Airjoule Technologies Corp (AIRJ) 2025 Q2 法說會逐字稿

Greetings, and welcome to the AirJoule Technologies second-quarter 2025 earnings call. (Operator Instructions) Please note, this conference is being recorded.

您好，歡迎參加 AirJoule Technologies 2025 年第二季財報電話會議。（操作員指示）請注意，本次會議正在錄音。

It's now my pleasure to turn the conference over to your host, Tom Divine, Vice President, Investor Relations and Finance. Thank you. You may begin.

現在我很高興將會議交給主持人、投資者關係和財務副總裁湯姆·迪瓦恩 (Tom Divine)。謝謝。你可以開始了。

Thank you, and good morning. With me today for our second quarter earnings call are Matt Jore, Chief Executive Officer; Pat Eilers, Executive Chairman; Bryan Barton, Chief Commercialization Officer; and Stephen Pang, Chief Financial Officer.

謝謝，早安。今天與我一起參加第二季財報電話會議的有執行長 Matt Jore、執行主席 Pat Eilers、商業化長 Bryan Barton 和財務長 Stephen Pang。

During this call, we'll be referring to a presentation, which is available on the webcast platform and on the Investors section of our website.

在本次電話會議中，我們將參考一份演示文稿，該簡報可在網路廣播平台和我們網站的投資者部分找到。

I would like to point out that many of the comments made during the prepared remarks and during the Q&A section are forward-looking statements that involve risks and uncertainties that could affect our actual results and plans. Many of these risks are beyond our control and are discussed in more detail in the Risk Factors and the Forward-Looking Statements sections of our filings with the SEC. Although we believe the expectations expressed are based on reasonable assumptions, they are not guarantees of future performance, and actual results or developments may differ materially.

我想指出的是，在準備好的發言和問答環節中提出的許多評論都是前瞻性陳述，涉及可能影響我們實際結果和計劃的風險和不確定性。其中許多風險是我們無法控制的，在我們向美國證券交易委員會提交的文件中的風險因素和前瞻性聲明部分有更詳細的討論。儘管我們相信所表達的期望是基於合理的假設，但它們並不能保證未來的表現，實際結果或發展可能會有重大差異。

And now, I'll turn it over to Matt Jore.

現在，我將把時間交給 Matt Jore。

Thanks, Tom. And thanks, everybody, for joining us today. We're excited to share this morning that AirJoule has now progressed from proving and improving our AirJoule technology to building products and commercialization channels with our global partners. Since going public over a year ago, we've advanced our platform technologies, expanded our partnerships and set a clear path to market. We're more convicted than ever that our products will enable a sustainable and resilient future for water and energy. That's why I'm eager to reiterate our purpose and vision with you today.

謝謝，湯姆。感謝大家今天的參與。今天上午，我們很高興地告訴大家，AirJoule 現在已經從驗證和改進我們的 AirJoule 技術發展到與我們的全球合作夥伴一起建立產品和商業化管道。自一年多前上市以來，我們改進了平台技術，擴大了合作夥伴關係，並制定了明確的市場發展路徑。我們比以往任何時候都更加堅信，我們的產品將為水和能源帶來可持續和有彈性的未來。這就是為什麼我今天渴望向你們重申我們的宗旨和願景。

Our purpose is clear, freeing the world of its water and energy constraints by delivering groundbreaking absorption technologies. This mission reflects our unwavering commitment to solving two of humanity's most pressing challenges, access to clean water and the increasing energy demand for air conditioning through the transformative power of our platform technologies. It's a bold statement, but it embodies what we've been building since day one.

我們的目標很明確，透過提供突破性的吸收技術，讓世界擺脫水和能源的限制。這項使命體現了我們堅定不移地致力於透過我們平台技術的變革力量解決人類面臨的兩個最緊迫的挑戰，即獲取清潔水和日益增長的空調能源需求。這是一個大膽的聲明，但它體現了我們從第一天起就一直在建立的東西。

And our vision is equally inspiring and paints the picture of where we're headed, to be the leading technology platform that unleashes the power of water from air. We see a future where communities, industries and nations can access this abundant resource available in the air all around them. Our platform approach means we aren't just delivering products, we're deploying an ecosystem of solutions, a platform that fundamentally redefines how the world thinks about water and power. This is the path we're on, and it's the future we're building every day.

我們的願景同樣鼓舞人心，描繪了我們的發展方向，即成為釋放空氣中水的力量的領先技術平台。我們看到，未來社區、產業和國家都可以利用周圍空氣中豐富的資源。我們的平台方法意味著我們不僅提供產品，我們還部署一個解決方案生態系統，一個從根本上重新定義世界對水和電力的看法的平台。這就是我們所走的路，也是我們每天建設的未來。

Now, let's turn to some of our recent developments that occurred in the second quarter and over the summer. Pat is going to provide an update on our strategic collaborations and projects before I go into some updates on our product and operations. Pat?

現在，讓我們來回顧一下第二季和夏季發生的一些最新進展。在我介紹我們的產品和營運的最新情況之前，Pat 將提供有關我們的策略合作和專案的最新情況。拍？

Yes. Thanks, Matt. Over the last couple of months, we've announced six new strategic collaborations that are helping us accelerate the commercialization of our AirJoule technology. In June, we announced an MOU with the developer of an AI hyperscale data center to advance the integration of AirJoule's waste heat to water technology for data center applications.

是的。謝謝，馬特。在過去的幾個月裡，我們宣布了六項新的策略合作，幫助我們加速 AirJoule 技術的商業化。6 月，我們宣布與 AI 超大規模資料中心開發人員簽署諒解備忘錄，以推進 AirJoule 廢熱轉化為水技術在資料中心應用中的整合。

We've talked at length in the past about how attractive the data center market is for us. Data centers use millions of gallons of water per day in their cooling systems, which poses a massive risk for data center operations in water-stressed regions. Recently, Sam Altman of OpenAI said that the future data centers, which could go beyond 10 gigawatts of power each, will require new technologies and new construction techniques. Our technologies are needed to improve water usage effectiveness known as WUE, reduce reliance on municipal supplies and build greater site independence. AirJoule is well positioned to be one of those technologies.

