AIRO

Leadership has relevant aerospace, defense and capital markets experience: Executive Chairman Dr. Chirinjeev Kathuria, CEO Captain Joe Burns, and CFO Dr. Mariya Pylypiv lead the platform. Execution improved in Q2 2026 and the organization secured U.S. Blue UAS clearance and AS9100D at Phoenix.

Offsetting these positives, we discount for the related-party Sky-Watch EBITDA incentive and for still-evolving public-company processes given the variability in results post-IPO. Alignment is reasonable but not exemplary for our quality threshold.