Dear Shareholder,  

As global markets accelerate toward Beyond Visual Line of Sight (BVLOS) operations and autonomous systems, Elsight stands at the center of this transformation, powering the critical connectivity that makes it possible. With growing regulatory clarity, rising commercial demand, and expanding partnerships across defense, logistics, and public safety, Elsight’s Halo platform is uniquely positioned to capture value in a rapidly scaling market. This month’s updates highlight the company’s progress in technology leadership, new regulatory framework from the FAA, and strategic visibility, underscoring a compelling growth story built on reliable, secure, and scalable connectivity.

Hope you enjoy. 

Best regards,

IR Team 
Elsight (ASX:ELS) 

The Invisible Backbone: Why Elsight's  Connectivity Powers the Future of BVLOS Operations

Elsight’s innovative communication solution underpins the next wave of beyond-visual-line-of-sight (BVLOS) unmanned operations. The Halo system builds a resilient data backbone by aggregating multiple simultaneous links (LTE/5G, satellite and RF) rather than relying on sequential failover, thereby delivering higher bandwidth, stronger reliability and enhanced security. The piece highlights its significance across use cases from delivery logistics and infrastructure inspection to defence ISR and first responder scenarios, positioning connectivity as the mission-critical enabler that often goes unseen.

Bell Potter's Take on Elsight: A Top Tech Stock Pick

Discover why Bell Potter is bullish on Elsight Limited (ASX:ELS), an up-and-coming technology stock in the drone space. With a buy recommendation and a $1.90 price target, Bell Potter sees significant upside potential. Learn about Elsight's market-leading unmanned system communication module, its strong margins, and the potential for over 50% growth in the next 12 months. This video explores the investment opportunity and the company's innovative technology in the context of the growing drone market. Stay tuned for insights into this exciting tech stock!

At the ASX Gems Conference
Hosted by The Stock Network

At the ASX Gems Conference hosted by The Stock Network under the theme “Shaping Australia’s Defence Future”, Yoav Amitai, CEO of Elsight, provided a focused presentation on how the company is positioning itself at the nexus of connected unmanned systems and modern defence communications. He highlighted the company’s Halo connectivity platform as a key enabler for scaling Beyond-Visual-Line-of-Sight (BVLOS) drone operations, emphasizing its ability to bond multiple communication links to ensure seamless command-and-control, video and data transmission across contested or degraded environments. He also reviewed Elsight’s recent first-half results and outlined product milestones ahead, positioning the business as a technology leader in drone connectivity with a clear path to monetisation and operational scale. 

From Police to Private Sector: Flock Safety Launches Drone-as-Security Platform

And now something from one of our largest public safety UAV manufacturer customers, Flock Safety...Introducing the Flock Aerodome. Flock Safety, a leading developer of drones as first responder (DFR) programs and other security technology for law enforcement rolled out a technological solution to meet the security needs of non-law enforcement customers. The Aerodome was launched at the U.S. largest law enforcement event, The International Association of Chiefs of Police (IACP) last month to a welcoming audience. 

Powering Reliable Connectivity for the Autonomous Future

 "Full Tech Ahead with Amanda" Podcast with Host, Amanda Razani

Elsight was approached by "Full Tech Ahead" podcaster, Amanda Razani, for Yoav's perspective on the growing UAV industry. Here are some highlights:  

• With the regulatory push and commercial momentum for BVLOS drone operations, connectivity is a critical bottleneck and Elsight addresses this bottleneck directly, positioning it in a scaling addressable market.

• Because reliability and security of data links are mission-critical (in safety, defence, remote inspection) the value-proposition allows premium pricing and differentiation.

• Elsight's scalable growth via partnerships with drone OEMs, defence integrators, a first-mover of multilink spectrum-aware technology, the company has carved a nice niche-lead of positioning in unmanned connectivity.

What Can We Expect the new U.S. FAA Part 108 Regulatory Framework to Bring to Elsight 

The U.S. FAA Part 108 is a proposed rule for establishing a regulatory framework for routine Beyond Visual Line of Sight (BVLOS) drone operations. It aims to replace the current waiver system with a more scalable, nationwide approach to allow commercial drone flights that are not continuously visible to the operator.

For Elsight and our shareholders, FAA Part 108 is highly relevant. Here are a few key reasons:

Broader Market Opportunity: Part 108 is designed to support routine BVLOS operations rather than just special waivers. That significantly enlarges the addressable market (inspections, delivery, agriculture, infrastructure). With more operators flying more missions, the demand for resilient, redundant communications such as Elsight's Halo increases.

Emphasis on Communications, Airworthiness & Services: For Elsight, this means that being embedded early in the compliance chain creates a competitive advantage and barrier to entry.

Platform for Technological Differentiation: Since Part 108 calls for performance-based standards (not just “fly-this-way”), companies like Elsight which offer superior link reliability, multi-SIM bonding, low latency and high throughput stand to win. The transition from bespoke waivers to rule-based pathways means scaling becomes more viable and recurring revenue models more realistic.

Competitive Positioning and “Lock-in” Potential: As Elsight is positioned as a preferred connectivity provider for UAS operations under Part 108, this early mover advantage plus embedded contract relationships could lead to long-term revenue streams. With many operators needing to update systems for compliance, switching costs become a friction point for new entrants.