Good day, and welcome to the iAccess Alpha Virtual Best Ideas Winter Investment Conference 2025. The next presenting company is Birchtech Corp. If you'd like to ask a question during the webcast, you may do so at any point during the presentation by clicking on the Ask Question button on the left side of your screen. Type your question into the box and hit Send to submit. I'd now like to turn the floor over to today's host, Rick MacPherson, CEO of Birchtech. Sir, the floor is yours. Ladies and gentlemen, this is Rick MacPherson, the CEO of Birchtech, a clean coal and clean technologies company where we provide more affordable contaminant removal. Starting out with the forward-looking statements, folks, if you'd please read the statements as presented, and now looking at Birchtech with the overview of Birchtech, we develop activated carbon technologies and we provide consulting services to remove mercury from the we breathe and the forever chemicals from the water we drink. Our team includes leading carbon experts from across the U.S. and allow us to drive our new technologies and innovations in both air and water pollution. On the air side, we have an established core business where we reduce mercury emissions, and over 80% of the power plants in the U.S. that use sorbent technologies use our process. And we have over $268 million in revenues generated or expected in the near term. Now, on the water side, we have clean water technologies and we're a new entrant into the multi-billion-dollar market for the removal of forever chemicals. Now, we apply our activated carbon expertise to treat the water, and there are very soon to come EPA regulations for PFAS compliance, but also a number of different states have taken up the cause earlier. As soon as next year, over 27 states actually are now actively pursuing the capture of PFAS and PFOS. We have a strong IP portfolio and a successful enforcement strategy, 33 total patents, and new provisional patents for the water business. So we've successfully secured $35 million in license agreements from legal claims from folks that were using our process in an infringing manner. We've also been awarded $57 million in a unanimous jury verdict for willful infringement. Now we're waiting for the final judgment on that and expect it later this year. Three growth opportunities for the company: growing our clean air business, defending the IP portfolio that goes with it, but mostly the future growth in our clean water treatment section. The clean air technologies, our core recurring business model, has been solid for the past decade and continues to be so. We see a stable growing core business in it and are expecting upside in 2026. Our clean air technologies patent values have also proven to be very valuable, with, as I mentioned, the securing of $35 million in legal claims to date and the licenses thus far, with an ask of the court at this time of $160 million from the pending final judgment from our federal court case. So far, we have a 100% win rate on enforcing our claims. Now, when it comes to the water treatment technologies, our long-term growth potential is strong. We are experts in granular activated carbon, which we feel is the BACT, the best available control technology for water treatment. 50% of the states in the U.S. have adopted PFAS limits, establishing a billion-dollar annual market opportunity. Reactivation facilities that we are planning are expected to open by the end of 2026, and we expect to be able to develop significant business by 2030. Our legacy air business is expanding, and recurring core business of the company, as I mentioned, is about $265 million in terms of what we build and expect in the near term. This technology, as I mentioned, is used in approximately 80% of the U.S. coal-fired plants that are using sorbent technologies. The revenue run rate has potential to ramp to about $40 million by the end of 2026, and our estimated revenue for 2025 is $18 million. We have significant average annual billings per utility with a 3- to 5-year typical contract, and our gross margins are in the 30% range. Now, defending our IP has been very significant for us. It's resulted in license agreements, has improved our cash position, and increased the market share of our core business. In 2019, the company filed an IP patent infringement suit based on unauthorized use of its patented technologies for mercury emissions capture, alleging that refined coal defendants caused significant business harm and obtained significant value from their use of our company's technologies. Now, we've taken a business-first approach, which has resulted in licensing revenues and long-term supply agreements. Upon settlement of our court ruling on infringement, the utilities pay us a license fee after the current supply contracts expire with competitors. Locking in long-term supply contracts, which often offer attractive economics for both parties, is our goal. Success to date, many of the utilities have settled or entered into license agreements, as I said, resulting in over $35 million additional consideration in settlements. In February of 2024, $57 million was awarded by the jury for willful infringement. Now, we expect the final judgment later this year. Our request to the court was $160 million from the court for past damages and considerations due to the willfulness of the infringement. And we also have ongoing litigation. Infringing power plants remain engaged in discussions with us, with additional lawsuits and legal actions now underway. Now, when it comes to our clean water technologies, we have significant near and long-term growth expectations, moving rapidly into this massive growing market. Potable water treatment solutions are key to us, and with that, we've designed two world-class lab centers, which enable the creation of advanced water treatment solutions and provide nationwide utility testing. Now, new activated carbon technologies, with launching this year, with