recent acquisition contributions.
• Long-Term Revenue Target -- $250 million, supported by the strategic framework focused on innovation and integrated solutions.
• eVTOL Contract Nominal Value -- $50 million, assuming the production of over 400 aircraft for a leading Japanese developer.
• Aydin Displays Acquisition -- Completed in July 2026, adding rugged display technology serving defense, industrial, and medical applications.
• Russell 2000 Index Inclusion -- Effective June 29, 2026, as part of the annual FTSE Russell Index reconstitution.
• Planned Ticker Change -- Ticker symbol will change from ISSC to IA on Aug. 18, 2026, aligning with the company's corporate rebranding.

SUMMARY

Management reported a strategic transition in corporate identity and market reach, supported by the pending ticker change to IA and the acquisition of Aydin Displays. The company secured its first OEM production award for the Liberty Flight Deck within the emerging electric vertical takeoff and landing sector, validating the commercial traction of its innovation investments. Management noted that the acquisition of Aydin Displays provides entry into new defense platforms, including naval and ground programs, while also diversifying the business into industrial and medical applications. The company remains focused on achieving a long-term revenue objective through a combination of organic product development and accretive acquisitions while maintaining a target EBITDA margin of 25% to 30%.

• CEO Askarpour noted the Aydin Displays acquisition "demonstrates the broadening scope of our M&A strategy beyond the product line acquisitions we have historically pursued."
• Management reported that the eVTOL contract involves developing the main display and avionics architecture, with initial production targeted for late 2027 and full scale commercial launch in 2028.
• CEO Askarpour stated that the advanced air mobility market represents "one of the most exciting frontiers in aviation and our flexible integrated avionics platforms are ideally suited for this market."
• CFO DiGiovanni indicated that excluding F-16 revenue and acquisitions, the core business grew by over 40% year over year during the third quarter.
• Production for the UMS2 product line began in June 2026, and revenue from this product line benefited the third quarter results.
• The company expects production deliveries for the radio management unit contract with L3 to commence in the first quarter of fiscal 2027.
• Management confirmed that the KC-767 contract with Boeing is progressing according to plan, with production deliveries scheduled to start in the second quarter of fiscal 2027.

INDUSTRY GLOSSARY

• Aydin Displays: A manufacturer of ruggedized display technologies for defense, industrial, and medical applications acquired by Innovative Aerosystems.
• Avionics: Electronic systems used on aircraft for navigation, communications, and flight control.
• eVTOL: Electric Vertical Takeoff and Landing aircraft, a category of next-generation air mobility vehicles.
• IRU: Inertial Reference Unit, a sensor that provides acceleration and angular rate information for aircraft navigation.
• Liberty Flight Deck: An integrated avionics system developed by Innovative Aerosystems for aircraft cockpits.
• UMS2: A utilities management system used for monitoring and controlling aircraft systems.

Full Conference Call Transcript

Operator: Greetings, and welcome to Innovative Aerospace Systems. Third Quarter 26 Results 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 should require operator assistance during the conference, As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Paul Bartolai. Thank you. You may begin.

Paul Bartolai: Thank you. Good morning, everyone. And welcome to Innovative Aerospace Systems Third Quarter Fiscal 26 Results Conference Call. Leading the call today are our CEO, Shahram Askarpour and CFO, Jeffrey DiGiovanni. This morning, we issued a press release detailing our fiscal 26 third quarter operational and financial results. This release is publicly available in the Investor Relations section of our corporate website at www.iascorp.com. I would like to remind you that management's commentary and responses to questions on today's conference call may include forward looking statements. Which by their nature are uncertain and outside of the company's control. Although these forward looking statements are based on management's current expectations and beliefs, actual results could differ materially.

Our management believes that these forward looking statements are reasonable. However, you should not place undue reliance on any such forward looking statements because such statements speak only as of today's date. We do not undertake any obligations to publicly update or revise any forward looking statements. Whether as a result of new information, future events, or otherwise. Except as required by law. In addition, forward looking statements are subject to certain risks and uncertainties that could cause actual results events, and developments to differ materially from our historical experience. And our present expectations or projections. These risks and uncertainties include, are not limited to, those described in the reports which we file with the SEC.

