Core Financial Results - Revenues for the first quarter of 2025 totaled $3.2 million, consistent with the same quarter in the previous year, driven by an increase in licensing revenues offset by a slight decrease in supply revenues [9] - Gross profit increased by 9.4% to $1.2 million, representing 38.3% of total revenues, compared to 34.8% in the same year-ago quarter, primarily due to higher licensing revenues [10] - Net loss improved to $1.7 million, or ($0.02) per share, compared to a net loss of $2.9 million, or ($0.03) per share in the same year-ago quarter [13] Operational Highlights - The company gained a new technology licensee, enhancing market share in the coal-fired utility sector, supporting consistent revenues [3] - A patent infringement lawsuit was filed against Evergy, a major power utility, while a non-exclusive agreement was secured with another coal-fired power utility [4] - Federal government support for clean coal has extended operational timelines for coal-fired power plants, benefiting the company's air business [5] Strategic Initiatives - The company is progressing in its new water purification business, focusing on sustainable potable water treatment solutions, with plans to sell activated carbon and water treatment solutions in mid-2025 [6][7] - Management anticipates revenues of at least $23 million in 2025, excluding potential cash from intellectual property defense and new water purification technologies [6] - The air business is expected to achieve an annual revenue run-rate of at least $40 million by the end of 2026 [6] Management Commentary - The CEO emphasized the company's robust growth trajectory in the air business, supported by patent defense efforts and potential licensing agreements with utilities [3][8] - The company aims to protect its patented technologies while expanding into innovative water purification technologies [8] Future Outlook - The company plans to pursue a listing on a major U.S. exchange in the second half of 2025, indicating a strategic growth phase [8]