Operator: Greetings, and welcome to the Datavault AI second quarter 2026 earnings results. At this time, all participants are in listen-only mode. A question and answer session will follow the formal presentation. You may be placed into question queue at any time by pressing star one on your telephone keypad. As a reminder, this conference is being recorded. If anyone should require operator assistance, please press star zero. It’s now my pleasure to turn the call over to Edward Barger, vice president, investor relations. Please go ahead, sir.

Edward Barger, Vice President, Investor Relations, Datavault AI: Thank you, operator. Good morning, and thank you all for joining us. My name is Ed Barger. I serve as vice president of investor relations. With me today is our chief executive officer, Nathaniel Bradley, and our chief financial officer, Brett Moyer. Before I turn the call over to our CEO, I would like to remind you that this conference call will include forward-looking statements within the meaning of U.S. SEC laws with respect to future operations, financial results, events, trends, and performance, which are based on management’s beliefs and assumptions as of today’s date. Forward-looking statements may involve known and unknown risks, uncertainties, and other factors which may cause actual results to differ materially from those expressed or implied by such statements. Please see Datavault’s second quarter press release and SEC filings for information regarding specific risks and uncertainties that could cause actual results to differ.

As required by law, Datavault AI undertakes no obligation to update such forward-looking statements. I will now pass the call over to our CEO, Nathaniel Bradley. Nate?

Nathaniel Bradley, Chief Executive Officer, Datavault AI: Thank you, Ed. Nathan Bradley here. Thank you everyone for joining today to go over our Q2 financial results. I’m happy to announce that we are today reiterating our $200 million target revenue for 2026. Brett will go in deeper into the financials, but I’m very excited about the progress that we’ve made with customers on both sides of our business. I am very confident in this number moving forward. Datavault has now created an artificial intelligence platform that lives within the Datavault QPN, our Quantum Private Network. Both divisions, our acoustic science and our data science divisions, will contribute to the $200 million in revenue for the year. I’d like to go into how the data sciences division will contribute.

We have a special contract with Available Infrastructure, and Available Infrastructure is in the process of building over 100 cities and 1,000 locations, America’s first AI supercompute network. This AI supercompute network is quantum ready. It is ready for the quantum leap. It is ready to control, contain, and repel cybersecurity attack. We have a system that allows for our customers to utilize our DataValue and DataScore in a method that allows us to value data the moment it is born, at the edge of the internet. This process has led us to become a key partner of Available Infrastructure. In fact, we have entered into Project Qestrel, a project that allows us to mint a coin for Available Infrastructure that allows them to meter and control the access to their systems. We believe that this system will generate over $10 billion in revenue upon completion.

We have already minted the first $1 billion in coins, and I am happy to announce that we have sold coins to a Fortune 500 company. Our Datavault AI AIP is second to none. It is the number one tokenomic IP stack in the business. It has international KYC capabilities from CLEAR. It has a team of developers from IBM and our own in Atlanta, Georgia, led by our CTO, Jeff Jones. We have a system that has now incorporated the technology of Fiserv. Fiserv will be fully integrated mid-September at the time in which we intend to launch our networks and our exchanges. We will be doing a comprehensive demo following the call. To access the demo, please go to the press release announcing this call. Our platform will, once exhibited, show you the ability that our customers possess to value, score, and exchange their data assets for cash.

We have created a number of very distinct marketed advantages within our platform, including our use of Fiserv for international clearing, CLEAR for KYC, and the Nasdaq Financial Infrastructure for trading. We have enhanced this platform drastically over the last few days through acquisition. We have acquired BankWyse, a bank that has a Wyoming State Bank charter as a special purpose depository institution. The bank, upon a regulatory approval of name change, will change its name to Data Vault Bank. We are going to use the tagline "Checking, savings, and data" to represent the mission of the bank, which is to create a third bank account for Americans where they can value, score, and monetize their data assets. From one button, extract all the data that we left in our wake in cloud-based systems, at our doctor’s offices, and all throughout our lives.

We are able to now collect, curate, and manage that data in digital form. We can now score it, value it, and monetize it, and we can do so for our businesses and for ourselves. BankWyse opens up a number of unique opportunities, but it is infused with human talent. Julie Fellows, the CEO, a very talented entrepreneur who has positioned BankWyse at the right place at the right time as digital assets become the key new commodity within businesses. We have also acquired CyberCatch. CyberCatch is a quantum-ready security system that allows for us to deliver for all of our clients the ability to catch and remediate cybersecurity attacks. The CyberCatch system is also infused with talent. Sai Huda, who took over as CEO and is one of the most talented cybersecurity professionals in our country.