commercialization beginning early of next year, will help utilities ahead of the evolving regulations. We have a robust profit margin as well in these new products. We're targeting 30%-50% gross margin on our profile of both new and reactivation carbons. The launch is underway. We've put together a feedstock agreement to produce up to $7 million worth of granular activated carbons, with the production established with these initial relationships, expecting to provide that material in the first half of 2026. More affordable technologies for water purification is also our goal. Leveraging our team's deep experience with activated carbons, we've been able to develop new technologies that we think will make a big impact on the industry. The problem, of course, is the PFAS or PFOS forever chemicals cause tremendous harm, both in pregnancy risks, increase the cancer, and reduce the ability of the body's immune system. So working with our engineering team, which we've added to by a dozen new engineers and technologies in this past year, we have huge expertise with virgin granular activated carbons and the ability to work with the reactivation of granular activated carbons, as well as providing the testing and consulting services that the industry is going to need. So the activated carbon is the primary material used to trap water contaminants such as these PFOS and PFAS. And our team can test specific water sources for contaminant levels to create custom GAC solutions to support new EPA regulations, reduce expenses, and improve efficiency. These harmful PFAS contaminants are all across the U.S., a significant number of impacted communities across the U.S., with 50,000 water utilities at risk. And if you look at the map, the blue dots indicate the intensity of the PFAS contaminants, and the number of U.S. communities confirmed to be contaminated grows at an alarming rate. 90% of the U.S. population is affected by PFAS in some fashion. And these PFAS chemicals don't break down. They're very difficult to get used to, to get rid of. And each blue dot on the map represents a utility that requires a unique activated carbon blend for compliant water treatment. A more robust solution is required for effective change ahead of the EPA regulations going into effect. That's what our firm, with its two development centers, one in North Dakota and one in Pennsylvania, are dedicated to working with the community of four. Our proprietary reactivation process is affordable, sustainable, and compliant. We have unique industry knowledge, and we're developing a full-service novel approach to reach PFAS compliance. Our developing process includes deploying world-class consulting experience to client municipalities. The thermal reactivation of carbon in our design center at State College, Pennsylvania, obtaining water samples from municipalities to test performance of virgin and reactivated GACs at our testing center in Grand Forks, North Dakota. Rapid small-scale column tests, or RSSCT, delivers cheap, fast, and reliable results compared to full-scale pilot tests, which are very expensive and take too much time. Cohesive look at all of the data and recommending the optimal solution, which is usually a mix of virgin and reactivated GACs to meet compliance requirements, is what we do and what we take to each and every client that comes our way for testing. So we're very much at the front in terms of being able to identify the problem, recommend the solutions, and provide the full-circle service that these municipalities need. Now, upcoming catalysts in 2026. We're in a situation where we are following the jury award of $57 million in March of 2024, and that final judgment from the U.S. Federal Court of Delaware is expected by the end of this year. As mentioned, we have requested a total of $159 plus million dollars due to the willfulness of the infringement and the damages that we felt we received. And also, we're moving forward with that in a positive light, hoping that and expecting that that will come to a final decision before the end of this year. Additional water business sales are expected during the next few months following our initial commercial sale of $0.9 million that we recently announced. And so we do expect to be able to announce in early, as we did in Q3 of 2025, starting in early 2026, follow-on orders that will add to our revenue base as we grow through 2026. We're also targeting an uplisting to a major U.S. exchange expected by early 2026. Everything is in order for us to be able to move forward with that listing most likely in January or February of 2026, and we're looking at the New York Stock Exchange. We're also looking at increased revenues through additional settlements with infringing utilities in the form of license payments and new supply contracts. Now, these supply contracts will become available for us to quote on with favorable terms as their present contracts run out. So the settlements that we've been putting in place over this past year in particular, we're looking to be able to move into longer-term supply contracts as well as 2026 begins. We're also planning to begin construction of our first granular activated carbon reactivation facility. The permitting is underway. We have two sites identified at this point. We're looking forward to bringing that material news to the market as soon as the permitting is underway, is completed, that is now underway. So that's it for the presentation today, folks. I want to thank you for staying with us. It looks like we have a few questions coming in. If I don't get to yours today, we'll be happy to follow up after the event or during tomorrow's one-on-one meetings. So maybe I'll start with the first question. First question is, can you provide any update, timing, or expectations around the court's decision on the roughly $160 million final judgment? No, it's up to the judge. However, his last two decisions reinforced the trial results. We're waiting final