Douglas Davis, Interim CEO and Executive Chairman

Douglas Davis was appointed Interim CEO and Executive Chairman of VisionWave in December 2025. He has over 35 years of experience in technology and finance, having served as CEO for both public and private companies. Notably, he was the Chairman and CEO of Bannix Acquisition Corp (BNIX), a SPAC that facilitated VisionWave Holdings, Inc.'s listing on the NASDAQ Global Market through a de-SPAC and business combination. He is recognized as an expert in international business development, mergers and acquisitions (M&A), information technology (IT), artificial intelligence (AI), robotics, and supply chain. Mr. Davis holds an AB from Stanford and an MBA from UCLA.

Erik Klinger, Chief Financial Officer

Erik Klinger serves as the Chief Financial Officer for VisionWave. He is characterized as a growth-focused executive with significant experience in mergers and acquisitions, capital markets, and public company operations. Previously, he held the positions of CEO at CIMfinity and CFO at Gopher Protocol, where he demonstrated a strong track record in scaling technology ventures. He holds degrees from Dartmouth and an MBA from UCLA.

David Allon, Chief Operating Officer

David Allon was appointed Chief Operating Officer effective September 2, 2025.

Danny Rittman, Chief Technology Officer

Danny Rittman is the Chief Technology Officer. He is an experienced inventor with extensive expertise in artificial intelligence, chip design, and software engineering.

Elad Shoval, Chief Revenue Officer

Elad Shoval assumed the role of Chief Revenue Officer effective September 2, 2025.

VisionWave (symbol: VWAV) faces several key risks as an early-stage defense technology company focused on AI and autonomous solutions.

1. Lack of Revenue and Profitability: VisionWave is currently a pre-revenue company with ongoing operating losses, indicating it has yet to prove product-market fit or demonstrate the market viability of its offerings. This fundamental challenge raises questions about its long-term viability and its ability to achieve sustainable financial performance.
2. Dependence on Future Funding and Potential Shareholder Dilution: Given its lack of revenue and continued losses, VisionWave relies on external funding to finance its operations and development. While the company has secured some financing, future capital needs will likely necessitate further equity raises, which could lead to dilution for existing shareholders.
3. Negative Insider Sentiment and Stock Volatility: The company's stock has experienced volatility. Notably, there has been significant open-market selling by key executives over the past three months, with no corresponding insider buying activity. This negative insider sentiment can signal a lack of confidence in the company's future prospects by those with the most intimate knowledge of the business.

VisionWave (symbol: VWAV) operates in several key addressable markets globally, primarily within the defense technology, artificial intelligence (AI), autonomous systems, and advanced sensing sectors. The company's main products and services encompass AI-driven autonomous solutions, advanced radio-frequency (RF) sensing and imaging, high-resolution radar, and computational acceleration technologies for national security, defense, and critical infrastructure applications.

The estimated addressable market sizes for VisionWave's core product and service areas are as follows:

• AI in Military/Defense Market: The global artificial intelligence in military market was valued at approximately USD 18.75 billion in 2025 and is projected to reach USD 101.02 billion by 2034, exhibiting a compound annual growth rate (CAGR) of 20.7% from 2026 to 2034. Another projection indicates the global AI in defense market was valued at around USD 9.13 billion in 2025 and is expected to exceed USD 29 billion by 2035, with a CAGR of about 12.5%.
• Defense Autonomous Systems Market: The global defense autonomous vehicle market size was valued at USD 9.789 billion in 2024 and is estimated to grow at a CAGR of 26.9% from 2024 to 2030, reaching USD 43.72 billion by 2030. Separately, the autonomous military weapons and defense systems market was estimated at USD 12.3 billion in 2024 and is expected to reach USD 36.5 billion by 2033, with a CAGR of roughly 13.2%. The broader global defense robotics market is expected to cross USD 38.12 billion by 2033, growing at a CAGR of 7.69% from 2023 to 2033.
• Military Radar Market: The global military radar market was valued at USD 14.8 billion in 2024 and is projected to reach USD 25.1 billion by 2034, driven by a CAGR of 5.6% from 2025 to 2034. Other estimates indicate the market was valued at USD 17.5 billion in 2025 and is expected to reach USD 24.1 billion by 2034, at a CAGR of 3.48% from 2026-2034.
• Counter-Unmanned Aerial System (C-UAS) Market: The global counter-unmanned aerial system (C-UAS) market size was valued at USD 8.40 billion in 2025. It is projected to grow from USD 10.63 billion in 2026 to USD 69.67 billion by 2034, exhibiting a CAGR of 26.50% during the forecast period. The total addressable market for CUxS technologies was estimated at USD 63 billion in 2025.
• Military Sensors Market (including RF sensing): The global military sensors market size is calculated at USD 11.03 billion in 2025 and is projected to hit approximately USD 19.27 billion by 2034, growing at a CAGR of 6.40% from 2025 to 2034. Another source projects a market size of USD 21.10 billion in 2032 from USD 13.12 billion in 2024, with a CAGR of 6.12% during 2025-2032.
• Military & Defense Semiconductor Market (relevant to computational acceleration and AI infrastructure): The global military & defense semiconductor market was valued at USD 12.9 billion in 2025 and is expected to grow from USD 14.1 billion in 2026 to USD 36.6 billion by 2035, at a CAGR of 11.2%.