He has a system that we have signed definitive agreement to purchase in an all-cash transaction that will close in our fourth quarter. In the meantime, CyberCatch software will be infused into Data Vault. Every Data Vault will have a CyberCatch capability, and that capability will allow our clients to keep safe their digital assets and repel cyber attacks from them. We have a number of unique exchanges that we are bringing to marketplace. These exchanges will offer utilities and systems and investments that have never been seen before. The Information Data Exchange allows our clients to monetize data systematically, scoring it for validity, scoring it for trustability. Having the ability to know the value and score of your data will become the standard. We have also the International Elements Exchange focused on RWA and rare earth and strategic minerals, well-aligned with our government initiative to create a strategic metal reserve.

We have a customer called Patriot Strategic Metals, and they are enabling us to participate in a large opportunity around rare earth and strategic metals. As our country creates the American Strategic Critical Minerals Reserve, Datavault AI is a catalyst, a system that allows for increased production and greater access to these metals that are sought after around the world. NYIAX, our advertising exchange, and the American Political Exchange will both be launched to provide new opportunities within those marketplaces. There are many compelling reasons why tokenomics is now and why real assets have become in vogue. There is over $18.9 trillion worth of RWA tokenomics going on right now, and Datavault AI is going to be a major player in that space, the global reference and the platform that makes it happen. I am also pleased to be able to describe to you a few key transactions in licensing.

In addition to those exchanges that we plan to run and own and operate, we have also licensed those in which reach very specific niche markets where we do not operate but have utility. Scilex has licensed our technology for the use of creation of a biotech exchange. DataMEDS has licensed the technology for the data monetization within the medical field. Vivasor has entered into a special licensing relationship with us where they will monetize medical images and quantum scans, which will become very valuable medical artifacts. The Vivasor opportunity also came with a balance sheet enhancement capability. We swapped 50 million shares of our stock for 50 million shares of Vivasor, and I am happy to announce that we have now been converted in that Vivasor trade into $150 million worth of Phoenix Asia Holdings stock.

This will provide a balance sheet enhancement, allowing our company to qualify for GENIUS Act compliance and allow for our exchanges to freely trade in a compliant way. That balance sheet, as we continue to build it, will allow us to trade more and more upon our exchanges in a compliant fashion. We have also received a number of foundational patents. We have over 100 in our possession that protect our invention and our products in both divisions. Our acoustics division has had a number of successes in this space. A big shout-out to Josh Paugh, who runs our intellectual property department. He has been exceptional at obtaining new patents for both our WiSA and our ADIO operations. These patents are now foundational to an industrial standard within the acoustics. We have our acoustic science division driven by intellectual property and capability that is world-renowned.

We have an ability to leverage this in the future. As we look at the two divisions, they are becoming so tightly connected and so synergistic that we are not compelled to spin out ADIO at the moment. We are going to keep both divisions working as two divisions working on one mission, which is the value creation for our shareholders. The regulatory tailwinds are at our back. The GENIUS Act is law. The CLARITY Act is pending in our U.S. Senate with expected passage in September or thereabout. Along that timeline, we will be launching our exchanges. In the middle of September, all exchanges will launch, our licensed exchanges will become active, and we will be able to clear a number of backlogged opportunities within our exchange and data sciences division. We have three core revenue streams in our data sciences division.

That is IP licensing, tokenization and services, and exchange revenue. At this point, I would like to turn over the call to Brett Moyer, who will dig deeper into the financial results of our second quarter and set the table for what comes next. Brett?

Brett Moyer, Chief Financial Officer, Datavault AI: Thank you, Nate. I appreciate the overview and the summary of all the terrific work the team has made in the last 90 days. Today, I would like to go through, briefly, some traditional financial metrics, but then drill into some key parts of our balance sheet and our business that we get asked a lot of questions about. If you look at the Q2 highlights, we will file the Q tonight. It will show $6.7 million of revenue in Q2, predominantly from the acoustics group. We did have additional licensing into the medical space with the data science side. During Q2, for those that have tracked us, we did raise $60 million. That was primarily used to fund the initial payment into the Available Infrastructure network structure that Nate talked about at the top, the Qestrel token, which is the foundation of the Qestrel token opportunity.

