Financial Data and Key Metrics Changes - Aerogel Technologies reported a net income of $14.9 million for Q1 2025, driven by non-cash gains related to changes in fair value of earn-out liabilities [24] - The company ended the quarter with approximately $24 million in cash, which increased to $38 million after a subsequent $15 million PIPE investment [26] Business Line Data and Key Metrics Changes - The AirDuel joint venture reported a loss of $2.2 million for Q1 2025, reflecting Aerogel's 50% ownership [23] - Aerogel's net operating expenses for the quarter were $3.2 million, including $500,000 reimbursed by the joint venture [24] Market Data and Key Metrics Changes - The company is focusing on the water scarcity market, particularly in arid regions like Arizona, where they are deploying an AirDuel system for research and validation [9][17] - The collaboration with Arizona State University aims to validate the performance of the AirDuel system in challenging environmental conditions [18] Company Strategy and Development Direction - The company is committed to addressing global water scarcity by harnessing waste heat to produce distilled water, positioning itself at the intersection of water generation and sustainability [5][7] - The expansion of the Newark manufacturing facility is aimed at supporting increased production capabilities for the AirDuel systems [10][20] Management's Comments on Operating Environment and Future Outlook - Management emphasized the growing global challenge of water scarcity and the significant opportunity presented by waste heat as a resource [5][6] - The company expects to be at the high end of its 2025 joint venture budget of $13 million to $15 million, which will accelerate product development [27] Other Important Information - GE Vernova has doubled its investment in the AirDuel joint venture, reflecting confidence in the technology and its market potential [12][14] - The company is working on achieving potable water standards with the Texas Commission on Environmental Quality for data center applications [20][49] Q&A Session Summary Question: Will the data from ASU differ from that collected by GE or Dubai? - Management indicated that having multiple strategic deployments globally will provide diverse data, with academic labs potentially offering more detailed testing [28][30] Question: What are the cost differences and build times between A250 and A1000 systems? - Specific costs were not disclosed, but the A250 is a core module of the A1000, which has greater throughput [31][32] Question: Will the $15 million investment primarily advance technology or expand demonstrations? - The investment will largely accelerate engineering efforts and product certifications while also supporting demonstration deployments [45][46] Question: What is the purpose of the Dubai demonstration? - The Dubai deployment serves as a showcase for technology performance and value delivery to customers [47][48] Question: What is the status of water certification in Texas? - The company is pursuing water certification with the Texas Environmental Agency to address water scarcity issues in the region [49]

Financial Data and Key Metrics Changes - The net income for the first quarter was $14.9 million, driven by non-cash gains related to changes in fair value of earn-out liabilities [24] - Net operating expenses were $3.2 million, which included approximately $500,000 in reimbursed administrative and engineering expenses from the joint venture [24] - The company ended the quarter with approximately $24 million in cash, which increased to $38 million after a subsequent $15 million PIPE investment [25][26] Business Line Data and Key Metrics Changes - The AirDuel joint venture reported a loss of $2.2 million for the first quarter, reflecting the company's 50% ownership [23] - A capital contribution of $5 million was made to the AirDuel JV to support ongoing commercialization efforts [24] Market Data and Key Metrics Changes - The company is focusing on water scarcity as a significant market opportunity, particularly in sectors like advanced manufacturing and data centers [4][5] - The deployment of the AirDuel system at Arizona State University is expected to validate performance and demonstrate capabilities in arid environments [15][17] Company Strategy and Development Direction - The company aims to harness waste heat to produce distilled water, addressing both water scarcity and environmental sustainability [6][10] - A strategic collaboration with GE Vernova has been established to enhance the commercialization of AirJewel technology [12][13] - The company is refining the design of its commercial AirDuel product, with deliveries expected to begin in 2026 [9] Management's Comments on Operating Environment and Future Outlook - Management emphasized the growing global challenge of water scarcity and the potential for AirJewel technology to provide solutions [4][38] - The company is optimistic about the future, with sufficient cash and liquidity to support operations and joint venture commercialization efforts [26][27] Other Important Information - The company has expanded its Newark manufacturing facility to support production and testing of AirDuel systems [20] - The A250 system will be delivered to Arizona State University in the fall, marking the beginning of AirDuel sales revenue [15][17] Q&A Session Summary Question: Is there any expectation that the data from ASU might differ from that being collected by GE or if there's a similar data collection in Dubai? - Management indicated that having multiple systems deployed globally will provide valuable data across different environmental conditions, with ASU expected to conduct detailed water testing [28][30] Question: Can you elaborate on the cost difference and time to build between the A250 and A1000 systems? - Specific costs were not disclosed, but the A250 is a core module of the A1000, which has a larger operational capacity [31][32] Question: Will the $15 million investment primarily be used for technology advancement or expanding demonstration efforts? - The investment will largely accelerate engineering efforts for product development and certification processes [47][48] Question: Will the Dubai demonstration also serve as an evaluation? - Yes, both the Dubai and ASU deployments are intended to demonstrate technology performance and collect operational data [49] Question: What is the significance of the Texas certification mentioned? - The Texas certification is crucial for addressing water scarcity in regions lacking established water infrastructure, with Aerogel providing a viable solution [51]