Energy Recovery, Inc.

Good day, ladies and gentlemen, and welcome to Energy Recovery's third quarter 2025 earnings call. During today's call, Energy Recovery may make projections and other forward-looking statements under the safe harbor provisions contained in the Securities Legation Reform Act of 1995 regarding future events or the future financial performance of the company. These statements may discuss our business, economic and market outlook, growth expectations, new products, and other performance, cost structure, and business strategy. Forward-looking statements are based on information currently available to the company and on management's beliefs, assumptions, estimates, and projections. Forward-looking statements are not guarantees of future performance and are subject to certain risks, uncertainties, and other factors. We refer you to documents the company files from time to time with the SEC, specifically the company's annual Form 10-K and quarterly Form 10-Q. These documents identify important information important factors that could cause actual results to differ materially from those contained in our projections or forward-looking statements. All statements made during this call are made only as of today, November 5th, 2025, and the company expressly disclaims any intent or obligation to update any forward-looking statements made during this call to reflect subsequent events or circumstances, unless otherwise required by law. Our hosts for today's call are David Moon, President and Chief Executive Officer of Energy Recovery, and Mike Mancini, Chief Financial Officer. I would now like to turn the call over to Mr. Moon.

Thank you and good day, everyone. Earlier today, we released a letter to shareholders on the investor relations section of our website that reviews business and financial performance during the quarter. Prior to the opening the line for questions and answers, I'd like to highlight a few important takeaways from that letter. First, We had a strong quarter of sales execution. Mega project shipments improved during the quarter and wastewater revenue continued to rebound such that we are reiterating our four-year revenue guidance. Second, the team has done a nice job this year controlling costs. And we are reducing our four-year OpEx guidance even further. We have made a number of decisions to drive efficiency and lower costs while still investing in our growing wastewater business. We expect growth in Q4 and next year to be achievable with only modest increases in operating expenses. And finally, our CO2 business had a nice summer season of testing. While OEM engagement is strong, we remain in the very early days for commercialization. We are focused on gaining traction in 2026 and plan to provide clear updates on our progress. As always, I want to thank our employees here at Energy Recovery. Our sales execution and cost control were strong this quarter, and this could not have been done without a lot of great teamwork. With that, we'll now move to the question and answer portion of our conference call. Operator, please open the line for questions.

Ladies and gentlemen, if you would like to ask a question, please press star one on your telephone keypad, and the confirmation tone will indicate your line is in the question queue. You may press star two if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. And our first question comes from the line of Ryan Finkst with B. Reilly Securities. Please proceed.