Hey, everyone. Welcome to the BioLargo Q3 earnings results conference call. At this time, all participants have been placed on a listen-only mode. It is now my pleasure to turn the floor over to your host, Brian Loper. The floor is yours. Great. Thank you very much. Good afternoon, everybody, and welcome to this quarterly conference call for the months ended September 30, 2025. This call is being webcast and is available for replay. In our remarks today, we will include statements that are considered forward-looking within the meanings of securities laws, including forward-looking statements about future results of operations, business strategies and plans, our relationships with our customers, market, and potential growth opportunities. In addition, management may make additional forward-looking statements in response to your questions. Forward-looking statements are based on management's current knowledge and expectations as of today and are subject to certain risks and uncertainties and may cause the actual results to differ materially from the forward-looking statement. A detailed discussion of such risks and uncertainties is contained in our most recent Form 10Q, which we fully expect to be on record by Monday at market opening, our Form 10K, and in other reports filed with the SEC. The company undertakes no obligation to update any forward-looking statements. With that, I now hand the call over to BioLargo CEO, Dennis Calvert. Okay, Brian, thank you very much. Thank you, everyone, for joining us. We've got quite a bit to share on business updates as well as the performance for the last Q. I know everyone's been anxious to see this information, so we're glad to do it. BioLargo, we make life better. Purpose-driven innovation across a number of fields. We're really a portfolio company. We've been at this for some time, and we're finally at the spot where we're able to begin realizing some of the fruit of our investments that have been made over an extended period of time. Okay, let's see. There we go. Safe harbor, we've covered that. Who are we? Innovators, scientists, engineers, passionate about sustainability and human health, driven by a purpose, focused on best-in-class solutions. We believe each of the Portfolio Assets that we're investing in have a chance to be transformative in their respective markets. We're certainly focused on filling the gap in the market. Find the gap, fill it, solve a problem, make impact, get paid for it. We aim primarily through partnerships and spinoffs to capitalize the IP. One of the fundamental value propositions in our company is that we're investing in assets that have an extraordinary functional long life. Some of them are very difficult to get to market. Everybody knows that, and we're going to talk about that in great detail. In the portfolio, of course, we have an Energy Tech, which is focused primarily on battery. It's a transformative battery for the long-duration storage industry t hat's grid-scale. CLYRA. That's antimicrobial products focused on infection control and wound care, finding its way to market now. Very excited, long investment cycle. We think of a shining star in the portfolio that's finally coming to commercialization. O&M, that's odor and VOC, that's air quality control. Of course, everybody knows about Pooph. We're going to talk quite a bit about Pooph and the frustrations that we felt there and some of the disappointments we've had recently. Our PFAS solution is finding its way to market in a very, very significant way. Early recognition of the technology, so I'd call it still in the early adopter stage, but we're heading into significance, and we'll talk about the developments there. People always ask me, "How are we doing?" Right? "How are we doing?" Given the most recent frustrations over Pooph, the answer is a little different, which is we're 95% awesome, 5% pretty much kicking our butt. I hate to say it that way, but that's about the way it feels. It's a pretty tough scenario, and I think we're handling it well, but critical, critical the way we're handling it as well. We'll talk about the detail on Pooph. The unseen value, right? This is the number one challenge as a company, right? Just think about it. We're doing venture-stage investing with a mark-to-market micro-cap company. It's pretty hard to do. In fact, most people wouldn't do it. Part of it came out of the evolution of the company. Part of it came out of really the need to diversify to create a portfolio effect across a number of assets that could do two things: minimize risk for the timing and the adoption rate for one of the assets at any given moment, and also allow us to invest in an incredibly highly qualified staff. We've got, I don't know, 10 or 12 PhDs and 30-something engineers. And rhetorically, we always say the same thing. We can do just about anything. And of course, not literally. But the concept is highly qualified people that are skilled in this art of innovation, finding the gap, getting these technologies seated in the market. And there's a lot that's unseen. We're going to talk about some of those things that you want to know about that helps illuminate what can be seen. The principles are really simple. Unmatched technology, conserve your capital is the most precious asset, highly qualified people, and driven by purpose. All very, very critical to the ongoing support. Now, this is a relatively new slide, and it really is the sum of the Bull Case debate. A lot of our investors see it because they track the company carefully. We did a presentation at LD Micro, and I think it's the first time we presented this publicly. It was also filed under a press release in an 8-K. It's not brand new information, but it's pretty close. A week, 10 days ago, maybe two weeks ago. The basic argument is that the company, given its recent transactions and the arguments, because it's really a lot of argument, we should be valued somewhere around $200 million. And yet we have a market cap that's trading somewhere in the $50 million range. With some pressure on it as well. That is very frustrating. It is very frustrating for management. It is very frustrating for all the stockholders, including our staff. Sometimes it is disheartening, actually. Here is what happens. We know that the fundamental value sits in our company. We know what the assets are because we have been living them every day. We are advancing these to some sort of commercial adoption. These mark-to-market transactions are really important. The Battery Technology, we have raised money at a $44 million valuation. That is a mark-to-market, although not public. We believe the valuation will go from $44 million to $400 million as we get to the next adoption cycle. We will talk about that in a minute. The Medical has just raised about $2.2 million. That is Total Invested Capital over the last 12 months at about $7.6 million. The current valuation is at $95 million. Now, I'm just going to point out to you real quick, on a $95 million valuation, BioLargo owns approximately 48%. So that's a little bit of an error in this deck. 48%, I think, is the last count because we raised another couple of million dollars from family office investors. Very, very important. Significant investment, significant investors, and the company is heading into an institutional-grade investment scheme, okay? The plan. There's a good argument on the bull case debate that the asset that we own in CLYRA Medical justifies our entire market cap. The entire market cap is justified by what we've done