We additionally strengthened the balance sheet with two agreements with Scilex to both buy the Bitcoin for $50 million and to fund the Available Infrastructure network build-out for a rev share later on in the back, which would be non-dilutive. In addition, we announced this morning, which took a lot of work in Q2 and early Q3, we closed the NYIAX transaction. As Nate mentioned earlier, we signed definitive agreements with CyberCatch and BankWyse, which substantially, although do not show up in our revenue today that we are talking about, dramatically increase our ability for revenue in Q4 and 2027. To go into some greater detail, we have been reporting signed contracts for tokenization business, and let us go through what that means. In total, our signed contracts would like to issue $2.5 billion worth of tokens to fund their businesses. That represents $213 million worth of fees.

This is as of today. Those fees break out into two components. One is banking and licensing fees. Who raises the money, who does the licensing? That will be split, either taken entirely by us or split with partners that are doing the investment banking for our issuers. Additionally, there is $61 million of technology fees that go 100% to us, which is for those building models, 100% margin business. Where are we getting the traction? Traction is really broad-based. Traditionally, we talked about the mining and rare earth mineral aspect. That is 1.5. We have also signed agreements for real estate, tort law for legal settlements, music catalog royalties, and energy, which we have talked about in the past on Triton Global. In total, we got $2.5 billion worth of demand and signed contracts for funding through tokenization.

We have got $160 for licensing and banking fees and $61 million for technology, for a total of $213. For the balance sheet, we expect to end this quarter with about 1 billion shares outstanding. That is at 855 currently outstanding. We got 79 million approximately that will go out for NYIAX. Between BankWyse and the financing that we announced this morning, we will add approximately 45 or 50 million shares into the market. I think what is important about the acquisitions we have done and important for the investors to know, not only did it build out and round out our technology platform that nobody else has. We also think we have now concluded the majority of acquisition activity. Going forward, this 1 billion shares and the rapid growth in shares outstanding should abate, and we should start driving revenue in the second half of this year and 2027.

A lot of questions come in on the next topic in terms of liquidity, how are we financing this growth? We have talked about some of this during the call, but we have about $200 million worth of liquidity coming in this year around support from selling to BTC, receivables that we have previously reported for the licenses to Vivasor and Scilex. We have the $120 million rev share deal with Scilex for funding the SanQtum, which is non-dilutive. We have the financing that we closed this morning. With that, we think we can finish funding the available network rollout. We can fund the business and hit this growth phase in revenue that we are all projecting. With that, I would like to turn it over to Nate.

Nathaniel Bradley, Chief Executive Officer, Datavault AI: Thank you, Brett. Just to wrap things up today, I would like to just drive some points home. Our revenue momentum, when you look at our bookings and the demand for our services, we are clearly at the right place at the right time with the right product to execute. We have an infrastructure-first approach at Datavault AI. We really focused on quantum readiness, cybersecurity, and now the delivery of secure systems that allow for exchange. Our partnership ecosystem is second to none. We have a technology stack that includes multi-billion dollar partners and resources that allow our customers to enjoy the best-in-class digital asset platform. Our IP moat is, again, a very powerful tool for us to exclude others and to become the sole source of the products that we produce. We have a recognition as the tokenization leader.

We are the number one international reference for RWA and for rare earth tokenomics. Our balance sheet strength is one in which we are growing to become GENIUS Act compliant on our exchanges. We will continue to grow our balance sheet and produce results for our shareholders and stakeholders alike. We thank you again today for taking the time to learn about our company and appreciate you taking a look at our demonstration that is available from the press release that was issued earlier this morning about this call. Thank you very much.

Operator: Thank you. We will now be conducting a question and answer session. If you would like to be placed into question queue, please press star 1 on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star 2 if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing star 1. Our first question today is coming from Barry Sine from Litchfield Hills Research. Your line is now live.

Barry Sine, Analyst, Litchfield Hills Research: Hey, good morning, gentlemen, and congratulations. A lot of moving pieces today. I want to start by asking about the status of getting the exchanges up and running in terms of where do we stand with software development. I know you have a very strong CTO down in Atlanta. I think, Nate, you said that you were looking to go live around mid-September. I am not sure if that is contingent on the CLARITY Act or if you can use the workaround with Perpetual. If you could just give me an update on getting those exchanges, what still needs to be done, what is already done to get those exchanges up and running.

