Duke Robotics (NASDAQ: DUKR) details Q1 loss and $9.2M capital raise
Rhea-AI Filing Summary
Duke Robotics Corp. reported first quarter 2026 results showing no revenue and a net loss of $921,000, compared with a $279,000 loss a year earlier. Loss per share was $0.41 versus $0.13, reflecting higher operating and financing expenses.
Cash, cash equivalents and restricted cash totaled $510,000 as of March 31, 2026, with total assets of $1.1 million and a stockholders’ deficit of $573,000. Subsequent to quarter end, the company completed an underwritten public offering for gross proceeds of approximately $9.2 million, which it believes, together with expected receipts from existing agreements, can fund operations well into the second half of 2027.
Operationally, Duke highlighted expansion of its Israel Electric Corporation insulator-cleaning drone contract, expected to generate over $1 million in 2026 revenue, and the launch of its AEROTRACE AI-powered aerial intelligence platform. The company also continues advancing its Bird of Prey defense drone collaboration with Elbit Systems and progressing grid-inspection initiatives, including a pending commercial push in Greece.
Positive
- Completed an underwritten public offering for gross proceeds of approximately $9.2 million after quarter end, which the company believes, together with projected receipts, can fund operations well into the second half of 2027.
- Expanded its commercial relationship with Israel Electric Corporation via a new purchase order expected to generate over $1 million of 2026 revenue, while launching the AEROTRACE AI-powered aerial intelligence platform.
Negative
- Reported zero revenue for Q1 2026 and a net loss of $921,000, more than triple the prior-year loss of $279,000, with loss per share widening to $0.41.
- Balance sheet at March 31, 2026 showed total liabilities of $1.69 million and a stockholders’ deficit of $573,000, including a sizable $708,000 stock purchase warrants liability.
Insights
$9.2M raise reshapes liquidity, but business remains pre-revenue and loss-making.
Duke Robotics ended Q1 2026 with no revenue and a net loss of $921,000, while balance sheet data show a stockholders’ deficit of $573,000. Before the capital raise, cash and restricted cash were only $510,000, underscoring tight liquidity.
The underwritten public offering for gross proceeds of about $9.2 million, completed in May 2026 alongside a Nasdaq uplisting, is therefore significant relative to the company’s $1.1 million in assets at quarter end. Management states this cash, plus projected receipts, should support operations well into the second half of 2027, reducing near-term financing pressure.
Strategically, the expanded Israel Electric Corporation purchase order, expected to generate over $1 million in 2026 revenue, and the launch of the AEROTRACE platform provide early commercial anchors for both utility and defense offerings. Actual impact will depend on converting these opportunities into recurring revenue, as the quarter still showed zero revenue and growing losses.
8-K Event Classification
Key Figures
Key Terms
underwritten public offering financial
stock purchase warrants liability financial
reverse stock split financial
forward-looking statements regulatory
Regulation FD Disclosure regulatory
Nasdaq Capital Market financial
Earnings Snapshot
The company stated it believes its cash resources after the $9.2 million offering, together with projected receipts from existing agreements, are sufficient to support operations well into the second half of 2027.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
On May 20, 2026, DUKE Robotics Corp. (the “Company”) issued a press release providing selected financial information for the three months ended March 31, 2026. A copy of the press release is attached as Exhibit 99.1 hereto and is incorporated by reference into this Item 2.02 in its entirety.
Item 7.01 Regulation FD Disclosure.
