Financial Data and Key Metrics Changes - AirJoule Technologies reported a net loss of $4 million for Q3 2025, compared to a net income of $2.5 million in Q2 2025, primarily due to non-cash losses related to earn-out liabilities and vesting shares [27][28] - The company's net operating expenses for Q3 were $3 million, which included approximately $487,000 in reimbursed administrative and engineering expenses from the joint venture [26][27] - Cash on the balance sheet at the end of Q3 was approximately $26 million, with an additional $5 million contributed to the joint venture post-quarter [29][30] Business Line Data and Key Metrics Changes - The Hubbard, Texas deployment is operational 24/7, generating critical performance data that is essential for optimizing system design and validating performance [13][14] - AirJoule's water generation system is producing distilled water with zero dissolved solids, meeting EPA and FDA bottled water standards, which is a significant differentiator in the market [18] Market Data and Key Metrics Changes - The demand for AirJoule's solutions is driven by macro trends such as the explosive growth of AI and the associated water and energy needs of data centers [5][6] - The company is positioned to benefit from billions in domestic manufacturing investments due to initiatives like the CHIPS Act, which require substantial high-purity water and humidity control [8][9] Company Strategy and Development Direction - AirJoule aims to capitalize on the convergence of water scarcity and energy efficiency demands, positioning its technology as a solution for sustainable operations in various sectors, including data centers and manufacturing [10][11] - The company is focusing on productization and scaling manufacturing readiness to support commercial deployments in 2026 [22][25] Management's Comments on Operating Environment and Future Outlook - Management highlighted the increasing operational constraints faced by data centers due to water availability and quality, emphasizing the need for innovative solutions like AirJoule's technology [6][7] - The company is optimistic about its partnerships and the recognition received from industry leaders, which are expected to drive commercial adoption [15][12] Other Important Information - AirJoule was recognized as a winner of the Net Zero Innovation Hub for Data Centers technology competition, validating its technology as critical for sustainable operations [15] - The company is exploring water purchase agreements (WPAs) as a commercial strategy, allowing customers to pay for water on a volumetric basis rather than purchasing capital equipment [20][21] Q&A Session Summary Question: Clarification on data from Hubbard accelerating commercial adoption - Management explained that the operational data from the Hubbard system is catalyzing interest from hyperscalers looking to build operations in Texas, enhancing commercial discussions [33] Question: Progress on product integration with GE Vernova - The integration project with GE Vernova is ongoing, focusing on utilizing waste heat from gas turbines to enhance AirJoule's products [34][35] Question: Low R&D spend in Q3 - The low R&D spend was attributed to expenses being borne at the joint venture level and a reversal of previously accrued royalty expenses [37][38] Question: Runway for the AirJoule JV - The joint venture's spending for the full year is expected to be at the higher end of the previously provided range, with sufficient cash to support operations through commercialization into 2026 [39] Question: Customer interest in the WPA model - Interest in the WPA model is strong among customers lacking access to reliable municipal water, with many positive discussions ongoing [42][43] Question: Importance of water purity in commercial discussions - Water quality is crucial for various customers, with AirJoule's technology providing a significant advantage in delivering clean, distilled water [48][49] Question: Validation work with ASU's Dr. Westerhoff - The collaboration with ASU is expected to provide independent validation of AirJoule's performance and assist in commercial discussions [55][56] Question: Timing and scope of the Net Zero Innovation Project - The project will showcase AirJoule's technology in a testbed data center in Denmark, focusing on circularity and waste heat reuse [72]