我們過去曾詳細討論過資料中心市場對我們有多大的吸引力。資料中心的冷卻系統每天使用數百萬加侖的水，這對缺水地區的資料中心運作構成了巨大的風險。近日，OpenAI 的 Sam Altman 表示，未來的資料中心功率可能超過 10 千兆瓦，需要新技術和新的建置技術。我們需要技術來提高水利用效率（WUE），減少對市政供水的依賴，並提高場地獨立性。AirJoule 完全有能力成為其中一種技術。

Another recent announcement is our air-to-water project with the city of Hubbard, Texas. This will demonstrate our ability to use free waste heat to generate water. In the city of Hubbard, which is located in Central Texas between Waco and Dallas, their water supply comes out of a well at a temperature of around 140 degrees Fahrenheit. The water then has to be cooled with an evaporative chiller before it can be treated for human consumption.

最近宣布的另一項計劃是我們與德克薩斯州哈伯德市合作的空氣到水項目。這將證明我們利用免費廢熱來生產水的能力。哈伯德市位於德州中部，介於韋科和達拉斯之間，其供水來自一口水井，水溫約為 140 華氏度。然後，必須用蒸發冷卻器對水進行冷卻，然後才能供人類飲用。

In this project, we'll be putting an AirJoule A250 right at the well to capture the geothermal heat and use it to produce distilled water from air. This project will demonstrate the ability to use waste heat of any kind from sources such as industrial operations or power generation to produce water from air at scale. This project includes working alongside the city engineers to pursue regulatory certification demonstrating that the water produced meets potability standards. This will enable AirJoule to support high-volume municipal and industrial customers with on-site water production. We're grateful to be working with Mayor Alderman and Chief Patrick on this project for the benefit of the Hubbard community.

在這個專案中，我們將把 AirJoule A250 放置在井邊，以捕獲地熱並利用它從空氣中生產蒸餾水。該項目將展示利用工業運營或發電等來源產生的任何類型廢熱大規模從空氣中生產水的能力。該項目包括與城市工程師合作尋求監管認證，證明生產的水符合飲用標準。這將使 AirJoule 能夠透過現場生產為大量市政和工業客戶提供支援。我們非常高興能夠與市長 Alderman 和局長 Patrick 合作開展這個項目，造福哈伯德社區。

Another intriguing collaboration we're exploring is with a company that provides anticorrosion solutions to the US military. Imagine a storage depot full of sensitive hardware and electronics equipment. If this expensive and specialized equipment is not stored at precise humidity levels, the moisture in the air can cause corrosion and render it useless. This is an expensive problem, costing the Department of Defense on average more than $20 billion a year on corrosion-related maintenance.

我們正在探索的另一個有趣的合作是與一家為美國軍方提供防腐解決方案的公司合作。想像一下一個裝滿敏感硬體和電子設備的倉庫。如果這種昂貴而專業的設備沒有在精確的濕度水平下儲存，空氣中的水分可能會導致腐蝕並使其毫無用處。這是一個代價高昂的問題，國防部每年在腐蝕相關維護上平均花費超過 200 億美元。

Most facilities providing corrosion-resistant solutions rely on conventional technology to dehumidify the air, primarily desiccant wheels. Desiccant wheels require a lot of energy and are very expensive to operate. AirJoule's market-leading efficiency at removing moisture from air could significantly reduce operating expenses for customers and in the case of the military, the taxpayer.

大多數提供耐腐蝕解決方案的設施都依賴傳統技術來對空氣進行除濕，主要是乾燥劑轉輪。乾燥劑轉輪需要消耗大量能源，運作成本非常高。AirJoule 在去除空氣中的水分方面具有市場領先的效率，可大幅降低客戶的營運費用，對於軍方而言，還可以降低納稅人的營運費用。

Also during the second quarter, we announced a strategic project with GE Vernova to explore integrating our waste heat to water application into GE Vernova's product offerings. We see massive potential in pairing AirJoule water generators with gas turbines or reciprocating engines and utilize their waste heat to produce distilled water.

此外，在第二季度，我們宣布與 GE Vernova 合作開展一項策略性項目，探索將我們的廢熱水應用整合到 GE Vernova 的產品中。我們看到將 AirJoule 水發生器與燃氣渦輪機或往復式發動機配對並利用其廢熱來生產蒸餾水的巨大潛力。

Our AirJoule system operating in Dubai is continuing to effectively showcase AirJoule's technology and performance to potential customers in the Middle East. One of our Board of Directors, Dr. Marwa Zaatari, recently visited Dubai and had the opportunity to see the system in action, as you can see on slide 6 of our presentation. The Middle East is an important market for us, especially given the water scarcity in the region and significant growth of high-tech and water-intensive industries. A recent expedition in Dubai included a model showing the farm of the future was specifically mentioned atmospheric water generation as an innovative approach to address water scarcity challenges.

我們在杜拜營運的 AirJoule 系統正在繼續有效地向中東的潛在客戶展示 AirJoule 的技術和性能。我們的董事會成員之一 Marwa Zaatari 博士最近訪問了杜拜，並有機會親眼目睹該系統的運作情況，正如您在我們簡報的第 6 張幻燈片中看到的那樣。中東對我們來說是一個重要的市場，尤其是考慮到該地區水資源短缺以及高科技和耗水量大的行業的顯著增長。杜拜最近的一次探險包括一個展示未來農場的模型，特別提到大氣水生成是解決水資源短缺挑戰的創新方法。

We're also looking forward to deploying systems in the US. In June, we announced an agreement to sell an AirJoule system to the Arizona State University, one of the world's foremost research institutions in the field of atmospheric water harvesting. Once we deliver the system in the fall, the team at ASU intends to provide independent scientific validation of AirJoule's performance and engage with regional customers.

