Mgmt Mtg Takes: Seeing Production Ramp + Growth + M&A Optionality More Clearly

研报英文原文证据摘录

Mgmt Mtg Takes: Seeing Production Ramp + Growth + M&A Optionality More Clearly

Israel | Aerospace & Defense Electronics

NextVision EquityJulyResearch14, 2026

COMPANY UPDATEMgmt Mtg Takes: Seeing Production Ramp +

RATING BUYGrowth + M&A Optionality More Clearly

PRICE ILS230.00^

We met w/ NextVision Chairman & Co-Founder Chen Golan. Key takes:

1) Confident in $315MM 2026E rev target (+86% y-o-y) given backlog and PRICE TARGET | % TO PT ILS380.00 | +65%

production ramp (3,000/mo going to 5,000/mo by YE from 1,500/mo in Jan), 52W HIGH-LOW ILS409.40 - ILS118.10

2) Breadth of customer conversations across geographies and use cases FLOAT (%) | ADV MM (USD) 75.7% | 62.07

supports optimism on growth momentum continuing into 2027/28, 3) Ample MARKET CAP ILS21.6B | ILS21.6B

dry powder for M&A to add new drone capabilities/extend into adjacent market TICKER NXSN IT ^Prior trading day's closing price unless otherwise

segments. noted.

Production Ramp to 5k / month On Track: Management was confident its production ramp to FY (Dec) CHANGE TO JEFe JEF vs CONS

5,000/mo by YE from 3,000/month today and 1,500/month at YE2025. It sees lead times gradually 2026 2027 2026 2027

moving back to 5 weeks from current 12-14 weeks as a result. It is also in the early stages of starting REV NA NA +14% +10%

assembly in Europe to ease local content constraints for customers, and could envision similar

EPS NA NA +11% +10%

assembly (low capex) in the U.S. and India in the future.

Confident in Market Demand to Meet 2026 Targets and Momentum Persisting Into 2027/28. 2026 ($) Q1A Q2 Q3 Q4 FY

Management expressed confidence in the FY26 revenue target of $315MM (+86% y-o-y), with EPS 0.40 0.42 0.46 0.55 1.83

momentum continuing into 2027/28. Regional demand remains broad-based, across Europe, US, PREV