For a discussion of some of the factors that could cause actual results to differ, please refer to the risk factors section of our latest reports filed with the SEC. During the call, we will reference certain non GAAP financial measures. Reconciliation of these measurements to the most directly comparable measured calculated in accordance with GAAP is provided in the press release. Which is also available on our website. Today's call will begin with prepared remarks from Sharam, who will provide a review of our recent business performance, and an update on our strategic framework followed by a financial update from Jeffrey. At the conclusion of these prepared remarks, we will open the line for your questions.

Shahram Askarpour: And with that, I will turn the call over to Thank you, Paul, and good morning to everyone joining us on the call today. During the third quarter, the IA team delivered another strong operational and financial performance driven by continued organic growth, improved margin realization, and free cash flow conversion. Importantly, beyond our strong financial performance, we made meaningful progress advancing the key strategic priorities that we believe will drive sustainable, long term value creation. These progress points include some recent developments such as the acquisition of Aiden Displays and a new OEM contract with the leading developer of an electric vertical takeoff and landing aircraft which represents the first major award based on our Liberty flight deck.

I will discuss each of these important items later in my remarks. We are excited by the strong momentum in our business and we are confident we are well positioned for a solid finish to fiscal 26. While building momentum into fiscal 27. I will now discuss third quarter results in greater detail. Despite a difficult prior year comparison, I am pleased to state that we were able to generate approximately 11% revenue growth in the third quarter. Highlighting what remains a period of increased demand across our commercial aftermarket and business aviation market.

Our disciplined execution combined with a more favorable business mix and improved operating leverage contributed to third quarter net income of $4.5 million or $0.25 per diluted share compared to $0.14 a year ago. Gross margin of nearly 52% compared to 36% last year and adjusted EBITDA growth of approximately 75% from a year ago. Highlighting the strength and scalability of our business model. These results reflect our disciplined execution of IA next our long term value creation strategy, focused on organic growth through innovation and integrated solutions. Operational excellence, and disciplined returns focused capital allocation. I will now provide additional details on our recent progress and the strategic priorities that will drive our performance going forward.

In July, we announced the acquisition of Aiden Displays a leading developer and manufacturer of rugged display technologies serving defense, industrial, and other mission critical aerospace applications. Aden is located right up the road from Exton in Burdsboro, PA and currently supports over 20 military platforms across more than 80 countries. Aiden brings with it a leased vertical integrated manufacturing facility Together with our excellent facility, we will be able to serve our customers more efficiently and further grow our business with the expanded footprint. Aiden, enhances our display technology capabilities bringing us additional engineering talent proven display technologies, a respected product portfolio that aligns closely with our integrated avionics solutions.

Iden further strengthens our position in our traditional military avionics markets through exposure to new defense platforms. Additionally, the acquisition expands our military business into naval and ground programs and also diversifies our business into industrial applications including the medical instrument market. This is our first acquisition of an operating business and demonstrates the broadening scope of our M&A strategy beyond the product line acquisitions we have historically pursued. Looking ahead, we will continue to target aerospace and defense component product line and businesses with significant aftermarket potential proprietary content, above market growth, strong cash generation, and profitability. Our acquisition pipeline remains very active.

As we build the business, through accretive acquisitions, They also remain highly focused on to drive organic growth through new product introductions, cross selling initiatives, and contract wins. To that end, in August, we announced an exciting new contract win with a leading Japanese developer of electric vertical takeoff and landing aircraft. Under the agreement, IA will develop the main display and avionics architecture on the eVTOL aircraft program. This is the first OEM program based on our Liberty flight deck highlighting the growing commercial validation of our technology. We expect early engineering work to begin in Q4 26 with initial production targeted for late 27.

We currently expect to progress towards full production during 2028 in support of the customer's targeted 2028 full scale commercial launch. The program currently holds a total of over 400 eVTOL orders from partners in Japan and overseas. The advanced air mobility market represents 1 of the most exciting frontiers in aviation and our flexible integrated avionics platforms. Are ideally suited for this market. This program reflects our continued focus on developing next generation systems that enable safer, smarter, and more capable flight. Across both traditional and emerging aviation platforms. As previously discussed, we completed development and certification of the UMS2. Production began in June of this year, and Q3 revenues benefited from this product line.

