AirJoule Technologies Corporation

Greetings. Welcome to the Air Jewel Technologies first quarter 2025 earnings call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. Please note this conference is being recorded. It is now my pleasure to turn the conference over to your host, Tom Devine, Vice President of Investor Relations and Finance. Thank you. You may begin.

Thank you, and good morning. With me today for our first quarter earnings call are Matt Dror, Chief Executive Officer, Pat Eilers, Executive Chairman, Brian Barton, Chief Commercialization Officer, and Steven Peng, Chief Financial Officer. During this call, we'll be referring to a presentation which is available on the webcast platform and on the investor section of our website. I would like to point out that many of the comments made during the prepared remarks and during the Q&A section are forward-looking statements that involve risks and uncertainties that could affect our actual results and plans. Many of these risks are beyond our control and are discussed in more detail in the risk factors and the forward-looking statement sections of our filings with the SEC. Although we believe the expectations expressed are based on reasonable assumptions, They are not guarantees of future performance, and actual results or developments may differ materially. And now I'll turn it over to Matt Jor.

Thanks, Tom, and thanks, everyone, for joining us this morning. We have some very exciting developments to share in addition to our first quarter financial results. Before we get into that, I'd like to take a moment to reflect on the topic of water security, which we believe is one of the defining challenges of our time. Around the globe, communities, industries, and governments are grappling with growing water scarcity driven by population growth, climate change, and increasing industrial demand. Nowhere is this more evident than in sectors like advanced manufacturing and data centers, which together account for a significant and rising share of global water consumption. Data centers alone consume millions of gallons of water per day to keep their operations cool adding pressure on local water resources that are already under strain. At the same time, the world is generating an enormous and largely untapped resource, waste heat. From industrial processes to server racks and data centers, vast amounts of low-grade waste heat are being expelled into the environment every second. This represents a staggering opportunity by harnessing that waste heat We can not only reduce thermal pollution, but also turn it into something of lasting value, pure distilled water harvested directly from the air. Our transformational air jewel system sits at the intersection of these global imperatives. By using waste heat as an energy source to produce distilled water, we are redefining what's possible in both water generation and sustainability. The size of the waste heat resource worldwide is immense. we see this as a tremendous opportunity with air jewel we aim to transform that wasted energy into a secure and reliable water supply that supports critical infrastructure reduces environmental impact and strengthens resilience for the future with that backdrop we're excited by the progress we've made so far this year we recently announced the sale of an air jewel system to arizona state university which is home to the world's foremost research facility devoted to atmospheric water harvesting. We expect to deploy this system in the third quarter, and it will be operating in the field in Arizona and proving validation of performance. As we mentioned on our last call, we also have an AERJUL system deployed and operating in Dubai at a government research facility. We are continuing to make progress on our pre-production system that we plan to deploy for multiple pilot projects at industrial operations, including data centers, in the second half of this year. Our customers are eager to get their hands on an air jewel and see its operational capabilities in field deployments. Some customers are excited about the ability to generate on-site water for their operations, and others are intrigued by the idea of using their heat byproduct, which would otherwise be wasted to produce something as valuable as distilled water. We're learning from our customers that there's a huge market for distilled water, and even water as a service could be another possible application for AirJewel systems down the road. On the engineering front, we are refining and optimizing the design of our commercial AirJewel product, which we expect to begin delivering to customers in 2026. We've also further expanded our Newark Delaware facility to better support our manufacturing operations. GE Renova and Carrier continue to be great collaborators on the engineering and development side. We work with engineers and researchers at the GE Renova Advanced Research Center on a weekly basis, as well as with Carrier in the realm of data center cooling, which is one of their fastest growing markets. In April, We strengthened our balance sheet and expanded our shareholder base by completing a $15 million common equity pipe, which was anchored by GE Vrnova. Now I'd like to turn it over to our executive chairman, Pat Eilers, to talk about GE Vrnova's recent decision to double their investment into our AirJewel joint venture.