我們也期待在美國部署系統。6 月，我們宣布了一項協議，將向亞利桑那州立大學出售一套 AirJoule 系統，該大學是世界大氣水收集領域中頂尖的研究機構之一。一旦我們在秋季交付系統，ASU 的團隊打算對 AirJoule 的性能進行獨立的科學驗證並與地區客戶接觸。

Lastly, in June, we added two new directors who both bring incredible experience to the Board, Denise Sterling and Thomas Murphy. Denise most recently served as Chief Financial Officer at Core Scientific, a publicly traded data center developer and operator, and she has many years of public company finance and accounting experience. Tom Murphy spent most of his career as a partner at the accounting firm Crowe, where he led the SEC commercial audit practice. Tom has also been appointed as our Chair of our Audit Committee, a role for which he is perfectly suited given his background as an auditor. Both Denise and Tom attended their first Board meeting in late July in Delaware, and we were thrilled with their contributions right out of the gate.

最後，我們在六月增加了兩位新董事，他們都為董事會帶來了豐富的經驗，他們是 Denise Sterling 和 Thomas Murphy。Denise 最近擔任上市資料中心開發商和營運商 Core Scientific 的財務官，她擁有多年的上市公司財務和會計經驗。湯姆墨菲的大部分職業生涯都是作為會計師事務所 Crowe 的合夥人度過的，在那裡他領導著美國證券交易委員會的商業審計業務。湯姆也被任命為我們的審計委員會主席，鑑於他作為審計師的背景，他非常適合擔任這一職位。丹尼斯和湯姆都於七月下旬參加了在特拉華州舉行的第一次董事會會議，我們對他們的貢獻感到非常高興。

Okay. Back over to you, Matt, for the rest of the quarterly updates.

好的。馬特，接下來交給你播報剩餘的季度更新。

Thanks, Pat. Moving on to slide 7. We've talked on prior earnings calls about our A1000 water generator, which is the foundation for our modular water generation platform for industrial-scale water users. Now, we've introduced our A250 product, which is uniquely suited for that industrial dehumidification application that Pat referenced. Bryan will go into more detail about this product line later.

謝謝，帕特。移至幻燈片 7。我們在先前的收益電話會議上討論過我們的 A1000 水發生器，它是我們為工業規模用水者提供的模組化水發生器平台的基礎。現在，我們推出了 A250 產品，它特別適合 Pat 提到的工業除濕應用。Bryan 稍後會更詳細地介紹該產品線。

I'm excited to be announcing this because it demonstrates that AirJoule is not one product for one application. It's really a technology platform that supports differentiated products across water generation, dehumidification and air conditioning. Using groundbreaking absorption technologies in our AirJoule systems, we can deliver more efficient and more economical solutions to customers across diverse markets by unleashing the power of water from air.

我很高興能宣布這一消息，因為它表明 AirJoule 並不是針對某一特定應用的產品。它實際上是一個支援跨水生成、除濕和空調的差異化產品的技術平台。在我們的 AirJoule 系統中使用突破性的吸收技術，我們可以透過釋放空氣中的水的力量，為不同市場的客戶提供更有效率、更經濟的解決方案。

On the operations side, we've expanded our footprint in Newark to accommodate much larger environmental testing chambers. We've also continued to build our proprietary coating lines where we produce our sorbent-coated contactors, and we've optimized the facility for manufacture and assembly of the AirJoule systems. That entire team, including our remarkable Board of Directors, was in Newark in late July for Board meetings and official, even though we've been there a year, ribbon-cutting ceremony for the facility. It was a great event with several elected officials in attendance, along with representatives from our commercialization partners, GE Vernova and Carrier as well as our UAE partner, TenX. We were eager to show off what Bryan and the team have been doing in Newark, and we're just thrilled with how that facility and team have come together over the past year.

在營運方面，我們擴大了在紐瓦克的規模，以容納更大的環境測試室。我們也繼續建造專有塗層生產線，生產吸附劑塗層接觸器，並優化了 AirJoule 系統的製造和組裝設施。包括我們傑出的董事會在內的整個團隊於七月下旬來到紐瓦克參加董事會會議和官方儀式，儘管我們已經在那裡待了一年，但仍然為該工廠舉行了剪綵儀式。這是一場盛大的活動，有多位民選官員出席，還有來自我們的商業化合作夥伴 GE Vernova 和 Carrier 以及我們的阿聯酋合作夥伴 TenX 的代表。我們渴望展示布萊恩和團隊在紐瓦克所做的事情，我們對該設施和團隊在過去一年中的成就感到非常興奮。

On the financial front, which Stephen will cover later in more detail, we completed a $15 million private placement anchored by our partner, GE Vernova. This transaction closed in April, and it also brought several new institutional investors into our shareholder base. At the end of the quarter, we had $30.5 million of cash on the balance sheet and zero debt, by the way, providing us the runway to support our commercialization efforts.

在財務方面，Stephen 稍後會詳細介紹，我們完成了由合作夥伴 GE Vernova 牽頭的 1500 萬美元私募。該交易於四月完成，並為我們的股東帶來了幾家新的機構投資者。順便說一下，在本季末，我們的資產負債表上有 3,050 萬美元的現金，並且沒有債務，這為我們支持商業化努力提供了平台。

Now, I'll turn it over to Bryan to give you an update on our product and commercialization road map. Bryan?

現在，我將把時間交給 Bryan，讓他向您介紹我們的產品和商業化路線圖的最新情況。布萊恩？

Thanks, Matt. Turning to slide 8. We've laid out how we're thinking about AirJoule as a technology platform. The core technology, which consists of our advanced sorbents, vacuum chamber design and process for separating moisture from air provides the foundation for different products and applications. For example, in the middle of the page, we have our A1000 water generator.

謝謝，馬特。翻到幻燈片 8。我們已經闡述了我們如何將 AirJoule 視為一個技術平台。核心技術包括我們先進的吸附劑、真空室設計和從空氣中分離水分的工藝，為不同的產品和應用提供了基礎。例如，在頁面中間，我們有 A1000 水發生器。

This will be our primary commercial product for modular large-scale water generation aimed at industrial operations. In order to develop that product for a 2026 launch, we've been building and operating smaller systems this year, such as our A250 system. This allows us to optimize components and validate design requirements as we go.

