Noble senior research analysts. I am pleased to be joined by Mr. Richard MacPherson, President, Chief Executive Officer, and Director of Birchtech Corp. Birchtech is listed on the NYSE American in the United States under the symbol BCHT, and on the Toronto Stock Exchange in Canada under the ticker BCHT. Following the presentation, you may submit your questions using the tab at the bottom of your screen. Richard, the floor is yours. Thank you, Mark, and it's a pleasure to be here with you at Noble Capital Markets conference this week. Birchtech, as you know, we're the clean coal and clean water technologies company working for more affordable contaminant removal for water treatment plants across the country. Stacy, if you would move on to the next slide. Thank you very much. The forward-looking statements, folks, we would expect that you would consider them and understand them. We'll move on to the presentation. An overview of Birchtech is that we are focused on two main areas of technology development. One is the clean air technologies, which is a very mature part of our company, and we've been operating successfully commercially in that field, taking mercury emissions from coal-fired plants for the last 15 years. It's an established core business. We have a patented SEA technology, which we've defended many times with great success in the market, and we continue to grow that market with the most recent settlements in 2025 and into 2026. We expect that supply side of our business to continue to grow through 2026 and right through 2027. We expect that that air business will be a mature, maintainable business for the next 5- 10 years, especially given the amount of demand from AI on the fleet at this time, which is only going to grow. When you look at our clean water technologies, what we've done is taken our know-how, skill set in dealing with what we call carbonaceous materials, and applied that to the water industry, which holds 10 times the potential for us in terms of growth and revenue and overall value than the air business, which we've developed over the past. For the past three years, very active in clean water technologies. This is a $1.5 billion annual business, which we expect to grow from that once all of the new regulations take effect in the years to come. I should say, with regards to the information to the right, it is older information. We hit 228 yesterday on our share price, with a resultant market cap significantly higher than what's shown. The revenue in Q1 is accurate, however, and the gross margins are fine. Maybe what we could do, Stace, move to the next slide. We have three growth opportunities. We have that stable clean air business. We've been defending our IP portfolio, and we have future growth in the clean water market. The clean air technologies, which are our core business at this time, we expect to continue to grow, even though it has a ceiling. We expect more growth in it, and it will provide that stable core to the company that we've relied on these past 15 years. What I should mention, however, on the clean air side, of course, is that we have a very large final judgment award, which we are now moving forward to collect, which has grown past $80 million now with the interest accumulating. Also what's very significant is the update that we released this week on the patent information and what that means to both that collection and the outstanding claim that we have and lawsuit that we filed against Ameren. Our clean air technologies patent value is very significant. We've collected well over $37 million in payments to date for infringement, along with that $78 base pre-interest judgment, which is outstanding, which we are collecting on now. What's very interesting is the removal of all of the IPRs, the challenges to our patents, and with no more ever being able to be leveled against us, it very much clears the path for us to move forward aggressively against the final defendant that we have, Ameren. They have a very significant value statement with regards to the value that we would place on their use of our patented technologies over the past five years since we filed our original claim. There's a significant situation there which we will be developing without any threat of IPR hanging over us. Also it removes any possible chance for the defendants in the main Delaware case, that $80 million case, to rely on an IPR decision that could possibly upset their need to pay that. We've really been able to create a very solid economic position for our efforts going forward on the infringement front, which we think will come through in real asset, real dollars, in the coming months or so. On the clean water technology side, we have very good long-term potential. I'll get into that more as we go on in the presentation. We've made significant gains in both our research facility in North Dakota as well as the design center in Pennsylvania, and that's culminating in a lot of real-world material gains for us as we work with the water utility industry across the board. Next slide, please. Legacy business, as I mentioned, the air is moving ahead nicely. A very good recurring core revenue base. We do expect that it will increase in the coming year and a half in particular, and we will be able to give further guidance to that as we start to see the recent settlements come through with supply contracts. The only thing we can't control there is how soon the present contracts with the settled parties come up for renewal. As they do, we'll be announcing them and adding them into our revenues once we're successful with the RFPs that would be issued. Next slide. The clean water technology is really the significant near long-term growth value for the company. We're moving into a massive market of opportunity, and we spent the last few years getting ready