On May 20, 2026, the Company posted to its website an investor presentation, a copy of which is attached hereto as Exhibit 99.2.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
| Exhibit No. | Description | |
| 99.1 | Press release dated May 20, 2026 | |
| 99.2 | Investor Presentation dated May 20, 2026. (Furnished herewith.) | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| DUKE ROBOTICS CORP. | ||
| Date: May 20, 2026 | By: | /s/ Yossef Balucka |
| Yossef Balucka | ||
| Chief Executive Officer | ||
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Exhibit 99.1
Duke Robotics Reports First Quarter 2026 Financial Results and Provides Business Update
Expansion of Israel Electric Corporation IC Drone Contract Expected to Generate Over $1 Million in 2026 Revenue
Launch of AEROTRACE™ AI-Powered Aerial Intelligence Platform; Bird of Prey Defense Drone Collaboration with Elbit Continues to Advance as Global Defense Spending on Drone Tech Rises
Subsequent to Quarter End, Company Completed Approximately $9.2 Million Underwritten Public Offering and Uplisting on the Nasdaq Capital Market
FT. LAUDERDALE, FL, May 20, 2026 — Duke Robotics Corp. (Nasdaq: DUKR; DUKRW) (“Duke Robotics” or the “Company”), a leader in advanced robotics and drone-based solutions for civilian and defense markets, today reported financial results for the first quarter ended March 31, 2026, and provided a corporate update.
Yossef Balucka, Chief Executive Officer of Duke Robotics, commented: “The first quarter of 2026 positioned Duke Robotics at what we believe is a clear inflection point for the Company. We now have three commercially validated platforms: our Insulator Cleaning (“IC”) Drone service for high-voltage utility insulators, our AEROTRACE™ AI-powered aerial intelligence solution, and the Bird of Prey stabilized weapons drone system, marketed by Elbit Systems Land Ltd. (“Elbit”). During the quarter we expanded our commercial relationship with the Israel Electric Corporation (“IEC”), with a new purchase order which is expected to generate over a million U.S. dollars of revenue for Duke Robotics during 2026. Subsequent to the end of the quarter, we completed our underwritten public offering and uplisted to the Nasdaq Capital Market, which we believe provides the Company with the capital base required to accelerate our business plan.”
Recent Business Highlights
| ● | Launch of AEROTRACE™: AI-Powered Aerial Intelligence Platform. In February 2026, the Company launched AEROTRACE, an AI-powered aerial monitoring and intelligence solution for infrastructure operators. AEROTRACE is designed to support utilities and industrial operators in identifying asset conditions, prioritizing maintenance activities, and improving decision-making. The Company believes AEROTRACE represents a potentially low-friction commercial entry point with utility customers; it can be sold independently of the IC Drone system or together with it, and is designed to support a shift in utility maintenance practices from reactive to proactive, condition-based servicing. AEROTRACE is intended to generate a recurring, software-style revenue stream that the Company believes can complement its IC Drone service business. |
| ● | Expansion of IEC Contract: Expected to Generate Over $1 Million in Revenue During 2026. In March 2026, the Company received a new purchase order from the IEC, Israel’s governmental and largest electricity supplier, expanding the scope of the IC Drone services provided by the Company for the cleaning and maintenance of high-voltage transmission infrastructure. The new order extends the existing agreement and increases the scale of services performed using the Company’s IC Drone system. The purchase order is expected to generate revenue of over a million U.S. dollars for Duke Robotics during 2026, representing an increase compared to the Company’s previous service activity with IEC. |
| ● | Greek Market. In January 2026, Duke Robotics, through its wholly owned Greek subsidiary Duke Robotics Hellas, received operational authorization from the Hellenic Civil Aviation Authority for IC Drone operations in Greece. |
| ● | Strategic Financing and Subsequent Uplisting to Nasdaq. Subsequent to the end of the quarter, the Company completed an underwritten public offering for gross proceeds of approximately $9.2 million and listed its common stock and warrants on the Nasdaq Capital Market under the symbols “DUKR” and “DUKRW.” The Company believes the financing provides significant funding to execute on commercial opportunities and accelerate its business plan with respect to both its civilian and defense business lines. |