The radio management unit contract with L3 is at its final certification phase and production deliveries will commence in Q1 of our fiscal 27. The KC-767 contract with Boeing is progressing per plan, and production deliveries will commence in Q2 of our fiscal 27. In addition to progress on our strategic initiatives, we recently made meaningful strides in our corporate rebranding and efforts to expand market visibility. Last October, we announced our rebranding to Innovative Aerosystems a pivotal step in our broader strategic evolution. Building on that momentum, we are pleased to announce our planned Nasdaq ticker symbol change to IA better aligning our public market identity with our corporate name, brand, and long term strategy.

The company will cease trading under the Nasdaq ticker symbol ISSC and will begin trading under the symbol IA. Effective at the US market open on August 18. To mark this milestone, members of our leadership team will be in New York to ring the Nasdaq closing bell on August 18. Additionally, on June 29, IA was added as a member of the US small Cap 2000 Index. As part of the 2026 FTSE Russell Index's reconstitution. This is an important milestone in our company's evolution and is a direct reflection of the important progress we have made against our strategic priorities and long term investments we have been making to scale our business.

In summary, we are excited by our strong third quarter results as well as the important progress towards our strategic plan. Based on our strong business momentum, and successful execution, we are confident we remain well on track to achieve our long term $250 million revenue target. As before, remain focused on our strategy energized by the opportunities ahead, and committed to creating long term value for our shareholders in the years ahead. With that, I will turn the call over to Jeffrey for his prepared remarks.

Jeffrey DiGiovanni: Thank you, Shahram, and good morning to all those joining us. Today, I will provide a high level overview of our third quarter performance. Including a discussion of our balance sheet and our liquidity profile at quarter end. And conclude with comments on our outlook for the business, which remains positive given current demand conditions. We generated net revenues of $20.7 million in the third quarter, up approximately 11% from the third quarter last year. Driven by another quarter of strong organic growth in our commercial aviation and business jet markets. Partially offset by an elevated prior year comparison within our F-16 business.

As a reminder, in the third quarter of 25, F-16 revenues were $12.6 million as there was a pull forward of revenue due to the transition of manufacturing into our Exton facility as compared to $5.7 million in the current quarter. Excluding the F-16 revenue from both periods, and the new acquisitions, our business grew by over 40% during the third quarter. Product sales were $17.5 million during the third quarter, up from $16.6 million during the same period last year.

Driven by strong sales into our commercial and business aviation markets, Service revenues were $9.2 million up from $7.5 million in the same period last year due to growth in service volumes related to the IRUs and Autopilot product lines. Gross profit was $13.8 million during the third quarter up 61% from $8.6 million in the same period last year. The improvement was driven by revenue growth and a favorable sales mix given the strong commercial aftermarket growth As we have discussed previously, we experienced some lumpiness in the timing of expense recognition during the manufacturing transition from Honeywell that impacted our quarterly results.

Last year's third quarter results were impacted by elevated costs, on the F-16 product line as Honeywell incurred extra expenses in order to expedite the building of safety stock ahead of fully transitioning production to us. As a result, our third quarter gross margin was 51.7%, up from 35.6% last year. This is our fourth consecutive quarter with gross margins of at least 50%. Operating expenses during the third quarter of 26 was $7.8 million an increase from $5.1 million during the same period last year. R&D expense increased by approximately $1 million as compared to the prior year.

As previously discussed, the company is accelerating investments in R&D to drive long term growth for the next gen capabilities that support multiple platforms and end markets. As such, we continue to expect elevated R&D spending to support our growth initiatives. Net income was $4.5 million or $0.25 per diluted share during the third quarter, compared to net income of $2.4 million or $0.14 per share in the third quarter of last year. Adjusted net income, which includes the same adjustments made to adjusted EBITDA, in addition to an adjustment for the amortization of acquired intangibles was $6 million for the quarter as compared to $2.9 million last year. Adjusted earnings per diluted share were $0.33 versus $0.16 last year.