這將是我們針對工業營運的模組化大規模水生產的主要商業產品。為了開發該產品並在 2026 年推出，我們今年一直在建置和運行較小的系統，例如我們的 A250 系統。這使我們能夠優化組件並驗證設計要求。

We've also been building out and are preparing to deploy several A250 systems. In talking to customers, we realize that there's a market for these smaller A250 systems, specifically for industrial dehumidification. We can deliver this product at our current performance specifications and reduce energy consumption by up to 80% compared to the incumbent systems. So rather than just serving as an engineering stepping stone to get us to the A1000, the A250 will be a product launched in 2026.

我們也一直在建造並準備部署多個 A250 系統。在與客戶交談時，我們意識到這些較小的 A250 系統有市場，特別是用於工業除濕。我們可以按照目前的性能規格提供該產品，與現有系統相比，能耗可降低高達 80%。因此，A250 不僅僅是作為我們邁向 A1000 的工程墊腳石，它還將成為 2026 年推出的產品。

So far in 2025, we've been successful in optimizing the system to achieve market-leading performance. Now, during the second half of the year, we're working on productizing it and delivering preproduction systems to our customers. As we focus on the products to come, it's useful to remind everyone that the core of our technology platform is the sorbent chamber. To take this core component across the finish line, we've been working with our supply chain partners like BASF to provide the sorbent at scale and are otherwise working on scaling and designing for manufacturing the chamber system.

到2025年為止，我們已經成功優化系統以實現市場領先的效能。現在，在下半年，我們正在致力於將其產品化並向客戶交付預生產系統。當我們關注即將推出的產品時，有必要提醒大家，我們的技術平台的核心是吸附劑室。為了將此核心零件推向終點，我們一直在與巴斯夫等供應鏈合作夥伴合作，大規模提供吸附劑，並致力於擴大和設計製造腔室系統。

We anticipate that our initial products will all leverage the same sorbent chamber design. In this way, an A1000 system is simply a scaled-up version of A250 with more sorbent chambers. This engineering decision enables our team to focus on optimizing the performance, quality and cost of this core component. As we scale this sorbent chamber into the marketplace and continue to make improvements, all of our products will keep improving. And the real winner in this is our customers, who will see the levelized cost of water and the levelized cost of separating water from air continuing to decrease.

我們預計我們的初始產品都將採用相同的吸附劑室設計。這樣，A1000 系統只是 A250 的放大版，有更多的吸附劑室。這項工程決策使我們的團隊能夠專注於優化該核心部件的性能、品質和成本。隨著我們將這種吸附室推向市場並不斷改進，我們所有的產品都將不斷改進。而真正的贏家是我們的客戶，他們將看到水的平準成本和水與空氣分離的平準成本持續下降。

On the right side of the page is another example of a future differentiated product that utilizes the AirJoule platform. Integrating AirJoule into Carrier's next-gen air conditioning system is a longer-term goal for us, but it will benefit from the engineering and productization that we are doing this year with the A250 and the A1000.

頁面右側是另一個利用 AirJoule 平台的未來差異化產品的範例。將 AirJoule 整合到 Carrier 的下一代空調系統是我們的長期目標，但它將受益於我們今年對 A250 和 A1000 的工程和產品化。

Moving to slide 9. You can see how vastly superior the A250's performance is compared to the incumbent technology, which is a traditional desiccant wheel dehumidifier. This is the workhorse of the industrial dehumidification market, but it's an energy hog. It requires over 2 kilowatt hours to remove 1 liter of water from the air. The A250 system is expected to use only 0.4 kilowatt hours per liter.

移至幻燈片 9。您可以看到，與現有技術（傳統的乾燥輪除濕機）相比，A250 的性能有多麼優越。這是工業除濕市場的主力，但卻非常耗能。從空氣中去除 1 公升水需要超過 2 千瓦時的電力。預計 A250 系統每公升僅消耗 0.4 千瓦時。

That's an 80% reduction in energy, which translates directly into massive OpEx savings of up to $10,000 per year per unit, delivering a significantly lower cost of ownership to the customer.

這意味著能源消耗減少了 80%，直接意味著每台設備每年可節省高達 10,000 美元的營運成本，從而顯著降低客戶的擁有成本。

This industrial dehumidification market is relatively modest in size. We estimate around $3 billion in annual sales. But we expect that by delivering a superior product with this magnitude of cost savings, we'll be able to compete and attract meaningful market share. And we'll be able to leverage the lessons learned from this product offering as we continue to launch our A1000 water generator.

這個工業除濕市場規模相對較小。我們估計年銷售額約30億美元。但我們希望，透過提供具有如此大成本節約的優質產品，我們將能夠參與競爭並吸引有意義的市場份額。在繼續推出 A1000 水發生器時，我們將能夠利用從該產品中獲得的經驗教訓。

When we talk about utilizing low-grade waste heat to produce distilled water at scale, we're talking about the A1000. In the images on slide 10, we've shown a modular configuration that can scale to meet the needs of even the largest water consumers like data centers and other industrial operators. The water requirements for data centers are enormous. A 100-megawatt data center could utilize 1,000 AirJoule A1000 systems to supply it with all of the water it needs. With the rapid growth of data center development projected to grow by as much as 30 gigawatts by 2030, this is a huge market for us.

