Financial Data and Key Metrics Changes - The company generated revenue of $445,000 for the fiscal year ended December 31, 2024, compared to $743,000 in the prior year, indicating a decline in revenue [52] - Total operating expenses increased by 59% to $11.9 million for the year ended December 31, 2024, compared to $7.5 million for the year ended December 31, 2023 [55] - Net loss for the year was $12.4 million, compared to $8.1 million in the prior year [57] Business Line Data and Key Metrics Changes - Revenue generated in 2024 was primarily from manufacturing assembly services and treatability study services, with fewer milestones reached leading to reduced revenue recognition [52][53] - The company is in active late-stage negotiations for AS6 and AS30 capital sales and is launching its waste destruction services business [54] Market Data and Key Metrics Changes - The global waste treatment addressable market opportunity is approximately $450 billion, with the municipal water and wastewater treatment market estimated at over $347 billion annually, growing at about 7.5% [38] - The U.S. federal waste management market is estimated at approximately $15 billion, while the industrial waste management market is estimated at $128 billion [40][42] Company Strategy and Development Direction - The company aims to establish multiple regional waste destruction facilities in partnership with treatment, storage, and disposal facilities (TSDF) across the U.S. [36] - The growth strategy includes capital sales, leases, and waste destruction services, with a focus on expanding manufacturing capabilities for AS1, AS6, and AS30 units [37][44] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in 2025 being the best year for revenue, with a projected path to $250 million to $500 million in revenue over the next five years [54][49] - The regulatory environment is seen as supportive of demand for innovative waste management solutions, particularly for PFAS destruction [58][59] Other Important Information - The company completed a registered direct offering in November 2024, resulting in gross proceeds of $12.2 million, which is being utilized to improve technology and expand operations [50] - The company has expanded its intellectual property portfolio with multiple patent applications filed throughout the year [17] Q&A Session Summary Question: Can you expand on the North Carolina opportunity and its timeline? - Management indicated that the first 1,000 gallons of waste destruction must be completed within six months, with a focus on complete elimination of AFFF [66][67] Question: What is the current manufacturing capacity and its impact on growth? - Current manufacturing capacity allows for the production of two to four systems at a time, with plans for future expansion as demand increases [68][69]