Financial Data and Key Metrics Changes - Quarterly revenue reached $6.09 million, a 115% increase compared to $2.83 million in Q3 2024 [4] - Gross profit more than doubled to $2.96 million, representing a 48.6% gross margin, up from 47.5% in the prior year [4] - EBITDA positive of nearly $200,000, indicating substantial improvement in operating performance [4] - Net loss narrowed significantly to $188,000 compared to a net loss of $1.19 million in Q3 2024 [4] - Year-to-date revenue surged 171% to $20.7 million compared to $7.7 million in the same period last year [5] - Net loss reduced by nearly 50%, improving from $7.4 million in 2024 to $3.8 million in 2025 [5] Business Line Data and Key Metrics Changes - Growth driven by the successful integration of AmpliTech's 5G ORAN technology and strong momentum in low-noise amplifiers and 5G infrastructure systems [5] - Continued investment in R&D increased by 60%, supporting new product development in MIMO 64P64R ORAN radios and private 5G network systems [5] Market Data and Key Metrics Changes - The company anticipates double-digit gross margins in Q4 2025 and 2026 as production costs normalize [7] - Projected revenue for fiscal year 2026 is at least $50 million, effectively doubling the projected record fiscal year 2025 revenue of at least $25 million [7] Company Strategy and Development Direction - The integration of ORAN IP portfolio positions AmpliTech as a U.S.-based vertically integrated supplier for next-generation open RAN 5G radios [6] - The company aims for a 25%-30% annual revenue growth through 2030, driven by ORAN 5G LOIs with two different customers [10] - The rights offering is designed to strengthen the balance sheet without incurring expensive debt, supporting growth while respecting long-term shareholders [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving profitability by fiscal year 2026, assuming the continuation of current order pace and margin recovery [7] - The company is positioned to deliver successive quarters of growth and enhanced shareholder value, with expectations of receiving additional orders [16] Other Important Information - The rights offering is priced at $4 per unit, providing growth capital for scaling ORAN product lines and expanding domestic production [6] - The company plans to use proceeds from the rights offering to scale production, fund inventory, and complete necessary certifications [14][15] Q&A Session Summary Question: Will the rights be traded when distributed? - Yes, the rights are expected to be traded when distributed [20][21] Question: Can you provide more details on gross margins for new products? - Specific gross margin information cannot be disclosed due to competitive nature, but the company expects at least double-digit gross margins on all products [23][24] Question: Historically, gross margins have been around 30-40%. Will this continue? - The company has recovered to over 40% gross margins in Q3 and will continue to allocate capital to improve margins [24][25]

Financial Data and Key Metrics Changes - AirJoule Technologies reported a net loss of $4 million for Q3 2025, compared to a net income of $2.5 million in Q2 2025, primarily due to non-cash losses related to earn-out liabilities and vesting shares [27][28] - The company's net operating expenses for Q3 were $3 million, which included approximately $487,000 in reimbursed expenses from a joint venture [26][27] - Cash on the balance sheet at the end of Q3 was approximately $26 million, with an additional $5 million contributed to the joint venture post-quarter [29][30] Business Line Data and Key Metrics Changes - The Hubbard, Texas deployment is operational 24/7, generating critical performance data that is essential for optimizing system design and validating performance [13][14] - AirJoule's water generation system is producing distilled quality water with zero dissolved solids, meeting EPA and FDA standards, which is a significant differentiator in the market [18][19] Market Data and Key Metrics Changes - The demand for AirJoule's solutions is driven by macro trends such as water scarcity and the increasing energy footprint of data centers, particularly in arid regions [5][9] - The company is positioned to benefit from regulatory changes mandating the phase-out of high global warming potential refrigerants, creating demand for alternative technologies [10][11] Company Strategy and Development Direction - AirJoule aims to capitalize on the convergence of water scarcity and energy efficiency demands, positioning its technology as a solution for industrial, commercial, and military applications [11][12] - The company is focusing on productization and scaling manufacturing readiness to support multiple customer deployments in 2026 [22][25] Management's Comments on Operating Environment and Future Outlook - Management highlighted the importance of water security as a fundamental constraint on AI infrastructure development, emphasizing the operational impacts on data centers [7][9] - The company is optimistic about its path to commercialization, with significant interest from diverse industries and partnerships with major players like GE Vernova and Carrier [12][19] Other Important Information - AirJoule was recognized as a winner of the Net Zero Innovation Hub for Data Centers technology competition, validating its technology for sustainable operations [8][15] - The company is exploring water purchase agreements (WPAs) as a commercial strategy, allowing customers to purchase water on a volumetric basis rather than capital equipment [20][21] Q&A Session Summary Question: Clarification on data from Hubbard