當我們談論利用低品位廢熱大規模生產蒸餾水時，我們談論的是 A1000。在第 10 張投影片中的圖片中，我們展示了一種模組化配置，它可以擴展以滿足資料中心和其他工業營運商等最大用水量的需求。資料中心對水的需求量龐大。一個 100 兆瓦的資料中心可以利用 1,000 個 AirJoule A1000 系統來供應其所需的全部水。隨著資料中心的快速發展，預計到 2030 年將成長 30 千兆瓦，這對我們來說是一個巨大的市場。

We've talked in the past about tapping into waste heat that's handled by cooling systems, but we're also excited to be exploring the vast amounts of waste heat from power generators like gas turbines and recip engines. Many new data center builds are now procuring these gensets on their campuses for prime power, aka their baseload, and they emit tremendous amounts of waste heat that's relatively straightforward to capture. As Pat mentioned, we've already announced an MOU with the developer of a hyperscale data center, and we're working with them to integrate AirJoule into their data center designs to improve water and energy efficiency and site resilience.

我們過去曾討論過利用冷卻系統處理的廢熱，但我們也很高興探索燃氣渦輪機和往復式發動機等發電機產生的大量廢熱。許多新建的資料中心現在都在其園區內採購這些發電機組作為主要電力，即基載，它們會排放出大量的廢熱，而這些廢熱相對容易捕獲。正如帕特所提到的，我們已經與超大規模資料中心開發商簽署了一份諒解備忘錄，我們正在與他們合作將 AirJoule 整合到他們的資料中心設計中，以提高水和能源效率以及場地彈性。

So as you can see, we're making significant progress when it comes to the AirJoule products, and we remain on track for commercialization in 2026.

如您所見，我們在 AirJoule 產品方面取得了重大進展，並且我們仍有望在 2026 年實現商業化。

Now, let me turn it over to Stephen for the financial update.

現在，讓我將財務更新交給史蒂芬。

Thank you, Bryan. We can turn to slide 11 of the presentation to see our financial results for the second quarter. As a reminder, AirJoule Technologies accounts for 50% ownership in the joint venture using the equity method. These numbers in the table are only for AirJoule Technologies. The results of the joint venture are reflected in the loss from investment in the AirJoule JV line, which was $2.1 million for the second quarter, which is in line with the $2.2 million loss that was incurred in the first.

謝謝你，布萊恩。我們可以翻到簡報的第 11 張投影片來查看第二季的財務表現。提醒一下，AirJoule Technologies 採用權益法佔合資企業 50% 的所有權。表中的數字僅適用於 AirJoule Technologies。合資企業的表現反映在對 AirJoule JV 生產線的投資損失中，第二季的損失為 210 萬美元，與第一季的 220 萬美元損失一致。

AirJoule's net operating expenses during the second quarter was $4.2 million. This is inclusive of the approximately $545,000 in administrative and engineering expenses reimbursed to us by the joint venture under our statement of work. Operating expenses were higher in the second quarter, primarily due to increased professional fees incurred as a result of our equity-related transactions, along with increased noncash share-based compensation expense.

AirJoule 第二季的淨營運費用為 420 萬美元。這包括合資企業根據我們的工作說明向我們償還的約 545,000 美元的行政和工程費用。第二季營運費用較高，主要是因為我們的股權相關交易產生的專業費用增加，以及非現金股權激勵費用增加。

Our net income for the quarter was $2.5 million compared to $14.9 million for the first quarter. The main driver of this difference is primarily the noncash gains associated with the change in the fair value of our earn-out liabilities and subject vesting shares, which are noncash in nature.

本季我們的淨收入為 250 萬美元，而第一季為 1,490 萬美元。造成這種差異的主要原因主要是與我們的獲利負債和標的歸屬股份的公允價值變化相關的非現金收益，這些收益本質上是非現金的。

During the quarter, the joint venture received a capital contribution of $5 million from GE Vernova. The $5 million contributed matched the $5 million that we've contributed to the joint venture in the first quarter. The $5 million was also structured as an equity investment in AirJoule Technologies to mirror the initial $5 million investment in March 2024 and as part of the $15 million PIPE that we completed in April. Alongside GE Vernova's investment, we raised an incremental $10 million from existing investors and new institutional investors as well. We ended the second quarter with approximately $31 million of cash sitting on the balance sheet of the two entities.

本季度，該合資企業從 GE Vernova 獲得了 500 萬美元的資本投入。此次捐贈的 500 萬美元與我們第一季向合資企業捐贈的 500 萬美元相符。這 500 萬美元也被建構為對 AirJoule Technologies 的股權投資，以反映 2024 年 3 月的初始 500 萬美元投資，並作為我們 4 月完成的 1500 萬美元 PIPE 的一部分。除了 GE Vernova 的投資外，我們還從現有投資者和新的機構投資者籌集了 1000 萬美元。截至第二季末，兩家實體的資產負債表上共有約 3,100 萬美元的現金。

Looking ahead, I'll reaffirm that we have sufficient cash and liquidity to support both our operations and those of the joint venture to commercialize the technology. With respect to the JV budget, we had guided last quarter that we anticipated this would come in slightly higher than the original budget, and we now anticipate this to be $2 million to $3 million higher than our original guidance of $13 million to $15 million, which is driven largely by the acceleration of the productization and field deployments of our preproduction systems. However, the additional cash that we raised through the PIPE is more than sufficient to absorb the increased spend, and we remain fully funded to support our commercialization efforts through the rest of this year and into 2026.

展望未來，我重申我們擁有足夠的現金和流動性來支持我們的營運以及合資企業的運營，以實現該技術的商業化。關於合資企業預算，我們上個季度曾預計該預算將略高於原始預算，現在我們預計該預算將比最初指導的 1,300 萬至 1,500 萬美元高出 200 萬至 300 萬美元，這主要是由於我們試生產系統的產品化和現場部署加速所致。然而，我們透過 PIPE 籌集的額外現金足以吸收增加的支出，並且我們仍然有足夠的資金來支持我們在今年剩餘時間和 2026 年的商業化努力。

I'll pass this back to the Q&A portion of the call.

我會將此轉回電話的問答部分。

(Operator Instructions) Julian Mitchell, Barclays.

（操作員指示）巴克萊銀行的朱利安·米切爾。

Maybe you mentioned it a little bit in the prepared remarks, but maybe flesh out a bit more that opportunity of pairing AirJoule with the gas turbines and reciprocal engines, please?