| ● | Defense Segment: Bird of Prey Battle-Tested and Active Co-Marketing with Elbit. Through its collaboration with Elbit, the Bird of Prey stabilized weapons drone system has been confirmed in operational use by the Israel Defense Forces, with the system featured in August 2025 in an Israeli in-depth news report on advanced weaponized drone combat capabilities. The Company believes the confirmed operational deployment by the IDF provides important market validation in defense markets and positions the Bird of Prey for further international interest. The Company has previously reported initial royalty revenues from sales of the Bird of Prey system. The Company has active business development efforts across several geographies in coordination with Elbit under the parties’ co-marketing arrangement, against a backdrop of accelerating global interest in drone-based combat systems amid recent conflicts in the Middle East and Ukraine. |
| ● | U.S. Market Readiness Activities. As previously disclosed in December 2025, Duke Robotics is working to identify and evaluate NDAA-compliant drone systems and certified U.S. drone operators as potential platforms for its IC Drone technology. |
Financial results for three months ended March 31, 2026
| ● | Revenues: The Company did not record revenues for the three months ended March 31, 2026, consistent with the same period in 2025, reflecting the seasonal nature of the IC Drone service for the IEC, the cleaning season for which typically commences in the second quarter of each year. Cost of revenues for the period was $33,000, compared to $8,000 for the same period in 2025, primarily reflecting infrastructure and operational readiness costs in advance of the 2026 cleaning season. |
| ● | Research and development (R&D) expenses were $29,000 for the three months ended March 31, 2026, compared to $22,000 for the same period in 2025. |
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| ● | General and administrative (G&A) expenses were $451,000 for the three months ended March 31, 2026, compared to $258,000 for the same period in 2025. The increase primarily reflects higher share-based compensation associated with stock option grants made during the quarter, increased professional fees related to the Company’s uplisting preparation, and increased personnel-related costs supporting the Company’s growth initiatives. |
| ● | Operating loss was $513,000 for the three months ended March 31, 2026, compared to an operating loss of $288,000 for the same period in 2025. |
| ● | Financing expenses, net, were $408,000 for the three months ended March 31, 2026, compared to financing income, net, of $9,000 for the same period in 2025, primarily reflecting non-cash changes in the fair value of the Company’s warrant liability. |
| ● | Net loss for the three months ended March 31, 2026, was $921,000, or $(0.41) per share, compared to a net loss of $279,000, or $(0.13) per share, for the same period in 2025. Per share amounts have been retroactively adjusted to reflect the 25-for-1 reverse stock split effected on March 6, 2026. |
Balance Sheet Highlights
Cash and cash equivalents and restricted cash were $510,000 as of March 31, 2026, compared to $750,000 as of December 31, 2025. As of March 31, 2026, trade receivables totaled $16,000. Subsequent to quarter end, on May 18, 2026, the Company completed an underwritten public offering for gross proceeds of approximately $9.2 million. Following the offering, the Company believes its cash resources, together with projected receipts from existing commercial agreements, are sufficient to support operations well into the second half of 2027.
Updated Corporate Presentation
The Company has posted an updated corporate presentation, which is available in the Investors section of its website at https://dukeroboticsys.com/investors.
About Duke Robotics
Duke Robotics Corp. (Nasdaq: DUKR; DUKRW) develops advanced stabilization and autonomous robotic drone systems for both civilian and defense markets. The Company’s Insulator Cleaning Drone (IC Drone) is a first-of-its-kind, drone-enabled system for cleaning and monitoring high-voltage electric utility insulators. Leveraging Duke’s technologies, the IC Drone provides a safer, more efficient, and cost-effective alternative method. AEROTRACE™ is the Company’s AI-powered aerial monitoring and intelligence platform for infrastructure operators, designed to deliver actionable insights for asset assessment and proactive maintenance. In defense, through a collaboration agreement with Elbit Systems Land Ltd. (“Elbit”), the Bird of Prey weapons drone system is an agile, fully stabilized remote weapon system designed for non-line-of-sight and stand-off engagements, marketed by Elbit under the brand name Bird of Prey (formerly known as TIKAD). For additional Company information, please visit https://dukeroboticsys.com and follow us on Twitter (X) and LinkedIn.
