AirJoule Technologies Corporation

Greetings. Welcome to the Aerojoule Technologies third quarter 2025 earnings call. At this time, all participants are on 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 third quarter earnings call are Matt Dror, Chief Executive Officer, Pat Eilers, Executive Chairman, Brian Barton, Chief Commercialization Officer, and Stephen Pang, 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 risk 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 dialing in this morning. Before I turn it over to Pat, who's going to review some of our recent milestones, and Brian, who will discuss our ongoing productization activities and customer engagements, I'd like to talk about some of the powerful macro trends that are fundamentally reshaping global water and energy markets. These converging forces are creating significant demand for the exact solutions that our AirDuel platform technology is designed to deliver. And AirDuel is well positioned to play a meaningful role in this transformation. The explosive growth of artificial intelligence is driving massive data center development across North America and globally. What's becoming increasingly clear and creating urgent challenges for hyperscalers and data center operators is that AI infrastructure has an enormous water and energy footprint. Modern data centers require millions of gallons of water annually for their cooling systems. And as AI workloads intensify, these requirements are escalating dramatically, especially in arid environments. Data centers are facing constraints relating to the availability of water in the quantity and quality that they require. This has some real operational impacts. Additionally, we're seeing mounting concern from some local communities over data center water consumption. In regions already experiencing water stress, data center developers often face having to truck in water at significantly higher expense in order to satisfy water requirements for data center operations and expansion. Some projects even face permitting delays and even outright opposition from local stakeholders. And there's growing recognition across the industry that water security isn't just an operational concern, it's becoming a fundamental constraint on AI infrastructure development. This was reinforced by Air Jewel's selection as a winner of the Net Zero Innovation Hub for Data Centers technology competition which validated AirDuel as a critical solution for sustainable data center operations. We also saw the recent launch of the Water AI Nexus Center of Excellence led in part by Amazon and the Water Center at the University of Pennsylvania that explicitly acknowledges the intersection of AI infrastructure growth and water resource challenges. And beyond data centers, the CHIPS Act and other industrial policy initiatives are incentivizing billions of dollars in domestic manufacturing investment, batteries, semiconductors, advanced electronics. These facilities have two critical requirements, substantial high purity water for manufacturing and precise humidity control for product quality and yield. Traditional approaches rely on municipal water infrastructure and energy intensive dehumidification. AirJewel's platform addresses both requirements simultaneously, dehumidification with high purity water generation, positioning us in a multi-billion dollar opportunity as domestic manufacturing scales. Underlying these trends is the fundamental challenge of water scarcity. Population growth and changing environmental conditions are exacerbating water stress across the United States and globally. The Western U.S., in particular, is facing severe and persistent drought conditions that are constraining development, agriculture, and industrial activity. Water scarcity is not just an environmental issue. It's an economic development constraint. Communities wanting to attract data centers, manufacturing, or residential development face constraints on water availability. Traditional approaches, deeper wells, pipelines, water transport, are expensive. environmentally problematic, and even politically contentious. And the military is increasingly focused on water resilience. Bases in water-stressed regions face operational constraints, and forward-deployed troops require reliable water supplies where traditional logistics are challenging. Our collaborations with the ERDC and across the defense sector for anti-corrosion reflect recognition that Air Jewel addresses critical national security challenges. At the same time, rising electricity costs are driving renewed focus on energy efficiency. Industrial facilities, commercial buildings, and data centers face intense pressure to reduce energy consumption, both for economic reasons and to meet corporate sustainability commitments. Traditional HVAC and water management systems are energy intensive, representing significant operational expenses and environmental footprints. AirJules platform technology is designed to deliver step change improvements in energy efficiency. By leveraging waste heat to produce water from air and utilizing advanced sorption materials for dehumidification, we can reduce energy consumption by up to 50% compared to traditional refrigerant based systems. In an environment where every kilowatt hour matters for both cost and sustainability, This efficiency advantage is increasingly valuable to customers. And lastly, we're benefiting from significant regulatory tailwinds. Governments globally are mandating the phase-out of high global warming potential refrigerants as part of climate mitigation efforts. The American Innovation and Manufacturing Act and similar regulations worldwide are forcing HVAC and indoor air quality companies to fundamentally rethink their technologies. Traditional dehumidifiers, air conditioners, and cooling systems rely heavily on these refrigerants. And these refrigerants are being phased out or face escalating costs and regulatory restrictions. This is creating urgent demand for alternative technologies that can deliver comparable or even superior performance. AirJules sorption-based platform can unlock a refrigerant-free system, positioning us as a solution to this regulatory transition. This is why we partnered with Carrier to integrate AirJewel technology into their next generation HVAC systems. What makes this moment particularly compelling is that these trends are not isolated. They're converging and they're reinforcing each other. AirJewel's platform sits at the intersection of all these pressures, providing solutions that address multiple needs for industrial, commercial, defense, and data center customers. This is why we're seeing accelerating interest from diverse industries, why prestigious partners like GE Vrnova and Carrier are collaborating with us, and why defense organizations are engaging on multiple AirJewel applications. The market is recognizing that AirJewel is a transformational platform for a water and energy constrained world. Now I'd like to turn it over to Pat Eilers to discuss some of our recent milestones towards our path to commercialization.