at CLYRA. Now, of course, visibility means show me the revenue, show me the expansion of growth, see the market, find adoption with these technologies. And we certainly know that that's here and on its way. We believe in this portfolio approach that opportunity to create an exit value is likely to exceed and should exceed greater than half a billion and has a chance to push a billion. Okay, now, just think about that. BioLargo owns roughly 48%, plus we own a royalty. That means that asset that's currently valued at about $100 million justifies our $50 million market cap. Yet the portfolio has so much more, including the Battery Tech, our PFAS solution. Now, this debate, real quick, PFAS. We put a $60 million number in. That's an argument. I don't have a mark-to-market transaction. We're going to pursue investment from strategics that are north of $60 million. We haven't closed them yet. Given the technical advancements, the level of adoption, and the pipeline we've accumulated, we believe we can command that kind of number. Of course, in odor, we used to say it's going to be worth at least $100 million. Of course, Pooph has set us back, and we're going to have to reposition that asset. It's pretty easy to argue something around $40 million. After all, it allowed us to support Pooph that generated $50-plus million last year and 60,000 positive reviews based on our technology. That technology is ours. It's not theirs. Don't forget it. It needs repositioning. It's painful. We're going to talk about that in a minute. Of course, the upside. As we find adoption, these assets have a future potential, we would argue, in the $4 billion range. It's a big vision. Make no mistake that that's what we're investing in. We believe these assets will find that kind of market traction. The Bull Case Debate. We'll have that debate on and on, okay? We just did a press release about Advanced Solution. It's a really nice situation. Advanced Solution is a great company. There's a cultural fit. They've got a nationwide presence in their heat map. They cover the domestic U.S., okay? That means they have representatives that are organized under the umbrella of Advanced Solution who are technical specialists in selling wound care products. That's what that is. Wound care products. They're wound care specialists. That's a subset of our bigger market, okay? Remember that we have two categories we're primarily focused on: the surgical suite and wound and burn, which is really wound, wound care. Wound and burn is the same. Also, potentially Tissue Therapy. Those are kind of agglomerated into that category. Now, in the marketplace, this is a big market. If you layer on the surgical suite, which everyone knows that we've signed a major partnership with a global leader. We're under NDA. Our partners said, "Until you're ready to ship product and we're ready to push the button on launch, you need to honor our NDA and keep the name silent, quiet." We've honored that. It's a lot of pressure for us, a very difficult thing to do, but we're doing it. We're doing it because we have to, okay? All of those assets are coming to market. We're going to talk about timing. We have a shot to see first orders before the end of the year with Advanced Solution. A shot. Product is in production, which is great. Right? Assuming everybody stays on track, we can see first orders, shipment, delivery. Remember, we don't recognize revenue until it's delivered. We'll just see how that goes when we come into the end of the year. It's a nice start. It's a nice start with a high-quality firm that has a great reputation, a highly trained sales force. They are a stocking distributor. We're very proud of that relationship. Also, you'll see soon Advanced Solution generate its own social media to promote the product and its relationship with CLYRA. Again, very exciting, a very exciting development. As we've indicated before, the surgical suite products have an extraordinarily high bar of performance before they can go to market. We have been successfully clicking off the list to achieve that. We did a press release about two and a half weeks ago, I think October 7th. We just did this one just yesterday. We have achieved success in the milestones in preparation for the last filing of paperwork to the FDA, the last filing of paperwork. Remember that the technology, the core technology has already cleared FDA. That means label changes, indications changes, refinement for the sterile field. That is what we are talking about, okay? With the shutdown of the government, unfortunately, we do not have a good sense of what the FDA is going to do on response time. Therein lies another level of uncertainty about the timing because we just do not know. We believe that we will finish our testing for stability and ruggedized testing for the package design. That will come in hopefully before the end of the year, at which point we prepare for filing of the paperwork with the FDA. We coordinate with our partner. We go through the logistics. We begin production, and we launch. That's all coming to bear. It's just very exciting. The other thing that we mentioned in the last press release, just briefly that I want to just highlight, we're also doing significant work with clinicians. Remember, in this industry, clinical work is required to help validate the experience for patient experience and outcomes, as well as physician experience who witness the product going to work and witness and have evidence to support safety. Both of those are super critical. That clinical work is expanding rapidly. If you go to CLYRA Medical's website, you'll see a key opinion leader list. We believe in Q1, what we'll begin to see next is the rolling out of clinical data presented by the clinicians that do the work with their summary of experience, as well as their opinions about the efficacy and the safety that they've experienced in the use of the product. That is a great moment. We are very excited to see that activity now come to public view that should begin to have public visibility in Q1. It is a critical piece of the puzzle. I'll also remind everyone that we talked about the UAE in the past, the work that we're doing for Europe and Northern Africa and the Middle East. In that scenario, it's very important to understand that we have to have a CE mark. A CE mark is a certification that is required, which is primarily a safety confirmation to the specification that's assigned by the EU, okay? CE mark. That's what that's called. We're in the process of doing that. It does require clinical evidence, which thank god we have now. We're advancing that clinical evidence. We're checking off the boxes. As soon as we get clearance on the breadth of the market for our distributor, we'll be announcing that transaction and get going on the European and Africa and Middle Eastern opportunity as well. Big deal. Big deal. Now, again, I'm just going to remind everybody, this is a technology idea that's 18 years in the making. That's about 18 years in the idea stage, more, 13 years investing, six years to get through FDA. Then you have to do product design and compete. This is, I just have to remind you, it's a transformative technology for patient care at a global scale. Number one. Make no mistake, we're claiming number one. It's number one. It provides Broad-Spectrum Efficacy. It's got efficacy proven for duration in three days in a closed environment. It's got efficacy proven through studies for biofilm disruption. And the basic fundamental claim is it delivers this support