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Forward-Looking Statements
This press release contains forward-looking statements. Words such as “future” and similar expressions, or future or conditional verbs such as “will,” are intended to identify such forward-looking statements. Forward-looking statements are made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and are based on our beliefs, assumptions, and information currently available to us. For example, we are using forward-looking statements when we discuss the anticipated benefits of the Company’s recently completed underwritten public offering and listing on the Nasdaq Capital Market; the use of net proceeds from the offering and the sufficiency of the Company’s cash resources to support operations well into the second half of 2027; the anticipated revenue from the expanded purchase order received from the IEC expected during 2026; the potential for further expansion of services with the IEC and the Company’s belief regarding the share of Israel’s high-voltage insulators covered by the expanded scope; the anticipated commercial deployment and revenue model of AEROTRACE™, including its potential as a recurring software-style revenue stream and its potential to support a shift from reactive to proactive maintenance; and the Company’s belief that 2026 represents a potential commercial inflection point. Our actual results may differ materially from those expressed or implied due to known or unknown risks and uncertainties. These include, but are not limited to, risks related to the successful market adoption of our technologies, the continued development and refinement of our technology, our ability to effectively collaborate with Elbit Systems, fluctuations in foreign currency exchange rates, operational challenges associated with marketing activities in new markets, economic conditions that may affect defense spending and infrastructure investment, geopolitical factors that could impact business operations, regulatory challenges in various regions, and competition from technological advances. For additional information on these and other risks and uncertainties, please see our filings with the Securities and Exchange Commission, including the discussion under “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, and any subsequent filings with the Securities and Exchange Commission. We undertake no obligation to update any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law.
Company Contact:
Duke Robotics Corp.
Yossef Balucka, CEO
invest@dukeroboticsys.com
Investor Relations Contact:
Arx Investor Relations
North American Equities Desk
duke@arxhq.com
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DUKE ROBOTICS CORP.
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
(USD in thousands, except share and per share data)
| March 31, | December 31, | |||||||
| 2026 | 2025 | |||||||
| Assets | ||||||||
| Current Assets | ||||||||
| Cash and cash equivalents | $ | 475 | $ | 750 | ||||
| Restricted cash | 35 | — | ||||||
| Trade receivables | 16 | 41 | ||||||
| Other current assets | 287 | 116 | ||||||
| Total current assets | 813 | 907 | ||||||
| Operating lease right-of-use asset and lease deposit | 114 | 127 | ||||||
| Property and equipment, net | 190 | 215 | ||||||
| Total assets | $ | 1,117 | $ | 1,249 | ||||
| Liabilities and Shareholders’ Equity | ||||||||
| Current Liabilities | ||||||||
| Accounts payable | $ | 206 | $ | 129 | ||||
| Operating lease liability | 73 | 72 | ||||||
| Other liabilities | 324 | 366 | ||||||
| Stock purchase warrants liability | 708 | 189 | ||||||
| Total current liabilities | 1,311 | 756 | ||||||
| Related parties loans | 332 | 330 | ||||||
| Operating lease liability | 47 | 63 | ||||||
| Total liabilities | 1,690 | 1,149 | ||||||
| Stockholders’ Equity | ||||||||
| Common stock, $0.0001 par value; 350,000,000 shares authorized; 2,260,383 and 2,177,045 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively | * | * | ||||||
| Additional paid-in capital | 16,693 | 12,505 | ||||||
| Foreign currency translation adjustments | (1 | ) | (2 | ) | ||||
| Accumulated deficit | (17,265 | ) | (12,403 | ) | ||||
| Total stockholders’ equity (deficit) | (573 | ) | 100 | |||||
| Total liabilities and stockholders’ equity | $ | 1,117 | $ | 1,249 | ||||
| (*) | Represents an amount less than $1 thousand. |
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DUKE ROBOTICS CORP.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE
LOSS
(UNAUDITED)
(USD in thousands, except share and per share data)
| Three months ended March 31, | ||||||||
| 2026 | 2025 | |||||||
| Revenues | $ | — | $ | — | ||||
| Cost of revenues | (33 | ) | (8 | ) | ||||
| Gross loss | (33 | ) | (8 | ) | ||||
| Research and development expenses | (29 | ) | (22 | ) | ||||
| General and administrative expenses | (451 | ) | (258 | ) | ||||
| Operating loss | (513 | ) | (288 | ) | ||||
| Financing income (expenses), net | (408 | ) | 9 | |||||
| Net loss | $ | (921 | ) | $ | (279 | ) | ||
| Other comprehensive income (loss), Foreign currency translation adjustments | 1 | (* | ) | |||||
| Comprehensive loss | $ | (920 | ) | $ | (279 | ) | ||
| Loss per share (basic and diluted) | $ | (0.41 | ) | $ | (0.13 | ) | ||
| Basic and diluted weighted average number of shares of common stock outstanding | 2,273,753 | 2,195,045 | ||||||
| (*) | Represents an amount less than $1 thousand. |
All share and per share amounts have been retroactively adjusted to reflect the 1-for-25 reverse stock split effected on March 6, 2026.