Nathaniel Bradley, Chief Executive Officer, Datavault AI: The great part about our position there, and thanks for the question, is that we have received over $5 million in investment from IBM. They recently tacked on a bit more in terms of their commitment in engineering with us. That team has been at work now for over a year. The process together has yielded platforms that are up and ready to go. There is one integration that we are completing with Fiserv, which is a catalyst for the entire launch. That is the ability to connect your debit account or your bank account directly to the Data Vault Bank and have seamless interactions between banking and the Data Vault Bank. Aside from that, all systems go.

We will version the technology, so things like CyberCatch, BankWyse, as it comes online, and other tools that we’re putting in place inside the Data Vaults, some of it with the inference layer being drastically improved with an acquisition that we made out of London, a company called Sileri, that we bought underlying AI technology from and have integrated into the Data Vault. The entire system really is not dependent on the CLARITY Act whatsoever. CLARITY Act will allow us to expand the amount of digital assets that we’re able to put onto our exchanges, and it gives us more flexibility and clarity with respect to how to handle complex transactions in tokens. Also manage that from a regulatory standpoint in a compliant modality. We’re very focused on GENIUS Act compliance. GENIUS Act actually enables our Information Data Exchange, our NIL exchange.

These are unhindered by any of the CLARITY Act legislation. CLARITY Act is really instrumental around our strategic metals and other properties that are going to be enhanced with the CLARITY Act passage. In addition, in terms of our timing, we’re focused on a licensing and a tokenization process that’s at the upfront first part of our system. These revenues are largely recognized as we license the technology and as we tokenize the assets. We have a number of deals that are underway with that, and our third quarter will be drastically impacted by that activity with respect to our ability to recognize revenue.

It is really the middle of September that we’re looking at having the Fiserv integration completed, at which point we’ll do a big announcement around each of the exchanges as we roll out by really sell-side inventories and buy-side relationships that we’ve worked hard to establish on both sides. Thank you.

Barry Sine, Analyst, Litchfield Hills Research: That’s really thorough. Similar question on the status of the network construction through Available. Are any of the nodes finished now? What’s the target for initial capability and completion? What do you need from them on that network to do what you just talked about in terms of getting the exchanges up and running?

Nathaniel Bradley, Chief Executive Officer, Datavault AI: Well, it’s, again, a good question. Available is having a great deal of success in their rollout. Their execution has been on time. We have Philadelphia, New York, Washington, D.C., Atlanta with a testing server that we’re able to stage and work on from Atlanta. That element will be in place by the end of the month in Atlanta. But the fully operational network for AI and Supercompute is up and running Philadelphia, New York, D.C. That is expanding on a daily basis. We’re in L.A. and over 30 sites are now under construction simultaneously through Available Networks. Our relationship there is one in which Available Networks provides all the funding, manufacturing, and development of the network. They’re building out each individual node on behalf of the partnership. Our role is tokenomics.

We have a system where we plug in through API to the Available system to meter and to manage the consumption of compute. The compute is incredible. PetaFLOPS of throughput is available to us already. We have also the relationship with IBM, which is getting us the highest quality hardware in place at these sites. We’ll be adding, of course, our CyberCatch software as well to that system. The process of selling the compute is already underway, and we’ve achieved sales already that we’ll be announcing here in the near future.

Barry Sine, Analyst, Litchfield Hills Research: That’s really thorough. Just to clarify, it sounds like with the nodes that are already done, you have what you need to go live with the exchanges you have targeted for completion with Fiserv. It sounds from a network perspective through Available, you have what you need already to go live and that everything to come is just adding more capacity. Is that correct?

Nathaniel Bradley, Chief Executive Officer, Datavault AI: That is correct. Adjacency to our customers. So as the sites roll out, municipalities, large Fortune 100s and 500s can access Available’s network adjacent to their facilities. So the nearness of our nodes to our customers allows for improved performance and security and other elements that we can bring to the table for our clients. So each rollout of a node will give us a hunting ground in those regions with respect to our highest level of clientele. All of these clients are interested in data monetization, digital assets, digital twins, all of those things turn on inside Available. So we have kind of a feast of revenue generative opportunities around each node that we erect. At the moment, the Philly Prime and New York backup have installed IBM watsonx technology.