for patient advocacy, patient care, health, infection control, supporting the process of healing, okay, in a way that does no harm, with no local or systemic toxicity. That claim set makes it number one. Now it's about getting the word out and getting distribution and supporting our selling agents throughout the world. Finally, we're knocking on the door, ready to go. I'm going to highlight real quick the liquid Sodium battery because I still believe it's probably the largest, most significant asset in the portfolio. Important is a funny word. If you measure important by money-making, yeah, it's got a chance for that, for sure, because it's so big. Transformative potential in the marketplace, yeah, it fits that bill. I think in terms of mass opportunity and our plan, we've got a great piece of technology that works. And we're continually de-risking that. Our business model is to sell factories, not sell batteries. We form joint venture partners around the world. Its role in the world is extraordinarily valuable in this time, on this planet, at this time in the world. At this moment, we're talking about a trillion-dollar investment cycle. We're going to play a significant role. That takes us to the battery long-duration energy storage industry as a general, okay? We quote this article all the time. It is about a year old now. Expected to grow between $1 trillion and $3 trillion by 2040. Trillion, okay? Long-duration energy storage. In the last three to six months, you are going to watch some companies that have had extraordinary climbs in valuation. We would argue with not nearly the technology that we offer. Some of these companies have significant infrastructure investments. They are producing at scale. They are supplying the market. They are in commerce. The R&D dollars, which just about killed them to get there, is long behind them. Now they are in the process of commercializing successfully. Unfortunately, we believe they are not going to be able to keep up with our technology. The market is so big. It is so big and so demanding at this time in the world that not one company can possibly keep up with the demand. It's important for us to get going. What do we need to do, right? We're going to talk about what we need to do to accomplish that. We feel avoiding the market. I'm going to just highlight Lithium is highly explosive. You're seeing communities now ban the production of Lithium batteries and storage of batteries, all kinds of stuff going on. Not well suited for long duration, highly temperature-sensitive, internal degradation, which creates instability. Instability creates fire risk. Runaway fire risk is the idea that one cell lights another. They have poor environmental outcomes. The biggest thing, though, is China global supply chain risk. It's an intolerable situation. We've seen the trade war recently with the administration and the push and the pull with China. You'll notice that in the Battery Tech, many Chinese companies are state-supported. They're dominating the world by subsidizing every piece of the supply chain. It's not a sustainable strategy. Yes, they're big. Yes, they're formidable. They're selling batteries that are cheap. They're not as good. As this expands, quality, safety, durability, sustainability, and efficiency are going to be the key marks that make the market. That's where we fit in. It's a better battery. The punchline is we got a better battery. We de-risked it to a large extent. I'm going to talk about risks in a minute. The key claims, I leave this for a lead behind. Don't focus on all this detail right now. Energy density at 2.9 times the energy density at a higher voltage. Without the loss of energy, we've got 95% round-trip efficiency. It's a better battery for long-duration storage. That's the punchline. We can also make it to scale. Now, we haven't proven that. That's a thesis. That's one of our challenges to prove that. What do you do with these? We're talking about big batteries. Big batteries next to the house or the neighborhood, big batteries next to data centers, 20-foot trailers full of cells, okay? That's what we're talking about. I'm not going to go through the thesis of why we need batteries. It's sufficient to say we need the market's going to go to the multi-trillion-dollar market over the next few years. Data centers are number one, resilience. That's the idea, never down. Mission-critical operations need batteries so that when the grid goes down, they don't. You got to interact with the grid. That's balancing. Arbitrage is buy it low, sell it high. Of course, if you're in a renewable energy phase, battery storage is super critical. People often ask, "Well, what's taking so long?" Why is it taking so long, right? I say, "Number one, we bought the technology. We didn't invent it. We had to redo it. It took about two and a half years to redo." That's important. Two and a half years to recreate what we already knew was working. We had to redo it so that we could claim it as our own. People would say to me, "Does the battery work?" We say, "Yes, pretty sure it works." They say, "Pretty sure is not going to cut it." I say, "I do not have anything else but pretty sure until we do the work." We completed the work in the first half of this year, about two and a half years' worth of work, recreated the cells, and brought in a third-party validation. We did a press release on 6/18. We have a third party confirming the claims associated with the cell. Okay. There is a little work to do. We are about halfway through that, sort of this schematic, which basically is prove the cell, scale the cell, right? Continue testing, bring in some money, and form partnerships to build factories around the world. That is all underway. It is actually quite exciting. We have gotten the attention of industry in a big way. That means there are two buckets. There are two buckets of opportunities that are presenting themselves. The first bucket is people that need batteries. The second bucket is people that need factories with all the goodies that come with factories, like workforce development, employment, economic development, net export, commerce, high-tech manufacturing, factories. They want to enforce, reinforce investment in that area. There is the other group. They want the batteries, okay? It is fascinating. Who wants batteries? Data centers, right? In fact, I had a data center developer. He says, "I have run the numbers. If we build a factory, you will save us on our data center." You ready? $1.2 billion in CapEx. The factories are around $170 million, right? This thesis can be summarized in the following way. Have we done enough work to be credible so that investors will support the building of a factory? We believe that we've done a lot of that work, yes. The critic would say, "Always more." Yes, always more. As we continue to advance that thesis, every day we get better. It is a matter of time between now and adoption. As we find the first factory partner, we get started. When we get started, we make money. This is really important in the business model. Very, very important. We're being paid to build a factory. We're being paid to install technology. We're being paid to provision the equipment to start it. We're being paid to train the force and kick off a factory that's making Sodium Batteries. We get paid throughout the process. When a project gets financed, we're making money as opposed to burning cash from our balance sheet. It's a great business model. It kind of looks like a franchise when you step away