for it and building the relationships and the know-how to be able to enter successfully. You'll start to see some significant revenues coming from us in the water side this year, and building very strongly in 2027. We have a number of different initiatives underway, and we'll be bringing material news to the market over the next 60 days in particular, that will give a clearer picture of what we've accomplished, and what our overall value statement is in the longer term. We'll be focusing on the PFAS/ PFOA business, but I very much expect to be moving from the research and develop and design center phase into actual commercial operations this year. And we'll bring more information to the market on that in the coming, like I say, most likely 60 days. And I'll be able to at that point in time also give some economic projections as to what that commercial operation will generate annually as we move forward. Next slide. Just to back up, the PFOA/ PFAS problem of course is very big, recognized both at the local, regional, and national level, and supported in terms of cleanup at all of those levels as well as in particular, with today's head of the EPA. We are actively involved with the engineering firms that are working with hundreds of different utilities across the country in order to find a strategy to be able to meet these PFOA/ PFAS removal regulations that are coming in both at the state level and federally. Because we're such a specialized technology company with the facilities that we built out over the last three years, the general engineering communities and companies across the country see us basically as the tip of the spear in order to be able to generate the strategic understanding and know-how of what's available for technologies to meet these challenges. Also work with us to develop strategies for the companies they work for to be able to meet the regulations at the lowest possible cost. I should say our technologies are focused not only on being able to capture the PFOA/ PFAS, but also destroy it, eliminate it from the ecosystem, and also do that at an economically viable rate. There are other options, but they are very expensive. Especially for the midsize to smaller outlets across the country, it's critical that someone like us step up with an option to be able to clean this PFOA/ PFAS out without having to spend tens if not hundreds of millions of dollars in order to get rid of it, and thereby impacting the water cost dramatically. That's our objective, that's our goal, and we're being very successful in creating that path forward. Next slide. We basically have, as I have mentioned, three integrated tiers. The design centers of analytical and carbon development, using our own team and the specialists that we've hired over the last number of years, and that's based out of the offices both in North Dakota and in Pennsylvania. We've been working with the engineering firms and their clients, bringing in their water, bringing in their spent carbons, and doing all of the analysis and pilot scale testing that's required in order to come up with the best possible solution. On top of that, what we've been doing as well is we've put together a selection of dozens of different materials, chemical materials that we are in the process of rebranding to Birchtech zone line of products, and been selling that into the market, both to industrial players and to water treatment plants. That's a business that's got a huge funnel of opportunity that we've developed. That will be part of the material news that we go forward with in terms of our increasing revenue pace on the water side. Last but not least of course, is our own carbon rejuvenation services that we will be providing based on the technologies that we have developed in-house over the last three years. That has the potential to generate literally hundreds of millions of dollars of services for the company in the coming years as we run up to the final implementation of the federal regulations in 2030, 2031. We're not going to be waiting of course, for that period to start in on the effectiveness of operating that, but it will culminate at that point in 2030, 2031, with a nice ramp of our business, as I mentioned, expecting to start this year commercially over the next three years. Next slide. Just to dive a little deeper, Dr. Nick Lentz on the screen here actually did his thesis in PFOA/ PFAS 20 years ago. That's how much depth we've got. The lab that we put together in North Dakota is by far the best in the industry at what it does, bar none. And it's led as well by Dr. David Mazyck, who's a renowned national leader in activated carbon engineering. Dr. Mazyck has been with us these past couple of years and has been helping to develop and oversee and commercialize our new rejuvenation center, as well as working with Dr. Lentz and the other engineers in our company to be able to make sure that we have the very best possible process. What we've ended up with, in essence, is the ability to take spent carbons and provide back a rejuvenated carbon at very low cost with 100% efficacy, as if they were to go to market and buy new, the very best GAC you could find, at about a 50% savings economically. Next slide. The water treatment systems integration is a very advanced culmination of a multifaceted approach that we're taking. The competitive advantage is basically that we're able to, as I mentioned, bring both a new product line for general water treatment to market for operations, both in industrial and mainstream water treatment, but also provide all of the analytical work that's necessary to the engineering firms that manage water utilities to be able to get to where they need to be to make some final decisions on how they're going to handle these new regulations. Combined, along with our pilot-scale testing ability