Greetings. Welcome to PowerFleet's Fourth Quarter and Full Year 2025 Earnings Call. [Operator Instructions] Please note, this conference is being recorded. I will now turn the conference over to your host, David Wilson, Chief Financial Officer. You may begin.

Thank you, operator, and welcome, everyone, to our extended year-end 2025 earnings call. I'll begin with a brief review of our safe harbor statement before handing things over to our CEO, Steve Towe, to kick off today's discussion. Our remarks today contain forward-looking statements. Our actual results may differ from those contemplated by those forward-looking statements. Factors that may cause our actual results, performance or achievements to be materially different from those expressed or implied by such forward-looking statements are described in today's earnings release and accompanying slides. Any forward-looking statements that we make on this call are made as of only today, and we assume no obligation nor do we intend to publicly update or revise any forward-looking statements to reflect subsequent events or circumstances. During this call, we will present both GAAP and certain non-GAAP financial measures. A reconciliation of GAAP to non-GAAP measures is included in today's press release and slide deck. The press release and the accompanying slides we will share on today's call are available on the Investors section of our website at ir.powerfleet.com. I'll now turn the call over to Steve. Steve?

Thank you, David, and good morning, everyone. I appreciate you joining us for today's full year and Q4 2025 earnings call. I'm here with key members of the leadership team, and we're excited to walk you through what has been, without question, a transformative year for the business. Over the past 12 months, we've taken bold decisive steps, integrating 2 major acquisitions, streamlining our global operating model and laying down the foundation for durable, profitable growth. But what's most exciting is the momentum and investor proof points we're now building, not just in the numbers but in independent recognition of our solution capabilities, the highly expanding customer landscape and the caliber of talent we brought together across the organization. This is fundamentally a very different company than it was just a year ago. And today, you'll see exactly how far we've come. It's important for investors to remain cognizant of the speed and the depth of the extensive high-quality business change program the business has successfully executed in context of evaluating PowerFleet as a strong value accretion opportunity. To help with that, and we'll begin today's presentation with a short review of the last 12 months transformation story. I'll hand over to Melissa Ingram, our Chief Corporate Development Officer. Melissa?

Thank you, Steve. Over the past 12 months, PowerFleet has undergone an extraordinary transformation. The company you see today is nearly unrecognizable compared to the 3 legacy businesses from which it emerged. This next slide captures just how comprehensive this reinvention has been. We now have the revenue scale, subscriber base, customer reach, product portfolio and a fortified balance sheet to cement a market-leading position in our sector. We're operating across 6 continents with a go-to-market model that includes both direct and indirect channels. Some of the key highlights are a company of more than $400 million of annualized revenue with over 75% of ongoing SaaS revenue, scaling from 700,000 subscribers to 2.8 million, a dramatic move in adjusted EBITDA from $7 million to $71 million and significant growth in the number of customers and our ability to drive increased wallet share from that extended customer base. PowerFleet is now a scaled modern SaaS company. We're unifying our operating systems, sharpening our execution model and are delivering measurable value across AI video, our unique data highway and in warehouse solutions. Our transformation has turned complexity and weakness in 3 individual businesses into the strength of one combined top-tier provider, and we're now positioned to scale with speed and profitability. Moving on to the next slide. We recognize early skepticism from the investor community, concerns that 3 moderately performing companies might combine into one larger underperforming entity, but this narrative does not reflect reality. Instead, we have strategically extracted the strengths of each business, eliminated legacy inefficiencies and added a disruptive, differentiated solution strategy to an expanded customer base. This gives us the ability to perform as a high-growth focused enterprise. Our M&A strategy wasn't opportunistic. It was deliberate and disciplined, designed to allow rapid forward movement after a targeted cleanup…

Thanks, Melissa. Before we dive into the numbers, let's take a moment to step back and look at the big picture because FY '25 was not just a year of integration, it was a breakout year for PowerFleet. Simultaneously, we bought MiX and Fleet Complete under one roof. We hit our organic growth targets. We dramatically expanded EBITDA and executed one of the fastest and effective platform consolidations ever in the space. On top of that, customer engagement has undeniably surged, a clear sign that our strategy is resonating where it matters most. This was a truly foundational year and what we've built now positions us for durable, efficient and scalable growth into FY '26 and beyond. Let's move to the next slide. One of the core pillars of our strategy is revenue expansion through cross-sell and upsell. And FY '25 gave us some of the clearest signals yet, it's working at scale. This slide spotlights just a few of our standout enterprise expansion wins, each one strategically significant from contracts with multiple Fortune 500 sectors like energy, mining and construction to large multinational and global services organizations and each one, a powerful proof point of the traction our Unity platform is generating across key verticals. These aren't just headline wins, they're part of a repeatable, durable land-and-expand motion. In many cases, we entered through a single solution and quickly earned the right to grow into multiple Unity pillars, spanning AI video in warehouse operations and compliance data layers. What we're seeing now is a flywheel in motion. Customers are leaning in because Unity solves real everyday challenges, improving safety, enhancing visibility and boosting operational efficiency, all in one integrated platform. We're embedding ourselves deeper into customer workflows, driving long-term value and securing recurring revenue streams at scale over time.…

Thanks, Steve. Hi, everybody. I'm excited to share with you our sales outlook for FY '26. This year is about activation. FY '25 was about integration and transformation, and we execute that at speed. FY '26 is now about unlocking the full value of what we've built. Next slide. Let's talk about what is happening in the market. We're seeing 3 urgent shifts. First, the cost of data fragmentation is exploding. Typically, enterprises run in the region of 4 or more legacy platforms, wasting time and limiting visibilities. Second, resilience can't wait. Macroeconomic disruptions are increasing. The thirst for highly intuitive, simplified, proactive and predictive data analytics are becoming mission-critical and legacy systems can't keep up. And third, safety is no longer optional. It is a board-level concern. Unity hits right at the heart of all 3 of these market drivers. Next slide, please. Q1 has shown a clear and compelling signal. Unity's momentum in the market is accelerating. Across all key categories, pipeline growth is strong. Our data highway pipeline has increased 50% quarter-over-quarter, driven by customers seeking to consolidate fragmented systems into a single data ingestion and orchestration layer. In warehouse, new logo pipeline grew 121% quarter-over-quarter, fueled by demand in automotive, F&B and logistics. Verticals are now prioritizing real-time visibility and safety. AI video, one of our fastest-growing modules, saw a 50% jump in pipeline, reflecting increased awareness and strong early results from recent deployments. Perhaps most notably, our cross-sell pipeline has doubled, signaling real traction in bundling Unity capabilities across existing accounts. We also added 38 new major enterprise opportunities to the Data Highway pipeline this quarter, a leading indicator that awareness is up, the value proposition is resonating and our go-to- market teams are executing. This is the early flywheel effect, and we've been building…