也許您在準備好的發言中提到了一點，但請您再詳細闡述一下將 AirJoule 與燃氣渦輪機和往復式發動機配對的機會，好嗎？

Julian, this is Bryan. Yes, the idea in pairing AirJoule with recips or gas turbines is really around combined heat and power plus water with AirJoule. Most recip engines operate at 35% efficiency and combined cycle gas turbines can be in the 60% efficiency. What that means is that there's a lot of megawatts available as heat that can be recaptured that's effectively just dumped into the atmosphere. And so AirJoule plus utilization of this waste heat is really what we're excited about in terms of offering customers through partnerships and collaborations, water and power.

朱利安，這是布萊恩。是的，將 AirJoule 與往復式或燃氣渦輪機配對的想法實際上是圍繞熱電聯產以及將水與 AirJoule 結合。大多數往復式引擎的運作效率為 35%，而聯合循環燃氣渦輪機的效率可達 60%。這意味著有大量的兆瓦電力可以作為熱量被回收利用，而這些熱量實際上只是排放到大氣中。因此，我們真正興奮的是，透過合作夥伴關係和協作，我們可以利用 AirJoule 和廢熱為客戶提供水和電。

That's helpful. And then the waste heat to water demo effort, maybe help us understand the choice of location, understanding sort of potential partners in the area or local tax incentives and so on. Any more color you could give on that.

這很有幫助。然後，廢熱轉化為水的演示工作也許可以幫助我們了解地點的選擇，了解該地區的潛在合作夥伴或當地的稅收優惠等等。您能對此提供更多細節嗎？

Well, first, just a reminder that we have this strategic project with GE Vernova to incorporate AirJoule products into their product line, and that's all about waste heat reuse for gas turbines. And more specifically, the recent project with the city of Hubbard. Hubbard is a very unique situation where the sourcing of their drinking water comes from a well that is very high temperature, above 140 degrees Fahrenheit. And the city has to do a lot of work to treat that water before being delivered to the community. And so in this case, AirJoule is tapping into that geothermal heat.

首先，需要提醒的是，我們與 GE Vernova 有一個戰略項目，將 AirJoule 產品納入其產品線，這完全是為了燃氣渦輪機的廢熱再利用。更具體地說，是最近與哈伯德市合作的計畫。哈伯德的情況非常特殊，他們的飲用水來自一口溫度極高的井，溫度超過華氏 140 度。在將這些水輸送到社區之前，城市必須做大量的工作來處理這些水。在這種情況下，AirJoule 正在利用地熱。

So we're just going to pull heat off of that well line and then use that heat to separately drive the AirJoule system to create water and going through that with one of the first examples of using waste heat in the setting.

因此，我們只需從井管中提取熱量，然後利用這些熱量單獨驅動 AirJoule 系統來產生水，這是在環境中使用廢熱的首批例子之一。

Jake Sekelsky, Alliance Resource Partners.

傑克‧塞克爾斯基 (Jake Sekelsky)，聯盟資源合作夥伴。

Just starting with the MOU with the hyperscaler that you mentioned. Are you able to provide any additional color here? I mean I realize the ink is still drying. I'm just trying to get a handle on what inning you feel like you might be in as far as moving towards something definitive down the road.

剛從您提到的與超大規模企業簽署的諒解備忘錄開始。您能在這裡提供任何額外的顏色嗎？我的意思是我意識到墨水還在乾。我只是想了解一下，在朝著未來的某個確定性目標邁進的過程中，您覺得自己處於什麼階段。

Take that?

拿著嗎？

Yes. No, I can take that for sure. Thanks for the question. I think the -- everything that we announced, including this one, are opportunities that we think are near term in ideally less than a year to capitalize on the opportunities we have, including this one. So I think the ability to use waste heat, which we've already demonstrated works.

是的。不，我可以肯定地說。謝謝你的提問。我認為——我們宣布的所有機會，包括這個機會，都是我們認為在理想情況下不到一年的時間內就能實現的機會，我們可以利用這些機會，包括這個機會。所以我認為利用廢熱的能力是可行的，我們已經證明了這一點。

And as you're probably familiar, converting electricity into compute throws off massive heat. That heat is usually either cooled or evacuated into the atmosphere, and it just so happens to be an input for us to be able to grab atmospheric water that can then be used for data center cooling needs. So we're very excited about the opportunity on that front.

您可能很熟悉，將電能轉化為計算量會產生大量熱量。這些熱量通常會被冷卻或排放到大氣中，而這恰好是我們獲取大氣水分的輸入，然後可用於滿足資料中心的冷卻需求。因此，我們對這方面的機會感到非常興奮。

Okay. That's helpful. And then just maybe can you touch on how you're managing some of the noise around tariffs and how that might be impacting equipment sourcing as you head toward commercialization next year?

好的。這很有幫助。然後，您能否談談您如何應對關稅方面的一些噪音，以及在明年走向商業化時，這可能會如何影響設備採購？

Yes, Jake, it's a good question. I guess the entire country is watching for tariffs. The good news for us is we are in that stage where we've got the flexibility to source components from suppliers. We're evaluating a number of suppliers for each different component. We already -- Bryan already mentioned BASF with the sorbent materials.

是的，傑克，這是個好問題。我猜整個國家都在關注關稅。對我們來說好消息是，我們正處於可以靈活地從供應商購買零件的階段。我們正在評估每個不同組件的多家供應商。我們已經－布萊恩已經提到了巴斯夫的吸附劑材料。

We've also got other vendors for those sorbent materials that are domestic as well. So we're keeping an eye on it. The good news is we haven't set pricing and vendor -- embedded vendors at the moment. We -- as we go into 2026, that will be top of mind.

我們還有其他國內吸附材料供應商。所以我們對此保持關注。好消息是，我們目前還沒有確定價格和供應商——嵌入式供應商。當我們進入 2026 年時，這將成為我們最關心的問題。

Amit Dayal, H.C. Wainwright.