Adjusted EBITDA was $7.7 million during the third quarter, up from $4.4 million in the third quarter of last year. Due to the solid revenue growth and more favorable revenue mix partially offset by the continued investments in R&D to drive long term growth for the next gen capabilities that support multiple platforms and end markets. Moving on to backlog. New orders in the third quarter of fiscal 26 were $22.7 million and backlog as of June 30 was approximately $83 million an increase of approximately 5.5 million over the comparable prior year period. Backlog represents the value of contracts and purchase orders less revenue recognized to date on those contracts and purchase orders.

The backlog includes committed purchases and excludes potential future sole source production under the company's engineering development contract. Programs. Next, turning to cash flow. Net cash provided by operating activities during the first 9 months of 2026 was $15.5 million, compared to 10.3 million in the year ago comparable period driven by our solid operating results and financial discipline. Capital expenditures during the first 9 months of 2026 were $3.2 million versus $5.5 million in the year ago period. Free cash flow was $12.3 million during the first 3 quarters of the year. Up from $4.8 million in the previous year.

Our strong free cash flow reflects the capital light nature of our business model translating into consistently strong conversion rates. At the end of third quarter of 26, we had total debt of $54.5 million and cash and cash equivalents of $10.7 million resulting in net debt of $43.8 million Net debt increased $21 million from the year ago period despite more than $35 million deployed towards acquisitions and capital expenditures in support of growth initiatives. As of June 30, we had total cash and availability under a line of credit of approximately $53.7 million Our net leverage at the end of the quarter was 1.4x despite the recent acquisitions.

Our modest leverage combined with our availability under expanded credit facility gives us significant financial flexibility to continue executing on our strategic initiatives. Before we move into our Q&A session, I would like to provide our current thoughts around the outlook for the remainder of fiscal 26. As we look ahead, we expect to close out our fiscal 26 on a positive note We expect to generate fourth quarter revenue around $28 million to $30 million including continued expected organic growth and the contribution from recent acquisitions. That completes our prepared remarks. Operator, we are now ready for the question and answer portion of the call.

Operator: Thank you. At this time, we will be conducting a question-and-answer session. If you would like to ask a question, please press 1 on your telephone keypad. You may press 2 if you like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. 1 moment please while we poll for questions. Our first question comes from Bobby Brooks with Northland Capital Markets. Your line is now live.

Robert Brooks: Hey, good morning team and thank you for taking my questions. I wanted to unpack the eVTOL program win yesterday. Very exciting news. But wanted to hear more about how this 1 came about. How long was the sales process attached to it. Then the last piece, you cite, like, a $50 million total contract value. Is that assuming all 400-plus units are produced?

Shahram Askarpour: Or just how should we be thinking about $50 million. So for the, yeah. We are having a little bit of a phone issue here. For the--for the your first question of how long was the sale process, it is--it is been about a year now that we have been working with this company. To, you know, finalize agreements and them in place In terms of your question about what the value of the contract is, we really cannot comment on that right now. it is--it is early on. We know they we know they have about 400 weapons in the backlog. But that is not the extent of this program.

The we believe that there is a significant number of aircraft that are going to be produced by this by this manufacturer. That contract value is assuming all 400-plus get shipped out.

Robert Brooks: Got it. that is helpful. And maybe just to if you could touch on what the factors that you think led you guys to get this win. Obviously, Liberty Flight Deck, very customizable. I am guessing that was a piece. Was there anything else important to note there on landing that 1?

Shahram Askarpour: Again, when we are looking at the cockpit of some of these newer aircrafts that are coming into the market. The customization of their graphics and the cockpit displays is very important and key to the operators. Our system is very flexible, and we can customize it at a very reasonable cost And that is essentially what made it attractive. To this particular company. But we are seeing similar interest from a number of aircraft manufacturers Again, this is the first--this is the first air mobility aircraft that we have we have signed the contract with. But it is not the only 1 that going forward we see in the horizon.

Robert Brooks: Got it. that is helpful. And then just last week, Honeywell Aerospace called out some challenges within their own supply chain, specifically relating to electronic suppliers. My initial thought is this would not be this would not be you or affecting you, but just wanted to wanted to confirm that and hear anything you might be seeing within your own supply chain.