from it. It's not a franchise. It's a Joint Venture Strategy. The response we're getting from the marketplace is astounding. Here's the model. I'm not going to go through it all, but with a 6% royalty and 19% carried interest, as you get factories up and running, you make a lot of money. That's the point. We've done some economics. We publish these. I'm not going to go through them now, but I'll tell you the punchline. For a $170 million factory, once it goes live, it takes about a year and a half to go to full scale. It generates about $80 million-$90 million a year. Okay. That's two years to two and a half years development cycle. Goes live, another year and a half. You pay for the operation in two years after you build it. It's a very profitable business. That's the point. Plus, you're getting Battery Tech coming out of that. It's transformative for the marketplace. The business model is simple. You don't do a factory. You do a dozen. We modeled it at seven. On a seven business factory model, our net present value is about $1.5 billion. Okay? Now, we're raising money at $44 million. I just want to make sure everybody understands that. We're not saying it's worth $1.5 billion. What we're saying is the model teaches that if you execute the plan and you secure the financing and you show that you can execute that plan, you're talking about a $1.5 billion net present value on a discount model. Okay? This is where we're headed. That's the point. This is where we're headed. Is it worth $44 million? You bet you. You bet you it is. We're proving that every day. We've got MOUs, four MOUs signed, a whole bunch more in the works. You kind of get to where MOUs do not mean much because you really just want to get them into definitive contracts. We are not there yet. We are not at definitive contract stage. We do believe it's coming. The other thing that's happened is because we're continuing to advance our thesis and get exposure around the world, we now have very large companies and investors that need batteries that have lots of money and want them. That's a good recipe. Okay? We look at them and say, "Right? You ready? How many batteries do you need?" They say, "How many can you make?" I say, "How much money you got? I'll build you the factory." We can build you the factory, get all the batteries you want. Okay? You're going to finance it. We're going to build it for you. We're going to get paid to build it. We're going to get a piece of the action. 6% royalty, 19% carried interest. That's a globally scalable business model. We're proving it every day. I believe that's going to yield fruit. We have got a shot to do some of that pretty soon. It is always subject to show me the money. Yes, that is our risk factor that we are dealing with. It is very exciting, primarily because the demand for batteries is insatiable. The competitive profile does not compete. We need to shore up infrastructure to prove that we can produce to scale, very much like we had to do for CLYRA. As we do that, we believe we will realize not only the capital resources but the valuation that is associated with it. We are pushing hard to get that through. I am going to show you later in our economic profile that we are able to do such a significant innovation with relatively small amounts of money compared to what we are doing because it leverages over our existing infrastructure in such a nice way. In a nice way. Okay. AI solutions. Okay? Just everybody knows about AI, right? Artificial Intelligence. That's data centers. Data centers have massive need for batteries. They need supply chain independence because it's kicking everybody's tail end. They use massive sums of water. And remember, we've been doing water recycling for data centers for three years with Garrett Calian. This is a significant value proposition to the portfolio. We believe we'll find its way to market. The other thing is PFAS and contaminants. When these data centers use this water, they're using lots of chemistry. Lots of the surfactants that they use in some of the chemistries are laden with PFAS. Fundamentally, you got a recycling issue. If you're in the data center business, you got an end-of-life concern, right? Those batteries have to you have to do something with them when you're done. That's becoming a regulatory thing that's happening all over the world as well. We're particularly well suited at that one, two, three, four, five punch in the market. PFAS. Okay. We have performance breakthroughs. We just did a press release about a week ago. Can't remember. Let's see. Yeah. 11/ 3 and on 9/ 29. Very important. Very, very important technical advances. We've advanced the thesis for controlling and removing ultra-short-chain molecules. Ultra-short-chain molecules are not regulated yet, but they will be. The reason we know this is because they're the super small contaminants that are associated with highly concentrated PFAS waste streams, like the people that make PFAS material. That's what we're talking about. Very, very concentrated. Our system works particularly well at that, plus long and short-chain molecules. We achieve less than four parts per trillion and non-detect status. It's an astonishing claim. The most recent reduction in cost is associated with 90% reduction in the AEC energy cost. If you took a profile of this pitch that we made to the marketplace, which is all real, which says we can reduce your consumption of your waste stream production for handling waste and disposal by 140,000, one part versus 40,000. We now can also say, and we've reduced the operating expense of our energy consumption by 90%, which is a value enhancement that will allow us to say to the market, "We are the number one technical performer with no breakthrough, small waste print, to non-detect status or four parts per trillion or non-detect, depending on what you need, and low energy," which means our OpEx will become competitive. In the combination of Total Operating Expense, we can be the high-value performer at the lowest net cost. That is a winner. With this claim, we've gone back to our proposals. We've got over $200 million worth of projects that have been bid, specced, and priced. While the market was trying to figure out what to do, whether they had the capital, whether regulators were enforcing compliance, or whether they needed to comply to state requirements or litigation, all of that is continuing to move forward. We're in a great spot. We're also negotiating with a number of very large strategic partners, which we think is a great plan. Let me see. I must have skipped over that. Yeah. That's okay. Let me make sure I didn't miss it. Yeah, that's okay. Let me move on to the next slide. Here we go. A lot going on with PFAS. Stay tuned for more information. Oh, and we'll talk about Lake Stockholm in a minute. Lake Stockholm is prepared to be provisioned and go live. We think it's going to be in the next weeks, not months. All kinds of delays, but beyond our control between state shipping, regulatory, EPA shutdown, government shutdown, general contractor, on and on and on you go, client, the customer. We're now in a spot where the last piece of the puzzle is being installed. We think showing up on Monday. There will be a couple-week provisioning. They will begin to test and modify. EPA will come in. The state will come in. All of this activity is now coming to a crescendo, which is great. Here you go. Rest assured, on the PFAS for Lake Stockholm, it works. We will make sure it works. Okay? Finally, finally in that success