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Exhibit 99.2
ADVANCED ROBOTICS FOR DEFENSE & ENERGY RESILIENCE MAY 2026 NASDAQ: DUKR
2 This presentation was prepared for the purpose of providing and presenting information as a summary only and cannot replace a review of the reports of Duke Robotics Corp (hereinafter: "the Company" or "us" or "our" or "Duke Robotics" or "Duke"). Many of the statements included in this presentation, as well as oral statements that may be made by us or by officers, directors or employees acting on behalf of us, contain "forward- looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, specifically Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. For example, Duke is using forward looking statements when it discusses the potential market size for its products, the expected benefits of its products, its anticipated revenues and the timing thereof, the prospects of its collaboration with various parties, including Elbit Systems and the prospects of the expansion of its Greek operations and the potential offering terms and anticipated pricing timing. All statements, other than statements of historical facts, are forward- looking statements. Readers are cautioned that forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from historical results or any future results expressed or implied by forward-looking statements. Factors that can cause actual results to differ from expectations and those contained in forward-looking statements include those risks described in the Company's Registration Statement on Form S-1 (File No. 333-294808) or our most recent Annual Report on Form 10-K filed with the U.S. Securities Exchange Commission (the "SEC") and in its subsequent filings and submissions with the SEC. You should not place undue reliance on these forward-looking statements. All written and oral forward-looking statements, attributable to the Company, or persons acting on its behalf, are qualified in their entirety by these cautionary statements. For the avoidance of doubt, it is clarified that the company does not undertake to update the information, in whole or in part, contained in this presentation, whether as a result of new information, a future event or for other reasons, except as required by law. It is also clarified that the company's plans and strategy contained in this presentation are correct at the time of their publication and can and will change in accordance with the decisions of the company's board of directors, as they will be from time to time, and/or due to their being dependent, in whole or in part, on third parties that are not under the control of the company as well as on additional risk factors to which the company is exposed .
3 Duke is Publicly Traded on the NASDAQ: DUKR COMPANY OVERVIEW Goal is to Strengthen national defense and military capabilities through advanced robotics, while building energy resilience. Our proprietary technology powers advanced Unmanned Aerial Vehicle (UAV) systems for surveillance, reconnaissance, and combat applications, enabling precise engagement and enhanced force protection in complex environments, while also supporting inspection of critical energy and utility assets and maintenance of high-voltage power grids at scale. Duke Robotics' latest platform, launched in 2026. Combines stabilized high-resolution aerial data collection with AI-assisted image analysis and software analytics for infrastructure monitoring. AEROTRACE A stabilized unmanned aerial platform equipped with lightweight firearms, enabling remote, real- time, and accurate firing. Developed in collaboration with Elbit Systems and sold by Elbit Systems Land Ltd. as part of a strategic partnership. Remote Controlled Weapon Station for Drones (Formerly TIKAD) BIRD OF PREY A first-of-its-kind robotic, drone-enabled system for cleaning, maintaining, and monitoring high- voltage insulators - delivering safer, more efficient, and cost-effective performance than traditional methods. IC DRONE SYSTEM Insulator Cleaning System AI-Powered Aerial Intelligence 3 *Warrants traded as DUKRW
4 TARGETING FAST GROWING MARKET SEGMENTS Combat Drone Market Set for Major Growth The global combat drone market is projected to reach $17.3 billion by 2034, growing at a CAGR of 8.9% Electric Insulators – A significant and growing market The global electric insulator market size was estimated at $16.7B in 2025 and is predicted to reach $26.6B in 2034 Source: Fortune Insights, March 2026 Report Source: GMI Insights September 2025 Report 2025 2026 2027 2028 2029 2030 2031 2032 2034 2034 16.7 Bn 26.6 Bn 2024 7.4bn 2030 11.8bn 2034 17.3bn