accelerating commercial adoption - Management indicated that the operational data from Hubbard is catalyzing interest from hyperscalers looking to build in Texas, enhancing confidence in the technology's performance [33] Question: Progress on product integration with GE Vernova - The integration project with GE Vernova is ongoing, focusing on utilizing waste heat from gas turbines to enhance AirJoule's products [34][35] Question: Low R&D spend in Q3 - The low R&D spend was attributed to expenses being borne at the joint venture level and a reversal of previously accrued royalty expenses [37][38] Question: Runway for the AirJoule JV - The joint venture's spending for the full year is expected to be at the higher end of the $17 million-$18 million range, with sufficient cash to support operations through commercialization into 2026 [39] Question: Customer interest in the WPA model - Interest in the WPA model is strong among customers lacking access to reliable municipal water, with many discussions ongoing [42][66] Question: Water purity advantage in commercial discussions - Water quality is crucial for various customers, with AirJoule's technology providing distilled water that meets stringent standards, differentiating it from conventional systems [49][55] Question: Validation work with ASU's Dr. Westerhoff - The collaboration with ASU is expected to provide independent validation of AirJoule's performance and water quality, aiding commercial discussions [57][58] Question: Timing and scope of the Net Zero Innovation Project - The project will showcase AirJoule's technology in a testbed data center in Denmark, focusing on circularity and operational projects globally [72]

Financial Data and Key Metrics Changes - For Q3 2025, revenue was $2.4 million, a slight decrease from $2.5 million in Q3 2024. For the nine months ended September 30, 2025, revenue was $6.9 million, compared to $6.6 million for the same period in 2024 [10] - Operating expenses were reduced by over $500,000 compared to the same period last year, reflecting disciplined cost management [5][10] - As of September 30, 2025, cash and cash equivalents were approximately $1.3 million, with working capital of approximately $3.1 million [11] Business Line Data and Key Metrics Changes - In the dental segment, international sales increased year-over-year, partially offsetting a decline in domestic revenue [7] - Utilization of CompuFlow disposables rebounded slightly, indicating a re-engagement with current customers [7] Market Data and Key Metrics Changes - The company has a market share of approximately 1.5%-2% in both domestic and international markets, indicating significant room for growth [16] Company Strategy and Development Direction - The company is focused on three strategic priorities: streamlining operations, strengthening commercial execution in dental and medical sectors, and advancing reimbursement strategies for CompuFlow [6][12] - The addition of Dr. Dawood Syed to the board aims to enhance clinical and payer expertise, supporting the strategy for broader adoption within hospital systems [8] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the company's technology and the need for a structured approach to sales and reimbursement strategies [39][40] - The focus is on disciplined execution and operational excellence to build long-term shareholder value [12][50] Other Important Information - The company is enhancing its omnichannel marketing strategy to increase brand visibility and customer engagement [9] Q&A Session Summary Question: How to convince dental clinics to invest in new equipment? - Management acknowledged the need to reconnect with old customers and expand digital marketing efforts to raise awareness about the benefits of their products [15][16] Question: Update on the medical side and broader commercialization plans? - The company is focusing on a few jurisdictions for CompuFlow and plans to collect data meticulously to support Medicare reimbursement [21][22] Question: Impact of tariffs on supply chain and customer behavior? - Management reported minimal impact from tariffs and is considering a bonded warehouse in the U.S. to mitigate potential issues [29] Question: Structure of the salesforce and reimbursement specialists? - The company plans to ramp up its sales organization and is considering pursuing reimbursement codes for pediatric use [30][31] Question: Is there a seasonality pattern in sales? - Management indicated that the business is steady without significant seasonal fluctuations, expecting a similar performance in Q4 [32] Question: Long-term outlook and challenges faced? - Management emphasized the importance of having a structured approach to sales and reimbursement to ensure sustainable growth [39][40] Question: Current cash position and need for capital? - The company has sufficient cash to operate for several quarters and is looking for opportunities to improve its financial position [47]