mode. Okay. Everyone's knowing what's up with Pooph. We filed a lawsuit on November 11th. It speaks for itself. I'm not going to go through all the detail. We have allegations that we're committed to defend. We believe that our claims in the case are supported by evidence. I can assure you this is not about ego. It's very frustrating, disappointing to say the least. We would argue unnecessary. It is what it is. We're forced to deal with it in such a way that we truly believe we had no choice. We had no choice. We must protect our intellectual property. We are. We believe that their unwillingness or inability to pay us now $3.9 million is unacceptable. It's just real simple. It's unacceptable. The good news is, in the Pooph situation, the asset technology has proven that it can establish a national brand. The marketing was great. They did a good job. Okay? 60,000 positive reviews on Amazon. You do not get 60,000 positive reviews on Amazon without a product that actually works. It is just that simple. It works. And it needs to be used as instructed. And it needs to be sold properly. Okay? And all this other noise that comes with this dispute, okay, we fully intend on defending our position. And we have taken legal action, which we think is fully justified in our response. So what are we going to do? We are going to make sure our technology is safe. We believe that their actions are not excusable. The court is the proper venue. That is great. We will reposition this asset to redeploy. And we will likely come in with new partners that can share our commitment to quality and transparency and integrity. So we are in a repositioning mode with that asset. Make no mistake, that's what we're going to do. By the way, this lawsuit is public record. I don't know if you can pull it down online yet, but it's public record. Be sure and look for it. It's quite informative and replete. Again, what are we saying? Built a national brand with consumer products and proved it could be done. Our industrial odor control business is continuing and stable. We're also really good at saving for a rainy day. We think we're in a great spot to deal with the case and with the demands that that's going to put on us. Don't forget the engineering group. By the way, the engineering group's never for sale. Somebody says, "Will you sell the engineering group?" I'm like, "No." They're the centerpiece of innovation. They support all these innovations throughout the company. They're really, really good at it. Plus, they're inventing new technology. It's just we're so thankful. They are also breaking revenue records, which is great. I'm going to remind everybody when you see the financials, because they're an intercompany balance, they do a lot of the R&D for BioLargo. That's booked as revenue, but then taken out in consolidation. Because of that, since they're doing R&D for BioLargo, they almost can never turn a profit. If we were a third party paying them for services, they'd be profitable. The skin, the value to us is just enormous. Okay? That's it for the forward-looking sort of the synopsis of the business. I'm going to ask Charlie Dargan to now step in and take a stab at the next two slides on the financial results and provide some commentary. Charlie, you're up. Okay, Dennis. Thanks so much. When you do dig into the quarter three numbers, the 800-pound gorilla is the Pooph credit loss that we took in the quarter of $3.85 million. The revenue, as you see here, for the three months is down. It's also down about 50% in the nine months from about $14 million to $7 million. With that, it has run through the rest of our statements, producing the net losses that we have up on this slide. I'd want to make a specific point towards the SG&A. Again, most of our or a good portion of our SG&A is non-cash. We continue to issue stock options and, in some instances, stock to our consultants and to employees as potential rewards. Not all of the SG&A is a cash expense. Looking at our cash flow, again, the Pooph loss is running through our cash used in operations. I also want to point out that even without Pooph, we did increase our receivables by about almost $2 million. The business is performing without Pooph. The other element in our cash flow statement is in our investing, i.e., our capital expenditures. Those are down significantly, much of which is we are coming to the end of the capital expenditure cycle with CLYRA. We have been able to finance that through CLYRA is financing most of their needs on their own through the issuance of the preferred stock, Class B preferred stock, some debt, and then some warrant issuances and exchanges. We have been able to maintain our cash position, which is very strong at the moment at $4.5 million. Our total assets come to a little over $9 million. CLYRA is financing itself largely. With that, BioLargo itself has very little debt. We were able to maintain a stockholders' equity of a little over $3 million. Let's take a look at the next slide. What we wanted to do is look at the major components of our net loss. You can see, once again, it's Pooph dominating both in the three months and nine months and CLYRA. I want to focus that CLYRA is at the end of its CapEx cycle. It's also at the end of large operating expenses. Therefore, we believe in a really good position for us going forward. If there's something to kind of take away from all of this, we obviously took a big hit with Pooph, but we survived it. We survived it in the same timeframe that we're also increasing capital expenditures and regular expenditures, getting CLYRA ready for its market launch. The bottom line here is, yeah, we took the punch, but we've survived it. We continue to stay resilient by some ability to raise additional cash and by our ability to manage our operating expenses. Dennis, that's sort of the summary of where we are in the quarter three financials. Yeah, I think that's right, Charlie. Thank you. Yeah. Again, I just make notes. I sit with analysts all the time. We talk about Pooph. Their typical response is, "Most companies couldn't take the hit." Again, I think it points to a couple of things that are really worth noting. One is diversified portfolio is really critical, all centered around a core competency. That's number one. Number two, we do save for a rainy day. We're not spendthrifts. We don't waste money. We put money to work for assets that we believe have fundamental value. Every day we prove it. Eventually we get to reap the harvest, a.k.a. CLYRA. I mean, people, it's really easy. It's really easy for people to say, "CLYRA is not valuable because it doesn't make money." Well, guess what? That's not true. We just proved it by raising $2.5 million at a $95 million valuation. It's extraordinarily valuable. Wait till it makes money. Again, it just points to that underlying investment thesis of the hidden asset value, the underlying value of technology, and its transformative nature. It also points to the resilience that our company has with diversity and lean. Lean. We do more with a small amount of capital than most companies are ever going to see. That's an argument. I'll take that argument on any time. Let's open it up to questions, Brian, if we can, and see what we got next. Brian? Hello, Brian. Okay. Charlie, are you there? MCBRIDE. This is Dennis Calvert. Hello. Yes? Everybody's line is still connected. Is anyone muted? Yeah. Oh, sorry. No, I was just muted, Dennis. So I'm here. Yeah, go ahead. Brian here? Okay. Yes, I am here. I was muted. Apologize for that. Okay. So we have