• Fifth consecutive quarter of record revenue - approximately US$11.6 million
• Recurring revenue reached ~US$1.3 million, representing 11% of total revenue
• Continued advancement through DIU Project G.I. (DRM2) Phase 3a, selected to present at SOCOM's TE26-2 event

Elsight Limited (ASX: ELS), the carrier-agnostic, multi-path connectivity solutions company, reported its Quarterly Activity Report for the quarter ended 31 March 2026. The company achieved its fifth consecutive quarter of record revenue, generating approximately US$11.6 million (~A$16.8 million), a 12-fold increase over the prior corresponding period. Recurring revenue (software licenses, cloud services, connectivity subscriptions) reached ~US$1.3 million, representing 11% of total revenue and an 11-fold increase over the prior period. The company's cash position remained strong, with ~US$64 million at 31 March 2026. Elsight continued to execute on key contracts, delivering units under a US$21.2 million contract signed in December 2025 and the first Aura platform to a leading Defence Contractor. The company also secured its first commercial purchase order for CY2026 - US$460K from a U.S. public safety customer, as well as additional follow-on and new commercial orders across public safety, enterprise, and defence customers. In the U.S. defence market, Elsight continued to advance through DIU Project G.I. (DRM2) Phase 3a, the final fielding phase, and was selected to present at SOCOM's TE26-2 event, securing access to SOCOM's OTA contracting vehicle. The company also made progress on its new Stealth Initiative business unit, advancing to product proof-of-concept with active engagement with potential customers and design partners. Elsight is seeing strong structural demand for resilient connectivity and autonomy in uncrewed systems across both defence and commercial markets, driven by multi-year, multi-geography, and bipartisan commitments.

The company reported record quarterly revenue of approximately US$11.6 million (~A$16.8 million) for Q1 2026, a 12-fold increase over the prior corresponding period. Recurring revenue (software licenses, cloud services, connectivity subscriptions) reached ~US$1.3 million, representing 11% of total revenue and an 11-fold increase over the prior period.

Elsight is accelerating investments in sales, marketing, and customer engagement to convert its record opportunity pipeline into sustained multi-year expansion. The company is observing growing demand and traction in the U.S. Department of War market, with engagement cadence across both end-user government programs and OEM customers increasing materially during the quarter, reflecting the impact of the expanded U.S. go-to-market team. Management expects these elevated engagement levels to support revenue conversion in coming quarters.