阿米特·達亞爾、H.C. 溫賴特。

Congrats on all the progress. The smaller A250 offering, it looks -- it sounds good that you are being a bit more aggressive in terms of bringing products to market. But is the key leading value proposition just around energy savings with this offering?

祝賀你取得的所有進展。看起來，A250 的尺寸較小——聽起來你們在將產品推向市場方面採取了更積極的行動。但該產品的主要價值主張僅僅是節能嗎？

Amit, thanks for the question. Primarily, it's energy savings for dehumidification, yes, 100%. It provides the A250 as a dehumidifier currently operating in our research floor here is performing equivalently in terms of the humidity decrease and the actual work done, but at a tremendous energy savings. And so that's really an immediate opportunity. And as iterated in the prepared remarks, we're -- it's basically a miniaturized version of A1000.

阿米特，謝謝你的提問。首先，除濕可以節省能源，是的，100%。它提供的 A250 作為目前在我們研究樓層運行的除濕機，在降低濕度和實際完成的工作方面具有同等的性能，但節省了大量能源。所以這確實是一個眼前的機會。正如我們在準備好的發言中反覆提到的那樣，它基本上是 A1000 的微型版本。

It's all the same shared components. So it's really a great finding for us that this product is going to be able to service the dehumidification market and provide a tremendous amount of energy savings.

它們都是相同的共用組件。因此，對我們來說，這款產品能夠服務除濕市場並節省大量能源，這確實是一個偉大的發現。

Understood. Can you give me any examples guys of what kind of settings this would be ideal for? And who you are going after in terms of customers for this product?

明白了。你們能給我舉一些例子來說明這種設定最適合什麼類型嗎？那麼，就該產品的客戶而言，您瞄準的是哪些人呢？

Yes. Let me just expand on that a little bit. So the dehumidification market with desiccant wheels is quite diverse. Desiccant wheels find themselves in battery manufacturing and pharmaceuticals and other very sensitive applications. They also are used prevalently, as mentioned in the prepared remarks, in storage, storing high-value assets that could be subject to corrosion.

是的。讓我稍微詳細闡述一下這一點。因此，採用除濕轉輪的除濕市場是相當多樣化的。乾燥劑轉輪廣泛應用於電池製造、製藥和其他非常敏感的應用。正如準備好的評論中所提到的，它們也廣泛用於儲存可能受到腐蝕的高價值資產。

So these can be primarily metal components, but also electronics.

因此，這些主要可以是金屬零件，也可以是電子產品。

And so when we think about taking this dehumidifier to market, the easiest market for us to go after initially is this type of storage environment, followed by some industrial applications that are going to be kind of the next market for us to go after with respect to the performance and the controls. So hopefully, that provides some additional color.

因此，當我們考慮將這款除濕機推向市場時，我們首先最容易瞄準的市場就是這種類型的儲存環境，其次是一些工業應用，這些將是我們在性能和控制方面要瞄準的下一個市場。所以希望這能提供一些額外的色彩。

That's very helpful. It just helps to understand who you may be pursuing from a customer perspective. And then --

這非常有幫助。它只是幫助您從客戶的角度了解您可能追求的對象。進而--

One thing I might add, Amit -- sorry to interrupt, but one thing I might add, Bryan, is the volumes are pretty substantial for these units.

阿米特，抱歉打斷一下，布萊恩，我想補充一點，這些單位的數量相當大。

Yes.

是的。

So in that context, guys, then one customer could order like 4, 5, 10 of these units at a time. Is that how we should think about it? Or is it maybe a smaller size of deployment per customer?

因此，在這種情況下，夥計們，一個客戶可以一次訂購 4、5、10 個這樣的單位。我們該這樣思考嗎？或者每個客戶的部署規模可能較小？

No, I think that's accurate, Amit. I mean just to give a marketing context, maybe the math reference. There's about 1.3 million dehumidification systems globally installed, and they have various sizes of offerings in terms of how much air they can dehumidify. And so this is a pretty substantial market. And with AirJoule launching a product with such substantial energy savings, we think we can capture a good chunk of that market, of course, going into the market selectively.

不，我認為這是準確的，阿米特。我的意思只是提供一個行銷背景，也許是數學參考。全球已安裝了約 130 萬套除濕系統，根據除濕空氣量的不同，它們的尺寸也各有不同。所以這是一個相當大的市場。隨著 AirJoule 推出具有如此顯著節能效果的產品，我們認為我們可以佔據很大一部分市場，當然，我們將有選擇地進入這個市場。

But yes, we anticipate that the -- our initial customer engagements are going to be excited to replace many units. At the same time, of course, there's always proof points and validations. So that's expected for kind of the ramp curve, but I do anticipate a significant future volume.

但是的，我們預計——我們最初的客戶參與將會很高興更換許多單元。當然，同時，總是會有證據和驗證。因此，這對於斜坡曲線來說是可以預料的，但我確實預計未來的數量會很大。

So just I was getting to that part. How long do you think -- I mean, it looks like you're ready to place these -- the A250s with customers for testing, potential customers for testing, et cetera. Will -- how much time do you think they may need, like three months, six months, nine months to just get confident about the results they're seeing from this offering?

所以我才談到那部分。您認為需要多長時間——我的意思是，看起來您已經準備好將這些—— A250 交給客戶進行測試，交給潛在客戶進行測試，等等。威爾—您認為他們需要多長時間，例如三個月、六個月、九個月才能對這項服務的結果充滿信心？

Yes. Let's just talk a little bit about timing. So the A250 and A1000 are right now still targeting, right, mid-2026 product launches. The exact timing for when A250 gets launched as a formal product ready to take POs, we're working on the details of that. We'll provide a more meaningful update in coming quarters.

是的。讓我們來稍微討論一下時間問題。因此，A250 和 A1000 目前仍計劃在 2026 年中期推出產品。A250 作為正式產品推出並接受採購訂單的具體時間，我們正在製定相關細節。我們將在未來幾季提供更有意義的更新。

Of course, we'll be working with our customer partners to kind of get these preproduction units into their factory floors as soon as we are capable of. And then, of course, they will want to go through a derisking on their side to ensure the reliability and the performance is adequate.