a couple of questions on CLYRA. Sure. The PR regarding Advanced Solution noted that it was an exclusive partnership. With their annual sales around $5 million, is there any concern that CLYRA has limited BioClear's growth potential by this exclusivity? Whose revenues are around $5 million? I believe the question is saying Advanced Solution is. Yeah, I don't think that's correct. Yep. They're much bigger than that. They're moving quite a bit of product. They've got a nationwide footprint. In that situation, we have belief and confidence that they're going to generate meaningful revenues for us. It's also a sub-niche market of wound care, very technical, hands-on. We'll have our product in the bag associated with reps that will be covering the nation on a nationwide coverage. We think it's going to be a good thing. Relative to all the details of the terms, both companies, of course, at this stage of the game, want to go prove the market, find the channel. In this case, our partner has expressed a desire to really prove themselves with significance. Our contracts allow for that sort of relationship to work out pretty well for both of us. It's something we're going to grow into. We think it's a great way to get started that requires the hands-on frontline touch that Advanced Solution can bring. That's why we've chosen them. We also think they're of great character and somebody we can trust and depend on. No, we haven't limited ourselves. We think we're in a really nice spot to win. All right. Another question about it. For the CLYRA pipeline, so the investor said. Product? He said, "I believe we have heard about the manufacturing investment that has happened for the surgical partner. That switch can flip as soon as the partner is ready for the other products. How long will it take to get manufacturing ready? What type of production capacity will CLYRA have in 2026 for these other products? Yeah, it's a good question. There's a whole menu of products. Let's talk about that first. The first category of products is liquid chemistry in some kind of container. Okay? Now let's just distinguish those. There's the containers that go into the surgical field, and that's called for use in the sterile field. That would be for the surgical suite. That is an extraordinarily high bar, very technical, very special product designs. It's one of the reasons it's taken so long. We're hitting the mark. It did take us some extra time, delay noted, okay? Everybody got frustrated with it. I get it. We're proud to it, and we've survived that journey to be successful now. The other products do not require that same level of precision. They do require FDA manufacturing capability, but not the sterile field. They can be produced by a number of FDA-certified co-packers. We have a number of relationships that do that. We can do it on ship point. We can do it across the nation. Our scalability is unlimited. Okay? Let me just note. There is a whole bunch of other product designs. Potential gels, additions with other products, coatings, surface materials, bandages, all that. All of those have different manufacturing techniques. We're not there yet. We intend on exploiting and pursuing those designs. Really, we're at the spot where let's just get in the game, put the core technology to work, generate some sales, generate some cash flow before we tackle the financial burden of positioning those additional products for the market. They will come. They are extensive. They go on and on and on. Remember, Platform Technology. Surgical suite, wound care, burn, tissue therapy. Next, what's next? Dermatology, dental, right? And then sub-applications in all these different categories, eye care, on and on, on and on it can go. It's pretty awesome. Okay, next. All right. Yeah. Let's switch gears, talk about water. Were the Lake Stockholm delays due to BioLargo or supporting infrastructure built by others? We've met every deadline that we were asked to meet ahead of time. That's how we get paid. That's what we did. The execution then is a whole series of things. The government shutdown is part of it because you got to have an EP on site, both State and Federal. You've also got general contractors that have their delays, which is permitting, which also gets impacted at the local level, not by us. Local permitting, I think, is the number one delay. It just took what it took. The general contractor says, "I'm waiting for permits. What do you want me to do?" Remember, this is New Jersey. You don't touch that stuff without a permit. If you're not union, you can't do the work. This is public works. It's the nature of public works. We've had other things happen, but shipping, I heard we had a part that was damaged. That's not the issue for the delay. That's just another incidental thing that happens along the way. If somebody wants to find cause, just chalk it up to this is the way the world works. I mean, really. It's a lot of moving parts. It's pretty typical in sort of public works scenarios. I can just assure everyone, if someone says, "Hot two, it's mission critical," there's nothing more important. We're in. We're really close to finally getting that thing launched. It's a good situation. It should have been nine months ago, but we couldn't control any of that. Here we are. All right. Switching gears to battery. Are there any battery factories currently being built? No, the pilot facility we have, some people have expressed frustration about the early confusion, which is fine. I really do empathize with that. I really do. We do not mean to do that. We believe, actually, the factory in Oakridge will eventually have the ability to produce batteries that can be sold. Okay. All right. Now, the problem is that the economics are in scalability. Just because they can does not mean you want to. I mean, it is one of those scenarios where you really need to push off 1.5 gigawatt hours of batteries a year, okay? That is like six 20-foot trailers a day. That scale. That scale. Each one of those will sell something like $300,000 a pop. Okay? That is a business. Making a battery pack with three cells or 10 cells is certainly doable. I am not sure it is economically really justified. Now, let me just say that there's a number of opportunities where that sort of design can prove concepts for us that allow for the bigger design to happen. We fully intend on pursuing those. We got a couple of projects that are really fascinating where it's almost like the cost doesn't matter. They just want the solution. I mean, not within, I don't want to take that to an extreme level. It doesn't matter as in they'll pay premium. Okay? Right now, if somebody said, "Make me a battery pack to operate my home," okay? We can do that. We're not going to make any money. It's like prototype 101 off the line costs you $1 million. Then 102 costs you $1.1 million, right? It's like the economy hits you when you get to scale. We've done this for quite some time. That's what we're really working on with the sell the factory concept. We're also working with some potential federal funding, maybe military, to really help us get into the game of building packs and taking those through the regimen of testing. I still believe that we can argue that for an investor partner skilled in this art, we're prepared to move forward with the building of battery factories. Maybe we can prove that with the deal. Maybe we can't. Right? That's just to be done. That's just the way it works. I got a lot of people who want to do it. We're pushing through all those barriers. I