5 RECENT MILESTONES COMPANY HIGHLIGHTS 5 Potential use in multiple Civilian applications Publicly Traded on the OTCQB: DUKR Collaboration with Elbit, a multinational Leading Defense Company Validated Civilian Application Contracts with the Israeli Electric Corporation Patented Stabilization & Proven Technology Duke Robotics Unveils Next- Generation IC Drone System – The ICDS2, with expanded features Confirmation of First Royalty(1) Revenues through its Collaboration with Elbit for Military Drone "Bird of Prey" Weaponized Drone System Featured On Israeli Television Segment noting usage by the IDF Commercial Agreement for IC Drone with Israel Electric Corporation RECENTLY EXPANDED Commercial momentum in European Market for the IC Drone LAUNCH OF SUBSIDIARY IN GREECE (1) Initial royalties received to date were approximately $20,000
6 TARGETING GLOBAL EXPANSION The Company is in active business development in several key locations around the world for both its defense and civilian business. ● Targeting High Margin Revenues ● Recurring SAAS Revenue Expected from IC Drone and AEROTRACE ● Long Term 'Sticky' Business Model Targeting High Margin Revenues ● Targeting High Margin Revenues ● Recurring SAAS Revenue Expected from IC Drone and AEROTRACE ● Long Term 'Sticky' Business Model Potential Recurring SAAS Revenue Expected from IC Drone and AEROTRACE ● Targeting High Margin Revenues ● Recurring SAAS Revenue Expected from IC Drone and AEROTRACE ● Long Term 'Sticky' Business Model Long Term 'Sticky' Business Model areas where there is active business development
77 GLOBAL COMMERCIAL EXPANSION STRATEGY 2026 Targeted Milestones Expansion of Military Product line relating to both defense and combat segments Expansion of IC drone activity in Israel Launch of IC Drone in Greece and in additional key geographies New purchase order from IEC (announced in March 2026). Expected to generate over US$1,000,000 dollars in revenue in 2026. Pilot selection in Greece completed. Regulatory approval in Greece achieved.
8 GREEK MARKET OPPORTUNITY The Company is in advanced stages of its expansion into the Greek market. areas where there is active business development Kilometers of power lines in Greece as of 2017 (1) Insulators that may potentially require cleaning and monitoring (2) 253K ~10M The Greek electricity grid provides electricity for Macedonia and Cyprus as well. Significantly expanding the potential of penetrating such a market Formation of Greek Subsidiary (Duke Robotics Hellas) Finalized Selection of Drone Pilots for Greek Operations Secured Regulatory Approval for IC Drone Operations in Greece Advancements Supporting Potential Commercialization in Greece $9B+ in planned grid infrastructure investment by Greece's national transmission operator over the next ten years (3) A Cross Border Opportunity Received SORA Approval for drone operations in Greece in January 2026. The EU-Standard SORA approval strengthens foundation for broader European market entry Laying the Groundwork for the EU (1) Source: Hellenic Electricity Distribution Network Operator (HEDNO) and CIGRE National Power System Report (Greece) (2) Estimated based on industry-standard insulator density per kilometer of transmission and distribution infrastructure. (3) Source: IPTO Ten-Year Development Plan as reported in the media. Company estimates
9 DEFENSE SEGMENT
10 Formerly known as the TIKAD Bird of Prey is a drone-mounted remote weapon system that extends infantry reach by enabling precise, remote engagement of threats at standoff distances. Its uniqueness lies in stabilized fire control, autonomous target recognition, and modular weapon payloads. It's built for non-line-of- sight, urban, and force-protection scenarios where speed, precision, and reduced exposure are critical. 10 Bird of Prey Defense Segment Duke's defense segment is focused on providing advanced UAV stabilized solutions designed for surveillance, reconnaissance, and combat applications. Duke's technology, is marketed through a collaboration agreement by Elbit Land Systems under the brand Bird of Prey Drone Weapons System. US Patent Awarded U.S. DOD Security Innovation Award Patent granted June 2021 recognizing Duke's proprietary stabilization technology Showcases technology entrepreneurs who are capitalizing on major opportunities emerging in the defense technology market TOP PRIZE at Combating Terrorism Technology Conference sponsored by the U.S.DOD's Combating Terrorism Technical Support Office (CTTSO), Israel's Ministry of Defense, Directorate of Defense Research and Development (DDR&D / MAFAAT), and the MIT Enterprise Forum of Israel