judgment on his decision and on final award amount. Second question, if the final judgment is awarded as anticipated, how are you thinking about allocating the proceeds across the business? Well, that's to be determined. However, we are moving forward in the build-out of our water treatment facilities, and we may use some funds to support this, but they're mostly debt financed. And we are also considering, but it would be up to the board, of course, a possible dividend consideration. But that would be something that would be decided post-award going forward. Third question, how should investors think about the air business revenue run rate heading into 2026 as renewals and expiring contracts come up? The air business should continue to grow as settled arrangements take hold with their present supply contracts, which are coming up for renewal. Like I said, we can't control when they do come up, but whenever the contract for present supply ends, we'll be in position to be able to quote on that business. Next question, what remaining opportunities are there to convert additional infringing utilities into long-term customers, and what could that mean for revenue? There are several remaining parties which may still settle that could increase our opportunity to increase the air supply material sales starting in 2026, and we'll just have to see how they sort out. We've been very successful to date in settling away and coming to terms with most of the defendants in the present case, so we'll just have to see how the rest of it sorts out. Next question, can you provide more color on the water business pipeline, including the types of utilities engaged and the mix between analytical and treatment system opportunities? Our water business development is three-tier. Generally, water treatment supply sales, such as the recently announced $900,000-plus contract to a power plant, along with water treatment chemical sales to wastewater treatment facilities and other water utilities. The second area of projected profits are from the increasing use of our research and analytical facilities through the relationships that we're now building with water utilities and their engineering firms, such as the recently announced arrangement with CEC Engineers. And the third area of business growth will be both the selling of GACs and the reactivation of spent GACs once your reactivation center is online and operating. So we have a three-tier approach on the water treatment side, which I think is going to be increasingly valuable to the company as we go through 2026, and we look forward to announcing our wins as we go through the year in this division in particular. So the next one is, without providing formal guidance, how do you see the water business contribution evolving through 2026 as more utilities progress in the pipeline? I expect a steady growth through 2026 with the possibility that the water treatment and sales side of our business rivals the air revenues actually by the end of 2026, even before the reactivation center opens. The general water treatment side is growing nicely. Pipeline is very strong. Our research and design center is very busy and looking to become much more busy as these relationships with the engineering firms come together. So we expect a lot of growth on the water side in 2026. And I haven't given guidance on it, but like I say, it has the opportunity to rival the air business with regards to what its potential is. In a large part, that will depend on when our granular activated carbon sales start. We're just waiting on the final tweaking of the production facility that will be providing us with that material. Next question is, with EPA PFAS compliance requirements starting in 2027, how should investors view the regulatory tailwinds? Well, first of all, the EPA regulations aren't starting in 2027. They've been pushed out to 2031. And that was mostly due to cost problems. But many states, actually 27 of them at this point, are expected to move forward in the meantime, some starting in 2026. And we're focused on helping them meet those new regs from our analytical services right through the reactivation of their spent carbons. So that's where our business, we think, is going to really take off next year, is starting with the analytical and sorting out with these folks what they should be doing and how to get there. We expect that we'll be able to be with them from the start right through to the finish, providing GAC and then reactivating that GAC once we've identified with them and their engineering firm what the best approach should be. Next questions, a couple more. Can you share an update on your uplisting plans and the remaining milestones to move to a major U.S. exchange? Sure. Well, if it hadn't been for the government shutdown, I think we'd be moving forward with that this month. However, due to the SEC having eight or 900 files backed up, we've been pushed off what looks like at this point sometime in January or early February. And we feel very confident that we'll be able to finish the uplisting at that point. And we'll be announcing that, of course, as we move on and get the go-ahead. Last question. With U.S. coal generation stabilizing and supported by recent federal directives, how does that impact long-term visibility for the air business? The long-term prospects for coal power in the U.S. is strong, especially with a Trump-based approach. Our business will benefit accordingly, and we expect growth in the coming years as we execute to fill supply contract RFPs. I think the industry is solid and strong at this point, and will continue into the foreseeable future, so that's it for the questions, folks. Thank you very much for listening to our story today, and like I said earlier on, if there are any other questions, we can get to them on the one-on-ones tomorrow. Thank you. That concludes Birchtech Corp's presentation. You may now disconnect. 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