Financial Data and Key Metrics Changes - The company is facing unprecedented demand growth for power, primarily driven by artificial intelligence and data centers, alongside re-onshoring of US manufacturing and growing residential demand for power [5][11]. - The first facility's estimated cost has risen to $1.7 billion, with a projected commercial operation date (COD) of 2030 or 2031, which may increase due to persistent inflation in the energy sector [19][20]. Business Line Data and Key Metrics Changes - The company is pivoting towards conventional gas power with post-combustion carbon capture (PCC) technology, which is seen as a more immediate opportunity compared to the long-term oxycombustion technology [20][27]. - The West Texas project aims for a levelized cost of energy (LCOE) below $80 per megawatt hour, while the Northern MISO project targets an LCOE of roughly $100 per megawatt hour [24][36]. Market Data and Key Metrics Changes - The U.S. has over 50 years of ultra-low-cost natural gas reserves, positioning it uniquely compared to other countries that may need to pursue new energy forms [12][13]. - The market is increasingly favoring natural gas as a reliable and scalable power source, especially in light of the urgent demand for clean, firm power solutions [8][12]. Company Strategy and Development Direction - The company aims to transform natural gas into the lowest-cost form of clean, reliable power, focusing on speed to market and actionable opportunities [11][27]. - A partnership with Entropy is being pursued to accelerate the deployment of clean gas projects, leveraging their expertise in PCC technology [24][30]. Management's Comments on Operating Environment and Future Outlook - Management emphasizes the urgency of building new generation capacity to meet increasing power demands, particularly for AI and data centers [11][39]. - The company believes that the ability to deploy clean, firm power quickly will be crucial in the current energy landscape, which is seen as an arms race for AI [9][11]. Other Important Information - The company has identified high-quality sites for future projects, which are essential for the economic viability of both NET Power and PCC technologies [17][20]. - The partnership with Entropy is expected to enhance the company's ability to deliver clean power solutions in a timely manner, with plans for joint investment in projects [26][52]. Q&A Session Summary Question: What makes NET Power uniquely positioned to take advantage of this opportunity? - Management highlighted the company's understanding of both power generation and subsurface resources, as well as the strategic locations for deploying PCC technology [42][44]. Question: Why partner with Entropy? - The partnership is based on Entropy's operational experience and proven technology, which allows for the optimization of performance and economic outcomes [49][50]. Question: What is the financing strategy for phase one and follow-on projects? - The financing strategy involves leveraging proven technologies for project financing, reducing the equity capital burden compared to previous NET Power projects [59][61]. Question: What enables the sub-$80 LCOE in the Permian compared to roughly $100 in MISO? - The lower cost in West Texas is attributed to cheaper natural gas and the ability to utilize CO2 for industrial purposes, enhancing the project's economic viability [74][78]. Question: How is the business model evolving from capital light to capital heavy? - The company is focusing on appropriately sizing projects to align with its balance sheet and access to capital, ensuring sustainable growth [82].

Financial Data and Key Metrics Changes - Working capital increased from $500,000 in Q3 2024 to $15 million in Q3 2025 [4] - Net income improved to +$300,000 compared to a loss of $6.4 million in the previous year [4] - EBITDA was positive at $1.9 million, with adjusted EBITDA at $0.8 million [4] - Total digital currency value rose by 213% year-over-year to $15.4 million, with Bitcoin holdings increasing by 143% to 97 Bitcoin [4] Business Line Data and Key Metrics Changes - Energy revenue grew by 112% year-over-year to $8.7 million [5] - Cost of revenue and depreciation decreased by $9.3 million year-to-date [5] - The first ARMS 200 tier 3 AI pod assembly is set to begin in Q4 2025, with online activation expected in Q1 2026 [4][5] Market Data and Key Metrics Changes - Current power availability includes 55 MW in Alabama and 141.7 MW in Upstate New York, totaling close to 200 MW for 2026 [6] - An additional 200 MW is anticipated in North Carolina by 2028 [6] Company Strategy and Development Direction - The company is transitioning into AI infrastructure, with a focus on building a scalable high-density AI compute ecosystem [6][7] - The NeoCloud Z platform, a GPU-as-a-Service offering, is set to launch in January 2026 [5][18] - The company aims to deploy 55 MW of AI infrastructure by Q4 2026, with a phased approach to deployment [6] Management's Comments on Operating Environment