11 Source: Channel 14 News Report Source: Channel 14 News Report Source: Elbit Brochure Source: Elbit Demo Video Source: Elbit Demo Video Source: Elbit Demo Video THE BIRD OF PREY IN ACTION
12 COLLABORATION WITH ELBIT - A MULTI-NATIONAL DEFENSE CONTRACTOR Elbit Systems, an international defense electronics company, is uniquely positioned to market and develop Bird of Prey on a global scale, leveraging its market reach and expertise. 12 Exclusive License: Elbit Systems Land (a subsidiary of Elbit Systems) has an exclusive worldwide license for Duke's TIKAD drone technology (AKA: Bird of Prey), following a 2021 agreement Revenue Sharing: Duke received in the second quarter of 2025 early stage royalties(1) from Elbit's revenues related to the technology, including sales and other revenues, and already received an upfront payment from Elbit for transferring engineering materials Investment in Development: Elbit Systems invests in the technology's further development and production. Long-Term Collaboration: Includes joint projects and a steering committee to manage ongoing and future initiatives. Israeli defense company (1) Initial royalties received to date were approximately $20,000
13 THE BIRD OF PREY – A GAME CHANGER FOR THE MODERN BATTLEFIELD VAST APPLICATIONS Source: Elbit Brochure & Site Backpack Deployable Fully portable system carried and operated by two soldiers with rapid field deployment. Non-Line-of-Sight Enables precise engagement of targets beyond direct visibility, reducing operator exposure. Precision Autonomy AI-driven targeting and fire control deliver high accuracy with minimal operator workload. Modular Lethality Supports multiple standard weapon types with quick field interchangeability. Compatible to other land and maritime platforms. Stabilized Firepower Advanced gimbal stabilization ensures accurate firing during drone movement. Integrated System Seamlessly combines drone, weapon, sensors, and control into one unified platform. Border Protection Persistent surveillance and precise remote engagement across large, hard-to-access areas without exposing personnel. Urban Warfare Enables safe engagement of hidden or low-visibility targets in dense, complex environments. Force Protection Acts as a forward, remote firing unit to defend positions, convoys, or temporary bases. Special Operations Supports covert, rapid-response missions requiring mobility, precision, and minimal footprint.
14 RECENT DEVELOPMENTS Already in use by the IDF, according to recent reports In August 2025, Israeli television featured Duke Robotics' 'Bird of Prey' system as part of the IDF's advanced drone warfare capabilities, confirming its active deployment during the 'Iron Swords' war. Recently received confirmation of first royalties In the second quarter of 2025, Duke Robotics recognized revenues from royalty(1) for sales of Elbit Systems' 'Bird of Prey' drone system, marking the first financial returns from its defense technology. Expanded co-marketing agreement with Elbit In April 2025, Duke expanded its Elbit collaboration to directly market the 'Bird of Prey' system, earning potential additional commission fees on sales generated through its own marketing efforts. 14 (1) Initial royalties received to date were approximately $20,000
15 CIVILIAN SEGMENT
16 GLOBAL ALIGNMENT TO SUPPORT POWER GRID RELIABILITY Reliability, resilience, and security of the power grid transmission network are the backbone of modern infrastructure. Lack of adequate maintenance for dirty or degraded power grid insulators can trigger flashovers and failures. Cleaning and inspection is much more than routine maintenance - it is a vital safeguard for grid resilience and national energy security. 16 "By 2040, the EU will need an estimated €477 billion for transmission grid developments and €730 billion for distribution to ensure electricity grids are fit for the future." — European Commission, Guidance on Anticipatory Investments for Electricity Networks (2025) Under a recent executive order, the President of the United States designated grid reliability and security as a national policy priority. — White House, Presidential Action on U.S. Electric Grid (2025) "In order to introduce a large amount of renewable energy, it is necessary to reinforce the power grid and to make the operations of existing grids more sophisticated." — METI, Japan's 6th Strategic Energy Plan (2021) The IC Drone enables safe and efficient cleaning, dramatically reducing risk, cost and downtime while supporting the need to maintain a secure and agile power grid transmission network.
