AIRJW

• Matt Jore discussed macro trends reshaping water and energy markets, highlighting AirJoule's position to address demand from AI data centers, industrial manufacturing, defense, etc. • Pat Eilers noted third quarter milestones including Hubbard, Texas deployment generating real-world data, selection as Net Zero Innovation Hub winner, collaboration with ASU and ERDC, and agreement with defense contractor. • Bryan Barton talked about productization efforts, water purchase agreements, manufacturing facility ribbon cutting in Newark, Delaware, and productization objectives of increasing water output, reducing system cost, and ensuring reliability. • Stephen Pang provided financial update, noting net loss, lower operating expenses, cash position, and shelf registration statement filing.

• Full year 2025 JV spend expected at the higher end of prior guidance ($17 million to $18 million). • Shelf registration statement filed for capital flexibility. • Focus on 2026 commercialization, including firming demand signals and product deployment.

No detailed product segment financial performance with revenue contribution percentages provided in the transcript.

• Uncertainties in forward-looking statements affecting actual results. • Market adoption challenges for AirJoule's technology. • Regulatory compliance risks related to phaseout of high GWP refrigerants. • Operational risks in scaling manufacturing and productization.

Q: How should we read the statement 'data from Hubbard is accelerating commercial adoption'?

A: The system in operation is generating critical performance data, helping with customer interest, especially in Texas where hyperscalers are looking to build, driving commercial discussions.

Q: How is progress with GE Vernova integration?

A: Focus on waste heat from gas turbines, currently in the forming and paper exercise phase to understand integration of AirJoule's technology.

Q: Why was R&D spend low in 3Q?

A: Most R&D spend is at the joint venture level, and there was a reversal of maintenance royalty expenses related to a licensing agreement with Pacific Northwest National Lab.

Q: What is the runway for the AirJoule JV?

A: Sufficient cash to support operations and JV spend through commercialization in 2026, with 2026 JV spend likely lower than 2025.

Q: What types of customers are showing interest in the water purchase agreement model?

A: Customers needing clean water without reliable access to municipal or good quality water, where AirJoule owns and operates the assets and sells water produced.

Q: How important is water purity advantage in commercial discussions?

A: Critical for various customers (data centers, industrial, etc.) as AirJoule's system selectively pulls water vapor, producing clean water natively, unlike other atmospheric water generators.

Q: How does the validation work with ASU help commercial discussions?

A: Provides independent validation of performance and water quality, with Paul Westerhoff's network aiding industrial conversations.

Q: How many discussions are there on the water purchase agreement model?

A: Many dozens of conversations, with final discussions ongoing for '26 and '27 deployments.

Q: How is pricing handled in the water purchase agreement model?

A: Compares to trucking in water, with selective deployments based on customer needs and economic viability.

Q: What is the timing and scope of the Net Zero Innovation Hub project?

A: Test bed in Denmark to showcase circularity with data center partners, validating AirJoule's technology in a real-world setting.

Q: What defines success by the end of 2026?

A: Firming demand signals for deployments and product delivering compelling economics, including launch of A250 and A1000 products.