Shahram Askarpour: So our supply chain is a little bit different than Honeywell's supply chain. As we do not we do not outsource. Our circuit cards. We build them in house. We do not have those kind of issues that they have. And also, we the basic principles that we have had in our product development for years has always been that we make sure any component that we have multiple sources available And sometimes we even qualify some of the key components like the LCD, for example. We qualify our system with LCDs from multiple suppliers, multiple manufacturers. That make the same size so we do not get into this trap of supply chain.

The landscape of and we can we see that in the international scope. That there is a lot of changes happening with the with the kind of the political environment that is out there. And it is created a lot of issues for the companies that few years ago they saw opportunities to make a quick cash by outsourcing all of their IP. To countries abroad in Southeast Asia and that is creating some of these supply chain issues for them now they do not have the capabilities to do it in the US.

Robert Brooks: that is super helpful, Kalashir. I really appreciate it. And then just last 1 for me.

Jeffrey DiGiovanni: Jeffrey, in your prepared remarks, I think you gave--you have made the comment of like excluding the F-16, the F-16 year over year comp and the sales this quarter. And I believe acquisitions as well, you gave growth rate. Could you just repeat that? Yes. What we did was we backed out the F-16 over comparable periods because keep in mind, this time last year, was about $12 million of F-16 revenue that got sort of front-loaded because of the buildup of inventory before they changeover to us versus $5 million this quarter. So when you back those 2 out, and the acquisitions revenue, we came in at about 40% growth. Year over year. On your organic side. Correct.

Robert Brooks: that is very impressive. Congrats on the strong quarter. I will return to the queue.

Operator: Thank you. Our next question comes from Josh Sullivan with Jones Trading Company. Your line is now live.

Josh Sullivan: Hey. Good morning.

Shahram Askarpour: Good morning, Josh.

Josh Sullivan: Just as you guys execute on your long term strategy here and the recent acquisitions, how do we think of that 50% gross margin run rate you are doing over the last 4 quarters here looking ahead?

Shahram Askarpour: I think that is kind of where we have we have guidance we have given before was somewhere around 45% to 50%. Again, quarter per quarter, depending on the product mix that we sell, those margins are going to vary. But around 50% is seems to be where we are heading. As we on some of these product lines that we acquired as well, the insourcing of the circuit cards is ongoing right now. And we believe that once all of that is completed, that those margins should become more uniform and as well as, you know, falling within that 50% gross margin. Which is our ultimate goal is to try to keep it there.

Jeffrey DiGiovanni: But moreover, we are really focusing on the EBITDA margin where we have said that 25% to 30% overall from an EBITDA margin perspective. Right. Right. Okay.

Josh Sullivan: Then you made a comment about the medical instrument market. In your prepared remarks there. You know, is this Is this--did it just come with the acquisition? Or is this an area where we could see some efforts going forward?

Shahram Askarpour: So they, again--Aiden is in the mission display business. Some of those applications fall within the medical instrument industry. They do have a small portion of their revenue that comes from that market. And it allows us to seek other opportunities. For example, there is more to medical instruments than just the display side of it. At IA, we have the capabilities to go into that area of the market We have never done that before. Gaining customers in the medical instrument area would allow us to take a look to see whether there is additional products we can develop that is used by that market. The volumes obviously are much higher than the aviation and the aerospace market.

For those products.

Josh Sullivan: And then and then just coming out of the Farnborough show, any regulatory dynamics we should be thinking about looking at potential ATC funding or altimeters or anything from next gen FA should be thinking about as it relates to opportunities that ISSC are or, sorry, rather, IA's strategy. So Farnborough was interesting.

Shahram Askarpour: The mandate that is coming out of the FAA for the 5G-friendly radar altimeters. Is coming up. We do not have a radar altimeter in our product portfolio. So that does not benefit us as much. But we continue looking at teaming as well as acquisitions. And we look at product lines that have a good future within them, and the RADAR Altimeter is 1 of the product lines that is on our acquisition strategy.

Josh Sullivan: Good. Thank you for the time.

Operator: Thank you. Our next question comes from Greg Palm with Craig Hallum. Your line is now live.