17 High Voltage Insulator Cleaning helicopter accident kills two High Voltage Insulator Cleaning helicopter accident kills two HIGH VOLTAGE INSULATOR CLEANING - A MARKET LOOKING FOR DISRUPTION Accessibility Challenging to use in urban areas, for complex grids and sub-stations Safety Manual labor or helicopter-based solutions pose significant safety risks to personnel and are costly Environmental High water consumption and increased risks of wildfires Expensive Existing solutions are expensive Western Power fined for safety failures after injuries to line worker Western Power fined for safety failures after injuries to line worker Severe arm and shoulder burns while cleaning high-voltage power lines Network operators have a duty to reasonably ensure work is carried out safely Severe arm and shoulder burns while cleaning high-voltage power lines Network operators have a duty to reasonably ensure work is carried out safely 17
18 DUKE ROBOTICS' IC DRONE Accessibility Urban areas Complex grids Sub-stations Safety To human life To the power line grid Cost Reduction Scalability Scalable operations Rapid response Duke's Insulator Cleaning Drone provides an innovative, automated solution for cleaning high-voltage insulators. Equipped with advanced stabilization technology and precise water jet systems, the IC Drone can efficiently clean insulators without the need for manual intervention or helicopters. • Market Validation: Successful completion of a pilot program for the IC Drone with the Israel Electric Corporation (IEC) leading to commercial agreement to provide IC Drone system service to the IEC • Compliance with International Standards: The IC Drone was designed with the high standards, including complying with IEEE 516, ESAA, AS 5804, and IS-BAO • Advancing towards Potential international expansion: Duke has already set up a subsidiary in Greece, selected drone pilots, and is in advanced stages of its Greek expansion strategy
19 19 THE IC DRONE IN ACTION
20 20 Smarter, Safer, and Faster • Provides end-to-end inspection platform • Delivers immediate, precise, and proactive intelligence for preventive maintenance The Current Burden High Risk & Inefficiency Reactive Failures Data Bottleneck Legacy inspection (helicopters, ground crews) is risky, slow and costly Often miss the early signs of component degradation Valuable data requires labor intensive manual analysis, delaying critical maintenance decisions. Duke Robotics' aerial intelligence solution, built to deliver predictive maintenance capability for power lines, insulators, and a range of infrastructure AI POWERED ADVANCED AERIAL MONITORING AND INTELLIGENCE SOLUTION
21 CREATING A DATA DRIVEN MAINTENANCE LIFECYCLE Lidar • Wire profiles • Distance calculations • Threat of trees to powerlines Infrared • Overheated elements • Damaged insulators and potential short- circuits RGB • Chipped or loose insulators • Crooked and contaminated towers The technology and value chain Data Collection AI Analysis ICDS Cleaning & Inspection Report Proactive Maintenance Quality Check Preventive Maintenance predicting, planning, effective Real Time Planning Cleaning Other
22 MANAGEMENT BOARD OF DIRECTORS Yariv Alroy Active Chairman Keren Gousman Golan Board Member Eran Antebi Board Member Erez Nachtomy Active Vice Chairman Yossi Balucka Chief Executive Officer & President Vadim Maor Chief Technology Officer Chief Financial Officer Shlomo Zakai Oren Helman Energy Sector Lead Yuval Hogeg International Business Development Alexandra Papaconstantinou Managing Director Duke Robotics Greece Irit Alroy Strategic Innovation Manager Githa Cohen-Markens VP Business Development
23 THANK YOU With any questions, please contact Company Contact Yossef Balucka Chief Executive Officer invest@dukeroboticsys.com Investor Relations Arx Investor Relations North American Equities Desk duke@arxhq.com