We also have an AI agnostic system there where Anthropic and ChatGPT and others can be installed in these SanQtums to provide subordinate AI systems that are proprietary. We feel that that is a very strong value proposition and one that is being sought after corporately. We are focused on that. We are up and ready with our network. Our technology for our exchanges will be incredibly robust and is already up and running. We are making some final additions, as I mentioned, with Fiserv that will drastically enhance the banking architecture of our systems, allow things like debit cards and other things to be managed through our platform.

Barry Sine, Analyst, Litchfield Hills Research: Okay. Really, again, very thorough. Those are my questions. Thank you very much.

Nathaniel Bradley, Chief Executive Officer, Datavault AI: Thank you, Barry.

Operator: Thank you. As a reminder, that is star 1 to be placed in the question queue. Our next question is coming from Alfred Blakeley III from Money Channel NYC. Your line is now live.

Alfred Blakeley III, Analyst, Money Channel NYC: Hey, guys. How are you? Great quarter, great technology. Really looking forward to everything coming out in September. Most importantly, for the investors, I just wanted to see if you could reiterate how they can go see the demonstration of how the Data Vault works. Nathan, I think that would really enlighten people to dot-to-dot how this is going to be the best exchange in the world to use for all different types of digital and real-world assets. Can you just let everybody know about the demonstration and encourage them to go see that? Because it will really put together. Your demo is unbelievable, and it will put together of what this is all about.

Nathaniel Bradley, Chief Executive Officer, Datavault AI: Well, thank you. Yes. So there is a demonstration available if you go to dvlt.ai. You can access it directly from our homepage. It is a very prominent link on that page. And getting through our demonstrations, we have two posted today, one about Data Vault and another about our acoustic division, giving some clarity with respect to how the technologies work together, and the underlying technology capabilities are displayed. So hopefully that will allow people to engage. We obviously, from there, can take direct appointments for qualified participants to have a deeper dive demo based on their niche or market focus.

Alfred Blakeley III, Analyst, Money Channel NYC: Yeah. That is great. Thank you so much for that because people need to see to believe, so to speak. And when you see the Data Vault and its capabilities, and it is live for them, you will see that the company is extremely undervalued when you see what you guys have built already. People do not understand that you guys have been building behind the scenes, waiting for this launch, and doing all that work. It is already caught up to the line here, where when you launch, you will be all ready. You will have your quirks system down, and you guys have been testing this, correct?

Nathaniel Bradley, Chief Executive Officer, Datavault AI: Blockchain and AI systems are ones in which individuals ran out to market because of the incredible breakthrough of these technologies and what the utilities that they represent drive. So I would say to you that, yes, we have been working for years, both patenting and reducing to practice these inventions. The purpose is to unlock the power of data as a cost center and a liability generator that it is today to turn it into the incredible wealth generation that Bloomberg taught us. The ability to monetize data now in every company’s bailiwick because of Data Vault. The ability to understand assets, to score them, value them, and exchange them is something that we are well-positioned to provide and the reference in the space. So the commitment to quality, and you mentioned waiting, we did wait. We have been waiting for regulatory clarity. We are Americans.

We’re building an American exchange, the first of its kind in digital assets, and we’re really excited about the assets that we’re going to bring to the marketplace, because our customers have been so creative using our platform to create objects of interest and very valuable utilities around our systems. I appreciate the question.

Alfred Blakeley III, Analyst, Money Channel NYC: Thank you very much.

Nathaniel Bradley, Chief Executive Officer, Datavault AI: Thank you very much.

Alfred Blakeley III, Analyst, Money Channel NYC: This is the exchange that everybody can come to worldwide. This is the exchange that when other people make digital assets, they can bring them to you, correct?

Nathaniel Bradley, Chief Executive Officer, Datavault AI: That is right. Yes, absolutely. Our customers provide the content, we provide the mechanism. Our mechanism values, scores, allows them to see and experience their data, have data inference layer run by our Artificial Intelligence Platform that is increasing capabilities, including cybersecurity and data monetization.

Alfred Blakeley III, Analyst, Money Channel NYC: Thank you.

Nathaniel Bradley, Chief Executive Officer, Datavault AI: Thank you.

Operator: Thank you. Next question is coming from Peter Ruggieri from Craft Capital. Your line is now live.