can say that if you had, as we say, $7.5 million plus another $40 million, you can de-risk that scenario so that when you go to say, "Let's build a factory," everybody's comfortable that it's been de-risked sufficiently to not have concern that the money's going to not yield what they want. Of course. That's work. That's called working capital, right? You have to have the capital. You have to do the work. All of that's happening at the same time. I think the most unusual claim that's really a value proposition for BioLargo is simple. We have core competency. We've got great technology. We've got people. We've got a plan. Okay. What's really missing? Proper capitalization. That's why we talk about openly that we're raising money. $7.5 million Series A, $40 million Series B. That's into the venture, not into BioLargo. You say, "Who does that?" That is what CLYRA did. Here we are. Again, a critic, we got plenty. That is fine. A critic would say, "Do not dilute BioLargo's parent company." We are not. We are financing future ventures with very high valuations that all drive value to BioLargo. That is the point. It is exactly the point. There is no other point. Do not miss it. Right? We say we are going to do a Battery Tech. I think our total invested capital is somewhere around $3 million. We brought in about $1.3 million or $1.5 million. The other money has come from BioLargo. What is the agenda? Finance the subsidiary so that BioLargo does not have to finance it all. Of course. That is what we are doing. The answer is get the money. Get the money, execute the plan. We've got a chance of creating a billion-plus worth of value. Right now, BioLargo is 95%. Let's say we brought in the money as we've outlined in the debt. That would be $47.5 million, roughly a 28% dilution on the battery company. Post-money valuation would be north of $150 million, probably pushing more like $400 million, okay? We'd own 75% of that. It's worth six times our market cap. How else are you going to finance it? That's what we're doing. By the way, it's a great plan. I do believe it'll work. I believe we're going to have success here. You know why? Because we have the right plan, the right people, and the right technology at the right time in the world in the trillion dollar investment cycle. Listen, the people we're dealing with want those batteries so bad you can't even get your head around it. They say, "Let me just paraphrase real quick. Does the battery work? Yes. Can you build a factory that works? Yes." Now, here's the question. It's not that. How can you help me get comfortable that that's true? There you go. That's the question. You know what we say? Real simple. You need to bring your technical experts and your engineers to Oakridge, Tennessee, sit down with us for two days. When you walk out, you're going to say, "This is all doable." All right? What else could you do to make that work? Spend money. Spend the money to do the work so that it's third-party verified at a level that people can be confident in. This is not rocket science. This is pretty basic, blocking and tackling at this moment. You have to do it. Is it a mistake to aim high early? No. I'll take that debate on any day. No. Because you know what? We've got the real deal. We got the technology. We can transform the market. That's what we have. I say this every day. I go out to the world. I say, "Tell me I'm wrong." You know what they say? "If it's true, it's right." I said, "Okay. I need to find somebody who believes it's true. Then I need to do everything in our power to back that up so that they know it's true." Right? That's what we're doing. It's not rocket science. Same thing with CLYRA. I'm sorry. Really, I'm sorry it took so long. It's over 13 years of investment. We're going to make $500,000,000 or more. And we're going to change the world. That's what's going to happen. It's happening. It's right in front of you. Go ahead. All right. Yeah. So one question here about Pooph. Switching gears again. Why are we still seeing commercials? Can your legal team stop them from advertising? As they say, the long arm of the law has a long reach, but a slow-moving thing. Welcome to the U.S. jurisprudence system, okay? The answer is, yeah, we'll do what we can to make it accelerate, okay? That's part of the plan, for sure. Don't mistake that that's the plan. We also think that the more that this activity continues, we think it's a sad commentary on the business, on the entire situation. We're very unhappy about what's going on. We are taking action to correct it. We believe our case will be defended successfully in court. We believe in our assertions. I would encourage everyone on the phone to read it. There you go. All right. Last category of questions here about the financials. So could you help me understand the impairment charge shown on the slide? How did that increase net loss? Yeah. So that's an accounting question. I'll let Charlie talk about it. Do you want me to handle that? Yeah. Yeah. Sure. Once it was decided by management that the assets we were carrying, accounts receivable and a note receivable from Pooph, were no longer the same value as we had on the balance sheet, we had to make a decision as to what the value is. Through conversations, internal discussions, the decision was that the value at this moment was little. In accounting terms, what that means is you have to reduce the value. Our decision was to reduce the value by $3.85 million. In so doing, the charge does not just reduce the asset. The charge goes ahead, and you have to run it through your profit and loss. That is why it shows up in the profit and loss. Okay. Last question here. Business developments have taken longer than expected. What can you say to your investors to acknowledge their frustrations and help rebuild their confidence in BioLargo? Yeah. So yeah, absolutely. It's frustrating. I mean, some of it's almost inconceivable. I mean, like CLYRA. It's just crazy. Now, I guess CLYRA is a great example. You have this idea. It started out 13 years ago with an idea. It's actually more than that. It goes back 20 years. And then we started investing in it about 13 years ago. You say, "Here's this incredible discovery that has a chance to make life better for people," right? Heal wounds, help heal wounds, provide that support, and then infection control worthy. You start this journey, okay? It's fascinating because I think the story with the FDA is just sort of the epitome of the challenge. We did a lot of work. We presented our data. We came to the FDA and said, "We need to get approval for this under a 510(k) clearance." I was there. I've been here a long time. I was there on every call with all the big boys listening to this journey. I remember hanging up the call with them. We had 27 people on the call. I said to our internal team, "I think we have a really big problem." They said, "Yeah? What's up?" I said, "They think we're lying." Okay. Now, hear me clearly. They think we're lying. Okay? In other words, let's go through the psychology of that real quick. The most careful skeptics in the world are trained to not believe. Then we show up with a claim that's unbelievable. Okay. Welcome to BioLargo. I've been hearing it for 18 years. It's too good to be true. Here's the deal. It's all true. Everything we've said is true. Everything in the asset is true. Everything it can do is true. We prove it. We prove it. We prove it. Meaning we have to go through a cycle to get through from early adopter to mainstream adoption. This is textbook