and Future Outlook - Management expects AI revenues to reach approximately $65 million in 2026, driven by colocation and GPU-as-a-Service offerings [8][9] - The company is currently debt-free and holds over $90 million in cash and equivalents, providing strong liquidity for future developments [10][11] Other Important Information - The ARMS platform is designed for rapid deployment and customization, allowing for faster scaling compared to traditional hyperscale solutions [12][14] - The partnership with Supermicro is crucial for the integration of optimized service racks and software, enhancing operational efficiency [15][16] Q&A Session Summary Question: What are your expectations in AI revenues in 2026 and 2027? - Management estimates about $50 million in revenues from colocation and an additional $15 million from GPU-as-a-Service, totaling approximately $65 million in AI revenues for 2026 [8][9] Question: What are the current debts? - The company confirmed it has no long-term debts and is completely debt-free [10] Question: How is your current cash holding? - The company holds over $90 million, primarily in cash, with some holdings in Bitcoin and Ethereum [11] Question: Can you please describe the ARMS AI-ready modular solution platform? - The ARMS platform is a proprietary modular system developed for rapid deployment, capable of supporting various chip types, primarily NVIDIA [12][13] Question: Can you please go into some detail on your relationship with Supermicro Computers Inc.? - The partnership with Supermicro focuses on integrating optimized service racks and software, which is essential for the company's modular systems [15][16] Question: Can you please describe the retail compute platform NeoCloud, who the potential customers or end users will be? - NeoCloud is aimed at smaller AI developers and research institutions, providing GPU-as-a-Service and expected to contribute 20%-25% of total revenue [17][18]

Financial Data and Key Metrics Changes - Quarterly revenue reached $6.09 million, a 115% increase compared to $2.83 million in Q3 2024 [5] - Gross profit more than doubled to $2.96 million, representing a 48.6% gross margin, up from 47.5% in the prior year [5] - Net loss significantly narrowed to $188,000 compared to a net loss of $1.19 million in Q3 2024 [5] - Year-to-date revenue surged 171% to $20.7 million compared to $7.7 million in the same period last year [6] - Net loss reduced by nearly 50%, improving from $7.4 million in 2024 to $3.8 million in 2025 [6] Business Line Data and Key Metrics Changes - Growth driven by the successful integration of AmpliTech's 5G ORAN technology and strong momentum in low-noise amplifiers and 5G infrastructure systems [6] - Continued investment in R&D increased by 60%, supporting new product development in MIMO 64P64R ORAN radios and private 5G network systems [6] Market Data and Key Metrics Changes - The company anticipates double-digit gross margins in Q4 2025 and 2026 as production costs normalize [8] - Projected revenue for fiscal year 2026 is at least $50 million, effectively doubling the projected record fiscal year 2025 revenue of at least $25 million [8] Company Strategy and Development Direction - The integration of ORAN IP portfolio positions AmpliTech as a U.S.-based vertically integrated supplier for next-generation open RAN 5G radios [7] - The company aims for 25%-30% annual revenue growth through 2030, driven by ORAN 5G LOIs with two different customers [11] - The rights offering is designed to strengthen the balance sheet without incurring long-term debt, supporting growth while respecting long-term shareholders [13] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving profitability by fiscal year 2026, assuming the continuation of current order pace and margin recovery [8] - The company is positioned to deliver successive quarters of growth and enhanced shareholder value, with expectations of receiving additional orders [17] Other Important Information - The rights offering is priced at $4 per unit, providing growth capital for scaling ORAN product lines and expanding domestic production [7] - The company plans to use proceeds from the rights offering to scale production, fund inventory, and complete necessary certifications [14][15] Q&A Session Summary Question: Will the rights be traded when distributed? - Yes, the rights are expected to be traded when distributed [18] Question: What are the expected gross margins as the company scales? - The company has a mixed list of ORAN 5G products, each with different gross margins, but expects at least double-digit gross margins on all products [19][20]