Peter Ruggieri, Analyst, Craft Capital: Hi, good morning. You guys got a lot going on. I have a question. Where are you coming up with $94.5 million to buy this company you just announced the other day?

Nathaniel Bradley, Chief Executive Officer, Datavault AI: Thank you for the question. The announcement was regarding CyberCatch and-

Peter Ruggieri, Analyst, Craft Capital: Right

Nathaniel Bradley, Chief Executive Officer, Datavault AI: a $94 million acquisition. The cash is actually, well, four to fivefold in terms of how we get there. We have announced Qestrel. That coin has already minted $1 billion in access to the available networks. Our deal there is 50/50 with respect to the revenue split. So $1 billion in coins would generate $500 million in revenue for Datavault AI. That is-

Peter Ruggieri, Analyst, Craft Capital: Over time.

Nathaniel Bradley, Chief Executive Officer, Datavault AI: Over time. That is cash with respect to our collections there. So that is one source. You can also see that the arrangements that we have around $150 million from Scilex. We also have a receivable of about $190 million around our collection of licensing cash. That, coupled with the Helmex deal that we have announced, where we get further access to balance sheet enhancement and capital, and a number of other transactions that we have lined up. One that we have announced already called Patriot Strategic Metals. PSM is a well-positioned organization with government contacts and contracting into the Office of Strategic Capital of our U.S. government. This is related to the acquisition of Strategic Metals. It ties into our contracts with American Strategic Minerals out of Nevada. We have a number of other contracts, California, Arizona, and other mines coming online with respect to that program.

That program is cash accretive to our company. We have announced $700 million in that initiative at the first throw. The total first project is $3.2 billion and is related to American Strategic Minerals and the use cases around tokenomics for the purpose of real-world asset monetization and rare earth monetization. So those are the primary sources. Thank you.

Peter Ruggieri, Analyst, Craft Capital: Okay. Another question, if you do not mind. So you said after the first quarter call, the majority of the revenue is going to hit the second half of the year. So being that we are in the third quarter right now, should we see a very big jump in revenue to hit this $200 million? Is it going to fall more in the third quarter, or will it hit the fourth quarter? I am trying to get an idea of how to gauge it.

Brett Moyer, Chief Financial Officer, Datavault AI: Listen, Peter, this is Brett. We did say we are reaffirming guidance for $200 million. We said the exchanges will go live mid-September. That obviously implies a bump up in Q3, but a very significant bump in Q4.

Peter Ruggieri, Analyst, Craft Capital: Okay.

Nathaniel Bradley, Chief Executive Officer, Datavault AI: We have a number of projects that you will see us announce in Q3, and revenue recognition is something that is obviously subject to audit and to the regulatory overview of the company’s book of business. We are getting very good at understanding tokenomics. It is new to our auditors, it is new to the SEC, it is new in many aspects, and there is the challenge. It is really a legal and regulatory challenge around our token exchanges, and we are being extremely careful to get the proper experts and the proper thumbs up from regulators with respect to these assets and how they are being brought to market. We are being very careful with respect to that. We are also being conservative in the way that we are approaching it. The key to our third quarter and fourth quarter revenues will be manifest in a number of announcements you will see from us this quarter.

This quarter will reveal, even on the acoustic side, I mentioned the standards body approach we are taking there, and we have a number of other unique revenue streams coming from that side of our business on events and others that you will see that are tied to dates on the calendar and events that we deliver. There is a very specific revenue recognition process that has been identified around that to ensure that we are able to recognize $200 million or more this year.

Peter Ruggieri, Analyst, Craft Capital: Yeah. Just to go, a couple more quarters back, you made a comment that you would do, I believe it was north of $400 million or $500 million in revenue for next year. You still feel comfortable with that?

Brett Moyer, Chief Financial Officer, Datavault AI: Peter, we have given the guidance for 2026. We have not given official guidance for 2027. Nate has his aspirations, and that is where we stand.

Peter Ruggieri, Analyst, Craft Capital: Okay.

Brett Moyer, Chief Financial Officer, Datavault AI: We have full year guidance for this year. We do not have quarterly guidance. When we are ready to announce 2027, we will do so. In the meantime, you got an exciting back half of the year coming, given all the acquisitions we put together, the balance sheet strengthening that we did. With that, we are going to give one more person who has patiently sat in the queue for the entire call the opportunity to ask a question, and then we got to sign off.