Greg Palm: Yes. Good morning, guys, and congrats on a lot of positive news. I wanted to maybe start because the 40% kind of organic growth on a more apples to apples comparison was pretty impressive, and it can be hard for some of us to kind of delineate the growth drivers. So I do not know, based on, like, end market exposure and the various programs, what are the biggest drivers of that? Like, how much of that is just you are tied to some end markets that are growing versus some of these new programs or product lines that are starting to ramp?

Jeffrey DiGiovanni: Sure. So I think with the aging fleet, you are seeing services go up in terms of replacement as well as just repairs. So that is what we saw growth there on the commercial side. As well as business aviation, This was the quarter we started shipping the UMS2, so we have the growth in there from a UMS 2 perspective year over year. Which I would say the business aviation was a little down last year, and you are seeing that pick up. Mainly with the UMS2 for that product line. But you are seeing growth drivers in both business aviation. Little bit in the military as well this quarter, beside the F-16.

And then we saw mostly in the commercial air transport, again, both in the product sales as well as services related activities.

Greg Palm: Yep. Okay. And as it relates to military, I think F-16 was either at or maybe even above the higher end of what you had talked about, and it was up I think F-16 specifically was up significantly versus last quarter. Just help us understand is--are you ramping that up a little bit faster than what you thought? Was there anything kinda 1 time ish in the quarter?

Shahram Askarpour: Last quarter, we were down on the F-16, and part of that was because of 1 of the product lines. We have 2 product lines that we acquired for the F-16. 1 is the digital flight control computer. And the other 1 is the mission display generator. The mission display generator transition completed in last quarter more towards the end of the quarter. Which limited the amount of deliveries we could do on that product line. So this quarter was the first quarter that we did The Q3 was the first quarter that we had full production for the whole period of 3 months. And so, you know, we are hitting that $5 million range per quarter.

That we think is sustainable. Long term.

Greg Palm: Okay. Fair enough. And then I wanted to shift gears to the press release last night. I thought that was interesting. So maybe couple of questions related to that. The 50 million in contracted value, I just wanna be clear. that is Jeffrey, you said that was based on the 400 orders that this customer has. So, hypothetically, what would happen if this customer got, you know, and made thousands of these aircraft. I mean, are you going to see a pretty significant increase versus that? I mean, are you sole source on this program?

Shahram Askarpour: Yeah. So we are--you know, we are going to be part of the certification of the baseline of the equipment. So they typically, you become sole source on it. And, again, the $50 million in value was a kind of nominal number. But, you know, sitting at this end of it, you really do not know what the final thing is gonna look like. And I remember when we did the system for the C-24, our expectations were 30 shipsets at the year. And that is what we told the street because that is what they told us We are delivering close to 60 shipsets that is a year now. On that platform.

So this initial program that we have right now over the next year, it is it is--it is really an engineering development program. To configure the system, to everything that their requirements are. And once the production begins, I believe we will see growth in their volume. It is an impressive platform. Compared to other companies that have done similar air mobility aircraft. Yep.

Greg Palm: Okay. And know, as it relates to this, I mean, how big of an opportunity is that, you know, whether it is air mobility, eVTOL, opportunity versus some of the other kind of newer aircraft. I mean, where do you where are you seeing in terms of your pipeline the most opportunities for Liberty?

Shahram Askarpour: So I think the air mobility systems is where eventually the business the industry is going. The opportunities are huge. I do not know how to put a number on it. But they are significant. Because when you listen to the number of aircrafts that are talked about are significant to the point where you imagine where all these airplanes are going to fly. But that is that is the future that we are looking at. The market is significantly large. And there is a number of players in there. I mean, Honeywell has systems for air mobility. Command. So there is Rockford Collins. So there is Thales.

Again, when it comes to is how quickly how nimble are you, how quickly can you modify your system, to work on another platform? And that is where we see our advantage in this market.

Greg Palm: Yeah. Well, it seems like a pretty compelling new opportunity for you. Alright. I will leave it there. Best of luck.

Shahram Askarpour: Thanks.

Jeffrey DiGiovanni: Thank you. You.

Operator: We have reached the end of the question-and-answer session. I would now like to turn the call back over to management for closing comments.

Shahram Askarpour: Thank you, operator, and thank everybody for joining our call today. Have a nice day.

Operator: This concludes today's conference. You may disconnect your lines at this time. And we thank you for your participation.