adoption. This is in class books, classroom books. Read a book on innovation. This is normal. I guess, right? You'd say, "But it's so important," right? You have companies like Theranos, right, where people commit fraud. People go to jail. You have skeptics. The investment community is professional skeptics. I get it. I'm not offended. I understand. What happens is, right, you continue to advance your thesis with additional evidence. You never stop proving it. In fact, as they say, it takes you 10 years to get credibility and a minute to lose it. You have to prove it every day. That's what we're doing. The beauty is we stayed alive long enough to do it. The other beauty is it's real. For God's sake, it's real. I don't know how to say it any clearer. Same thing with the Battery Tech, right? Hopefully, we can shrink the adoption cycle. How would you do that? You do it as part of the way we're doing it. You diversify your base of potential partners. You focus on things not just, "I need batteries. I need workforce. I need other things that get you financing." You do things like advanced third-party verifications. You muscle up with some equity to do the kind of testing necessary to prove to people that what we're saying is real and true and trustworthy. Okay? So that's it. And a lot of it is money. Okay? Another part of it is being in the right place at the right time for the right opportunity. Okay? Odor's a classic. Our odor control does what it's supposed to do. It's an Oxidizer. It's safe. It doesn't hurt anybody. And the molecule in the chemistry, when it comes in contact with an organic molecule that causes odor, it's going to break it down. Period. Not maybe. Done. But you have to get in contact with the molecule. Okay? Now you've got all this stuff going on. Environmental interference, wind patterns, mountain heaps of trash, some odors that are not organic. I mean, you got all kinds of things that come against you. That's fine. This is an artful practice. In order to win in that market, you have to be artful to know how to deliver it to accommodate the task, okay? How do you get that business? You do it over and over and over and over. Okay? It's easy to sit back and say, "The medical should have been at market faster." Okay. I don't think so. Show me a company that transforms the market. That's what we're talking about. Transforms the market. Right? Number one, they can transform a market at the level we're talking about that's done it in less than 10 years. Never happens. I don't know. I mean, I would argue aggressively that we've put our capital into good work. We have advanced our knowledge base, our talent base, our credibility base, our testing base. Now what you are seeing is the culmination of really almost 20 years of work achieving critical mass in both knowledge and talent and technology and validation and adoption and everything. Say a prayer that we can take the Battery Technology into a more rapid adoption cycle. I do not want to spend another 10 years doing it. If I thought it was going to take 10 years, I would not be doing it. Okay? We need some capital. We need the third-party validation. We need to build the units to scale. Now, let's go to PFAS real quick. Okay? Show me a competing technology in the emerging market that actually has a customer. None. People do not realize it. None. Okay? Who got the customers? Ion Exchange and Carbon. Okay. How's that working out? It doesn't work out very well. Okay? Now, we believe—just let me just point to you real quick—we believe that our technology in that space has a chance to actually replace the installations of Carbon and Ion Exchange that have already been done. What? Did you hear what I just said? We're working on that thesis now. Of course, it'll require some financing. Because what happens is people go out and they spend $5 million or whatever it is on a system. Then they pay for it the rest of their life. How do they pay for it? 40,000 times the waste stream. Okay? That's money. Ours is one 40,000th and now has the lowest energy, lowered the energy consumption by 90%. Meaning our total operating cost is a fraction of what this other system costs. Which means we're going to be able to justify the swap out of old technology for ours. Now, I don't think that's tomorrow. Let's be clear. We're going to go where they don't have installations first. Over time, as our technology becomes more and more accepted, because you have to get through the early adoption stage, you have to continue to establish your credibility, partner with the right people, find the channel, get multiple installations, verify with the feds, verify with the state. Okay? Now, make no mistake. Look at our debt. We project that that asset's going to be worth at least $700 million—not at least. I shouldn't say that way—has a chance to be worth $750 million or more. Okay. Right now, we've invested, I'd say, about $3.5 million. Okay? Now, just track with me. If we raise money at $60 million and we've invested $3 million, what's our ROI? It's off the chart. Okay? Meaning we're able to innovate in a way that most people can't even conceive. Right? We do it with less money, less burn. That thesis is now proving out across the entire portfolio. What's the trick? Get them to market, monetize them, got the right partners, and go for it. We've been at it for so long. Now we're able to see the fruit. I think being in an OTC market is a problem. It's a thinly traded market. That means we're appealing to less than 2% of the total capital available for an investment thesis in the world. That's a problem. We have mark-to-market. People get impatient. They want to take tax loss selling. Got it. I understand. Can't deal with it. Right? Shame. You're going to miss it. You say, how do we know? You don't. That's the risk. You won't know until we perform. This deck right here that you're looking at is trying to help people get their head around the fundamental value of our business is arguably around $200 million. Now we're going to see some significant assets come into the market and transform them in the near future. I want to be a stockholder. Right? All right? All right. Yes. Thank you for that. With you. I'm on board, Dennis. Those are all the questions we have. Thank you again for all the information. I'll wrap it up. Sure. Yeah. Let's wrap it up real quick. We'll have this recording or a deck performed. We'll do an 8K on the deck. You're welcome to see it, of course. Please read the lawsuit. It'll be very informative for anyone that's questioning strategy. It's right there in writing. You can't miss it. It's going to shock you. I'll just tell you. You're going to go, and it's going to show you what we've been dealing with for now for about a year. We're not happy. Okay? We will survive it. We think that we can reposition this asset in a meaningful way. Stay tuned as we get that done. We're already seeing a lot of people express interest in that whole situation, which could be very, very good for BioLargo and our stockholders. Again, we think about our company. We're not spendthrift. We save for a rainy day. We're leaning at the corporate level. We try to invest capital where we get a high yield return. We think we're demonstrating that. We hope you'll go along with us. Thank you for your attention. We look forward to speaking to all of you soon. All right? Thank you. Thank you. This does conclude today's conference call. You may disconnect your phone lines at this time and have a wonderful day. Thank you for your participation.