Operator: Certainly, our next question is coming from Lee Allen, a private investor. Your line is now live.

Lee Allen, Private Investor: Yeah, great. Thank you for the information and taking the call. I, as an individual investor with a six-figure account worth of shares with you guys, am just inquiring about the initial email that came out early this year in terms of the delisting threat of the stock language below $1. Also, with respect to Available Infrastructure, it is really exciting what you guys have going on with them, but are we the only tenant for them to use their networks, or are other companies working out the same arrangement that you guys are with them? It just will be one of a few people who are using their networks. Thanks.

Nathaniel Bradley, Chief Executive Officer, Datavault AI: Thank you. I will take the last one first, just because it is easy. We are exclusive partners of Available Infrastructure. We have an extremely special position with them, in terms of managing the tip of the spear. The way that they sell their product is through our tokens, and those tokens are sold at a 50/50 split. A very special relationship that is exclusive to us with respect to that work that we are doing around Project Qestrel. I would also want to address, first of all, the amount of commitment that you have made to the company to have such a large portfolio of our stock. It is quite an honor. I would like to point out the institutional buying. As our company has focused around creating an incredibly powerful stock for our company, we have also resisted the temptation to reverse split the stock.

It’s something that has been talked about quite a bit out there. We will not split our stock, and the reason why is that this is not the moment to do that. We have a number of key investments that we’ve made that are coming to fruition, and our focus is around bringing in the revenues around that. The regulatory environment in which we operate does have the requirement of trading, obviously, above a dollar. We believe we’re incredibly undervalued right now, and we want our shareholders to be able to see the results that we are going to present in our Q filings. The Q and the K that remain for this year will be illustrative of why we’ve done what we’ve done.

I think it’s very important for that results to hit the tape for our public to really understand what we’re performing here at Datavault AI, which is creating a platform in Web3 that provides more and more capabilities. I think if you look at the shift from retail to institutional investors, you can see that the very learned investors that are part of funds and higher-level groups that can endorse our company by buying our stock, we’re qualifying for this. Available Infrastructure works with some of the biggest companies in the world. Our technology is foundational to that work.

We’ve been able to get introduced to some of the highest-level corporations in America, and we’re going to be able to show that by them adopting our technologies and using our technologies to create wealth for their investors, for their companies, and as a result, ours, that those results will speak for themselves. We’re resisting the idea that we need to reverse split our stock to stay up. We would like for investors to have the opportunity to own our shares wholly. We are going to post our results and get that done. In terms of the timing and requirement, we have an automatic shareholder equity exemption to stay traded on the Nasdaq through February without the need for a reverse split.

My position as CEO is to not reverse split, but to post results and revenues to hit our guidance for this year and see where we are at the end of this year with respect to our stock price, which I believe will be much, much higher.

Lee Allen, Private Investor: Well, thank you so much for that, Nate. I appreciate it. I tell everybody, Nate Bradley is my retirement plan, so I am counting on you.

Nathaniel Bradley, Chief Executive Officer, Datavault AI: Oh, man, that means a lot to me, and I will not let you down. I really appreciate that very much.

Brett Moyer, Chief Financial Officer, Datavault AI: Okay, next question.

Operator: Our final question today is coming from Alan Gornstein from JPMorgan. Your line is now live.

Alan Gornstein, Private Investor: Hi. I am just calling as a private investor having nothing to do with the company, and I was hoping to get an update on Helmex.

Brett Moyer, Chief Financial Officer, Datavault AI: We have partially funded the $25 million that we owe in the first tranche. We are actively discussing when we fund the remaining $20 million and when we go live. As you know, it is a European firm. July and August are a little sacrosanct in terms of holidays in Europe, as well as we were busy with these 3 acquisitions. We will be actively working on that later this quarter.

Nathaniel Bradley, Chief Executive Officer, Datavault AI: One exciting aspect of that relationship is the amount of business opportunity and pipeline and introduction. We are looking at that as well.

Operator: Thank you. We have reached the end of our question and answer session. I would like to turn the floor back over for any further closing comments.

Nathaniel Bradley, Chief Executive Officer, Datavault AI: Thank you everyone for the interest in our company. Thanks for participating in our quarterly call. We are very excited about our results and look forward to the next steps with everyone. Thank you very much.

Operator: Thank you. That does conclude today’s teleconference. You may disconnect your line at this time, and have a wonderful day. We thank you for your participation today.