VisionWave (VWAV) is positioned for future revenue growth over the next 2-3 years, driven by its strategic focus on advanced defense technology, AI-driven autonomous systems, and expanding market reach. Key drivers include:

1. Commercialization of Advanced AI and RF Sensing Technologies: VisionWave is transitioning from research and development to commercialization, with strong revenue growth anticipated to begin in 2026. The company is actively focusing on deploying its proprietary Evolved Intelligence autonomous AI engine and Vision-RF radio-frequency imaging technologies, targeting the rapidly expanding defense AI market, which is projected to grow by $23 billion from 2024-2028.
2. Expansion into New Geographical and Commercial Markets: The company is actively expanding its operational footprint globally. Recent efforts include significant European expansion, particularly in Italy and Spain through its subsidiary Solar Drone Ltd., where it targets energy and infrastructure markets with drone-enabled services such as high-voltage insulator cleaning and power grid maintenance. Furthermore, VisionWave has active pilot programs with government partners in key regions including the United States, United Arab Emirates, Israel, and India, and is evaluating defense manufacturing partnerships in India.
3. Launch and Integration of Recently Acquired and Developed Products/Platforms: VisionWave's strategic acquisitions and internal developments are expected to fuel revenue. The acquisition of Solar Drone Ltd. in December 2025 provides autonomous aerial platforms with a universal Adaptation Kit and heavy-lift capabilities for industrial applications. Additionally, the acquisition of the QuantumSpeed™ computational acceleration engine in January 2026 is intended to enhance AI processing for products like the WaveStrike™ RF-enabled fire-control workflows and the ARGUS counter-UAS systems, enabling faster decision-making in defense scenarios.
4. Securing Defense Contracts with Governments and Allied Agencies: As a defense technology company, a primary driver of revenue growth will be securing significant contracts. VisionWave is actively pursuing defense contracts with U.S. agencies and allied governments. The company's integrated technology platform, combining autonomous systems, RF sensing, and AI infrastructure, positions it to address the growing global demand for advanced defense modernization and critical infrastructure protection solutions.
5. Strategic Partnerships and Joint Ventures: VisionWave's business model incorporates revenue generation through strategic alliances and joint ventures. The company is expanding its strategic technology partnerships and has engaged in active pilots with Tier-1 defense contractors. An agreement with a major creditor of C.M. Composite Materials to advance a planned acquisition also points to potential for expanded manufacturing capabilities and participation in global defense supply chains, further diversifying its revenue streams.

Share Issuance

• VisionWave Holdings, Inc. filed a prospectus supplement to register up to 10,200,000 shares of Common Stock for resale by a selling stockholder, to be issued under a Standby Equity Purchase Agreement.
• The company issued 250,000 shares, valued at $2,500,000, to acquire a 51% controlling interest in C.M. Composite Materials Ltd. on February 20, 2026.
• VisionWave issued common stock valued at approximately $2.74 million in exchange for an initial 19.99% ownership stake in SaverOne 2014 Ltd. under an Exchange Agreement dated January 26, 2026.

Inbound Investments

• VisionWave secured $20 million in senior loan financing with a 12-month maturity, a 0% interest rate (rising to 18% upon default), and a 15% original issue discount.
• The company has a Standby Equity Purchase Agreement with YA II PN, Ltd., which involves potential advances based on VWAP pricing.

Outbound Investments

• On February 20, 2026, VisionWave agreed to acquire a 51% controlling interest in C.M. Composite Materials Ltd. and committed to providing a secured loan facility of up to $5,000,000, with an initial advance of up to $1,500,000.
• VisionWave acquired an initial 19.99% ownership position in SaverOne 2014 Ltd. on March 5, 2026, as part of a strategic collaboration.
• Following the initial transaction, VisionWave increased its beneficial ownership in SaverOne Ltd. to approximately 21% through open-market purchases of American Depositary Shares.

Capital Expenditures

• Capital expenditures in the last 12 months totaled approximately -$50,381.
• The primary focus of future capital expenditures is expected to include the full platform launch for autonomous missions and the deployment of a full operational AI infrastructure platform, both targeted by the end of 2027.