in Pennsylvania, we can do a complete package, and provide those engineering firms with what they need to go back to their customers, make final decisions. Once that's all completed, we'll be moving on with our third stage, of course, which is to actually carry out the rejuvenation of the spent carbons for all of these utilities once they get up and running. We very much expect that the GAC or granular activated carbon approach will be the go-to approach in the coming years as it is now. It will command 70%+ of the approach that's taken to defeat PFOA/ PFAS, and we expect to be a big part of that as we go forward. Next slide. Carbon rejuvenation, as I mentioned, this is a broad view of our pilot scale operation in Pennsylvania, is something that we expect that we will start into commercially with a commercial operation this year that will add significantly to our revenue base and give us the performance and knowhow of real-world expertise, so that as we start to build out our facilities across the country, we've got the experience and knowhow of running this full scale to be able to build it out without running into the unforeseen complications that others may run into when they expect to take something theoretically into the market and have it operate. We are a very serious and senior group of people that have experience in all levels of what's required to generate this final processing. We will make sure in the latter part of this year as we go commercial, that we get all of the bugs worked out before we go national with our efforts. Next slide. Some of the recent and upcoming catalysts for the company are interesting. Settlements, again, with infringing parties and our entrance into this water market. The final judgment from the U.S. Court of Delaware for that case was $78.4 million. It is over $80 million now with interest. Our additional water business sales are expected over the next few months. We do expect that in 2026, we will see a significant growth in the water revenues. We will start to report that most likely in the coming month. Increased revenues through additional settlements with infringing utilities is underway. What's really interesting is this next item, which is the IPR proceedings, which have been dissolved and really clears the path to be able to take our litigation stance with regards to the present claim, capturing that $78 million and the outstanding main defendant of Ameren, and deal with them straight up as we dealt with the Delaware case for what we would expect to be a positive outcome. Finally, the preparations are underway for permitting of a carbon rejuvenation facility. Now, instead of expected to go online early 2028, I can update the market today to say that I do expect we will be commercially operating our first rejuvenation center this year in the fall of 2026. Next slide. That's it for today, folks, in terms of the presentation. Mark, I would love to take some questions if you have any coming in. Thank you, Richard. We do have questions in the queue. The first one is, earlier in the year, you indicated that clean water in 2026 could be 5-10 times what it was in 2025, yet thus far, the announcements have been scarce. Are you willing to reaffirm those numbers? I don't recall exactly what that comment was, but as I have just mentioned, I expect significant growth in the water revenues in 2026. Multiples of what we did in 2025. I'll give some guidance on that probably in about two months' time, but we'll also be making some announcements in the meantime. What I'd like to do for the market is give a very specific update and overview to where we sit with the water business so that the market can understand the value position and where we are in that exercise. I will be bringing news to the market, both in increasing sales and in an overview of expectations for the rest of 2026 in the coming month. You mentioned the step up in 2027. Now the next question is how much of the $78 million judgment do you realistically expect to collect and on what time frame? I think along with that question, you might just talk a little bit about the key legal, procedural, and collection risks. Yeah. Unfortunately, I can't get into the details of it because it is an active legal case right now, and anything I say could affect that case. All I can say is that we've been duly awarded the $78 million. It's growing interest as we speak. We are now back and forth in the appeal process. The defendants have filed a massive response. Our attorneys are dealing with that. They feel very confident in their ability to deal with that. I would refer again to what I mentioned earlier, Mark, and that is the removal of the IPRs without any further ability to launch a challenge to our patents is very significant. It could have affected the outcome of that $78 million judgment. I think things will move forward very positively for us going forward. I can't make an estimate of what we would expect to get from it. That would undermine the negotiations that are going on in our efforts to collect. I should note, so the market understands, if, for example, it's $80 million, we would get 70% of that. The attorneys take 30% of that. Moving forward, we're in much better shape today than we were last week to collect on that. In particular, we're also in a position now that we can move forward and restart the case against Ameren. That case that was placed on hold while the IPRs were being looked at is now free for us to go back and engage with them. They have a liability potential that is very similar to, in our mind, very similar to what the CERT liability was that resulted in that $78 million final judgment. We're in very good shape on that side of our business. I expect as material changes happen, we can bring that to the market. What evidence do you have that utilities would