Financial Data and Key Metrics Changes - For Q3 2025, revenue was $2.4 million, a slight decrease from $2.5 million in Q3 2024. For the nine months ended September 30, 2025, revenue was $6.9 million, compared to $6.6 million for the same period in 2024 [10] - Gross profit for the nine months ended September 30, 2025, was approximately $4.9 million, reflecting no material year-over-year change [10] - Operating expenses were approximately $1.1 million for Q3 2025, a reduction of over $500,000 compared to the same period last year [5][10] Business Line Data and Key Metrics Changes - In the dental segment, international sales increased year-over-year, partially offsetting a decline in domestic revenue [6] - Utilization of CompuFlow disposables rebounded slightly, indicating a re-engagement with current customers [6][8] Market Data and Key Metrics Changes - The company has a market share of approximately 1.5%-2% in both domestic and international markets, indicating significant room for growth [17] - The company is focusing on expanding its commercial coverage footprint in key jurisdictions like New Jersey, Texas, and Florida [8][24] Company Strategy and Development Direction - The company is executing a transformational strategy focused on streamlining operations, strengthening commercial execution, and advancing reimbursement strategies for CompuFlow [5][12] - The addition of Dr. Dawood Syed to the board aims to enhance clinical and payer expertise, supporting the strategy for broader adoption within hospital systems [8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's technology and emphasized the need for a structured approach to sales and reimbursement to ensure sustainable growth [40][41] - The focus remains on disciplined execution, operational excellence, and building value for shareholders, customers, and patients [12][54] Other Important Information - As of September 30, 2025, the company had cash and cash equivalents of approximately $1.3 million and working capital of approximately $3.1 million [11] - The company is considering establishing a bonded warehouse in the U.S. to mitigate potential tariff impacts [29] Q&A Session Summary Question: How to convince dental clinics to invest in new equipment? - Management acknowledged the challenge and emphasized the need for better education and marketing to increase awareness of the product's benefits [15][17] Question: What is the plan for broader commercialization of CompuFlow? - The focus is on a few key states and jurisdictions, with plans to collect data meticulously to support Medicare reimbursement [21][22] Question: How is the salesforce structured? - The company plans to ramp up the salesforce and is considering adding reimbursement specialists to enhance sales efforts [31][32] Question: Is there a seasonality pattern in sales? - Management indicated that the business is steady without significant seasonal fluctuations, expecting a similar performance in Q4 [33] Question: What is the current cash position and need for capital? - The company has sufficient cash to operate for several quarters and is looking for opportunities to improve its financial position if necessary [50]

Financial Data and Key Metrics Changes - AirJoule Technologies reported a net loss of $4 million for Q3 2025, a significant decline from a net income of $2.5 million in Q2 2025, primarily due to non-cash losses related to earn-out liabilities [25][26] - The company's net operating expenses for Q3 were $3 million, which included $487,000 in reimbursed expenses from a joint venture [24][25] - Cash on the balance sheet at the end of Q3 was approximately $26 million, with an additional $5 million contributed to the joint venture post-quarter [26][27] Business Line Data and Key Metrics Changes - The Hubbard, Texas deployment is operational 24/7, generating critical performance data that is essential for optimizing system design and validating performance [11][12] - AirJoule's water generation system is producing distilled water with zero dissolved solids, meeting EPA and FDA standards, which is a key differentiator in the market [16][44] Market Data and Key Metrics Changes - The demand for AirJoule's technology is driven by the increasing water and energy needs of data centers, particularly in arid regions facing water scarcity [4][5] - The company is positioned to benefit from significant regulatory tailwinds as governments phase out high global warming potential refrigerants, creating demand for alternative technologies [8][9] Company Strategy and Development Direction - AirJoule aims to capitalize on macro trends in water scarcity and energy efficiency, positioning its technology as a solution for sustainable operations in data centers and manufacturing [4][6] - The company is focusing on productization and scaling manufacturing readiness to support commercial deployments in 2026, with a goal of maximizing water output and reducing system costs [19][21] Management's Comments on Operating Environment and Future Outlook - Management highlighted the critical role of water security in AI infrastructure development and the operational impacts of water scarcity on data centers [5][7] - The company is optimistic about its partnerships and collaborations, which are expected to drive commercial opportunities and validate its technology [10][12] Other Important Information - AirJoule was recognized as a winner of the Net Zero Innovation Hub for Data Centers technology competition, validating its technology for sustainable operations [12][6] - The company is exploring water purchase agreements (WPAs) as a commercial strategy, allowing customers to purchase water on a volumetric basis, which could create recurring revenue streams [18][40] Q&A Session Summary Question: Clarification on data from Hubbard accelerating commercial adoption - Management explained that the operational data from Hubbard is catalyzing interest from hyperscalers looking to build in Texas, enhancing confidence in the technology [30] Question: Progress on product integration with GE Vernova - The integration project with GE Vernova is ongoing, focusing on utilizing waste heat from gas turbines to enhance AirJoule's products [31] Question: Low R&D spend in Q3 - The low R&D spend was attributed to expenses being borne at the joint venture level and a reversal of previously accrued royalty expenses [33][34] Question: Runway for the AirJoule JV - Management confirmed that current cash is sufficient to support both corporate and joint venture expenses through commercialization into 2026 [35] Question: Customer interest in the WPA model - Interest in the WPA model is strong among customers lacking reliable water sources, with many discussions ongoing [38][61] Question: Importance of water purity in commercial discussions - Water quality is crucial for various industrial applications, and AirJoule's technology offers significant advantages in producing clean, distilled water [44][46] Question: Validation work with ASU's Dr. Westerhoff - The collaboration with ASU is expected to provide independent validation of AirJoule's performance and enhance commercial discussions [52][53]

Financial Data and Key Metrics Changes - Sigma Lithium reported a 69% increase in net revenues quarter-on-quarter and a 36% increase compared to the same quarter last year [4][5] - Cash generation reached $31 million, with a 42% increase in cash compared to the previous quarter, resulting in a current cash position of $21 million plus $8 million in trade receivables [6][10] - Operating margin increased by 42% and net margin increased by 67% compared to the same quarter last year [6] Business Line Data and Key Metrics Changes - The company successfully upgraded its mining operations, with the plant restarting operations and the mine expected to resume within two to three weeks [5][24] - Sigma Lithium has approximately 1 million tons of high-purity middlings, which are expected to generate additional cash flow [4][10] Market Data and Key Metrics Changes - The pricing of lithium increased by 33% compared to the previous quarter, with current market prices at $1,700 per ton [5][10] - The company is positioned to benefit from the rising lithium prices, which increased from $700 per ton in mid-third quarter to $1,000 per ton as of November 13 [18] Company Strategy and Development Direction - Sigma Lithium aims to maintain its position as a low-cost and sustainable producer, with plans to upgrade mining operations and expand production capacity [25][27] - The company is negotiating various offtake agreements to secure future sales and funding for expansion [15][17] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for 2026, highlighting the importance of being a low-cost producer in a volatile market [49] - The company plans to continue its focus on operational excellence and sustainability while navigating the lithium price seasonality [27][28] Other Important Information - Sigma Lithium achieved 787 consecutive days without accidents, demonstrating a strong commitment to safety and operational excellence [7] - The company has a significant amount of lithium middlings that are expected to generate substantial cash flow, with current bids at $120 per ton [30][46] Q&A Session Summary Question: What is the current cash balance? - The current cash balance is $29 million, with an additional $33 million in bids for lithium material [29] Question: What is the origin of lithium middlings and their grade? - The lithium middlings are processed through the DMS circuit, with a grade range of 1% to 1.3% [30] Question: What is the status of the $100 million shareholders credit and BNDES loan disbursement? - The company is awaiting a quarter of lithium price stability to greenlight equipment purchases, with potential disbursement as early as January 2026 [31][33] Question: Will production be fast-tracked if the lithium market tightens? - Yes, the mining upgrade is aimed at matching the plant's capacity to take advantage of a robust lithium price environment [34][35] Question: What is the estimated CapEx for bringing phase two and three online? - The total cost to upgrade mining operations is $25 million, fully covered by clients [39] Question: How much spodumene concentrate inventory is there? - The company plans to monetize all existing inventories, including high-purity middlings [44]