choose Birchtech over larger established PFAS treatment providers? Maybe to add on to that, what differentiates Birchtech's offering beyond activated carbon expertise, and what win rates or pilot conversion rates are you seeing today? I guess the best thing for me to say is that we are a specialist in PFOA/ PFAS with a track record of success in being able to take a traditional technology and enhance its performance through our SEA approach, Sorbent Enhancing Additive approach. We've not only done that for air, but we've created sorbent enhancing additives for the water market, in particular for use with PAC and GAC carbons, which are the go-to medium for water treatment. We've developed great relationships over the past year and a half, in particular with dozens of different engineering firms that represent literally thousands of water utilities. We've been working with them diligently to create new approaches and strategies to move forward. We're a part of that whole solution chain right now using our expertise to get there. I very much expect that that will translate into real-world commercial activity, and we are now working on, and actually involved with, some joint venture relationships with major engineering firms working with utilities to come up with their long-term solutions, which we will be a part of. We're also talking to a number of different utilities to support or handle the build-out of processing plants for them. As these things come to fruition, are completed, they take time, then we will be announcing these wins as we go forward. Presently, however, we are working on another avenue of endeavor which will move us up, as I mentioned earlier, Mark, to a point where we will be commercially rejuvenating carbons this year. That's a big step forward from what we've ever announced to the market. How much of the air business growth is driven by existing customers versus new customer wins from IP enforcement? It's going to be all new customer wins. There are slight increases, but they're pretty stable. The settlements that we have made, settlements to be made as their contracts come up for renewal and they put their RFPs out for companies like us to vie for, that's where we will see the growth. We do have an inherent, I think strategically positive position in competing for those. We'll just have to wait and see how much of it we get. I do expect that that core business will grow nicely through 2026 and 2027. What is the expected return on investment for the plan for the carbon rejuvenation facility? What capital expenditures are required and what utilization assumptions support the ROI target? I could get into all of the details on that regarding capacity, margins, flow-through, whatnot, but I think that would not be a very good competitive statement for me to make in the public. All I can say is at this point, the CapEx is not an issue. We will not have to go back to market to underwrite these things. They're highly financeable. They will be done in conjunction with our clients. They have a very short return on investment. They have huge scalability, which offers us the ability, as I mentioned earlier in the presentation, to generate upwards of $200 million, $300 million a year in processing fees. It's a very solid package. Once I announce the first build-out is signed off, I'll be able to get some economic values out there. Until I do that, I really need to keep that as our corporate know-how. Gross margin declined year-over-year in Q1. What drove the change and where do you expect margins to settle? I think another way of asking that would be as the business transitions towards water treatment scales commercialization efforts, how should investors think about long-term consolidated gross and operating margins? That was a misnomer in the first quarter, in that the previous first quarter we had a massive license agreement. Several million dollars came in with about 80% margin. That's the reason we made note of that in the filing. That's the reason we had the reduction. The margins maintain the same. We've got roughly 30%, 34% margin in the air business going forward. With regards to the long term on the water, and you'll see this as we go through and file our reports throughout the year, we've got about 50% margin on the water side, both on the product sales and on the rejuvenation side of things. You'll see, if anything, a significant increase in our margins going forward. One of the really good byproducts of us moving into the rejuvenation market is that we will be able to self-supply on our PAC side with a byproduct from the GAC production. In essence, we'll be able to generate a significant improvement in profit on the air side by reducing our costs significantly. Well, Richard, I think we're nearing the end of our time. I think we'll entertain one more question, and that is if you could just maybe briefly summarize the key upcoming catalysts and what are perhaps the most important operating key performance indicators investors should monitor over the next year. You should watch closely on how our dealings with the last defendant go. Of course, the $78 million+ is being worked on diligently. We'll bring whatever happens with that to market as soon as possible. We'll be making a series of very solid water market announcements in the coming months and very much looking forward to bring an update once all the material developments have completed that are going to lead us into commercialization this year on the rejuvenation side. That will complete the package of analytical pilot scale to full scale, start bringing clients in, and give us the base that we need to move forward and start building out our rejuvenation centers. Well, as a reminder, a replay of this presentation will be available on www.channelchek. Thank you for joining us. Thank you, Mark.