當然，我們將與客戶合作夥伴合作，盡快將這些預生產單元送入他們的工廠車間。然後，當然，他們會希望透過降低風險來確保可靠性和性能足夠。

So without getting into too much details, I expect that some customers are going to be relatively risk tolerant to their specific application and some are going to be more cautious in the validation phase before volumes pick up. But I think there are -- there's -- even with that, there's a significant opportunity to revenue as we kind of go into 2027, especially.

因此，無需過多細節，我預計一些客戶對其特定應用的風險承受能力相對較強，而一些客戶在數量增加之前的驗證階段會更加謹慎。但我認為，即使如此，當我們進入 2027 年時，仍然有很大的收入機會。

Just one last one for me, guys. The A1000, right, I mean, it's a bigger offering with better savings and water generation or water distillation capabilities. Have you guys done any work on how much maybe a data center can save by using this versus other systems they may be using right now?

夥計們，這是我的最後一個答案。A1000，對，我的意思是，它是一款更大的產品，具有更好的節能和製水或蒸餾水的能力。你們有沒有研究過，與現在使用的其他系統相比，資料中心使用這個系統可以節省多少錢？

Yes. Thanks for that. Specifically around the A1000, there are -- it's really around the levelized cost of water that we can provide to our customers. And the situation is evolving globally, water scarcity and water security. And data centers, in particular, they're building out operations and quite large operations very quickly.

是的。謝謝。具體來說，圍繞著 A1000，這實際上與我們可以為客戶提供的平準化水成本有關。全球水資源短缺和水安全狀況正在不斷變化。尤其是資料中心，他們正在非常快速地建立運營，並且規模相當大。

And data center is typically designed for N+1 redundancy on all core technologies. Water is and should be one of them. And really, data centers are being built in locations where they maybe cannot secure 100% of their water needs. And so they need to have a technology to fill the gap.

資料中心通常在所有核心技術上都設計為 N+1 冗餘。水是並且應該是其中之一。事實上，資料中心所建位置可能無法 100% 滿足其用水需求。因此他們需要一種技術來填補這一空白。

So AirJoule is really one of the only technologies that economically for a customer can close the gap on water generation, pulling water out of the air and providing that high-quality water to industrial operations at an attractive levelized cost of water.

因此，AirJoule 確實是唯一能夠從經濟上彌補客戶水資源生產差距的技術，它從空氣中提取水，並以極具吸引力的平準化水成本為工業運營提供高品質的水。

Bryan -- also, Amit, you might, Bryan, talk about the -- some of the learnings, particularly in Europe, where it might accelerate their permitting process by a couple of years.

布萊恩——還有，阿米特，布萊恩，你可以談談一些經驗，特別是在歐洲，這可能會使他們的許可流程加快幾年。

Yes. I mean I think this is not just a European-based thing. Obviously, there's some recent conversations around the requirements in Europe to utilize waste heat from data centers. And conventionally, that would mean district heating. Otherwise, AirJoule is maybe one of the only other, I think, practical applications of this scale of heat, taking that heat to water for communities.

是的。我的意思是我認為這不僅僅是歐洲的事情。顯然，歐洲最近正在討論利用資料中心廢熱的要求。按照慣例，這意味著區域供熱。否則，我認為 AirJoule 可能是這種熱量的唯一其他實際應用之一，它將熱量轉化為社區使用的水。

But to Matt's point, the -- oftentimes, data centers are looking for power and land and fiber connections and water. And part of that equation in doing site selection, the water is sometimes not available, but everything else is super attractive. And so that's really where we end up having a lot of excitement with our customers.

但正如馬特所說，資料中心往往需要電力、土地、光纖連接和水。在進行場地選擇時，其中一個因素是水源有時不可用，但其他一切都極具吸引力。因此，這確實讓我們對客戶感到非常興奮。

Jeffrey Campbell, Seaport Research Partners.

傑弗裡·坎貝爾，海港研究合作夥伴。

Congratulations on all the progress. I just wanted to ask a couple of questions regarding the Hubbard project. The first one being, should we think of the data gathering and the potential certification sought from the Hubbard project as different from the work with ASU? Or is it complementary?

祝賀你取得的所有進展。我只是想問幾個有關哈伯德項目的問題。第一個問題是，我們是否應該認為哈伯德計畫的資料收集和尋求的潛在認證與 ASU 的工作不同？還是互補的？

Yes. Thanks, Jeff. They're complementary but different as well. So the work in Hubbard is primarily a way where we can tap and run for a length of time using that geothermal well that's there. It's not really geothermal well, but it's a well that's providing hot water.

是的。謝謝，傑夫。它們互相補充，但又各有不同。因此，我們在哈伯德的工作主要是利用那裡的地熱井進行一段時間的開採和運作。它實際上不是地熱井，但它是一口提供熱水的井。

And through operating at length, we will be pursuing the certifications that are required for AirJoule to be a potable water utility, for example. And so we'll be pursuing those with Texas Commission on Environmental Quality as well as NSF.

透過長期運營，我們將獲得 AirJoule 成為飲用水公用事業所需的認證。因此，我們將與德州環境品質委員會以及美國國家科學基金會 (NSF) 合作，共同推動這些工作。

And so that program, that deployment, that cover is really after those certifications as well as just demonstrating long-term -- I should say, medium-term outdoor deployment, whereas ASU is for independent academic validation as well as being a regional showcase for a number of customers in the Phoenix area.

因此，該計劃、該部署、該覆蓋範圍實際上都是為了獲得這些認證，同時也是為了展示長期（我應該說是中期）戶外部署，而 ASU 則是為了進行獨立的學術驗證，同時也是菲尼克斯地區眾多客戶的區域展示。

So it sounds like the -- go ahead. I'm sorry.

聽起來就像是——繼續吧。對不起。

No, no, Jeff, complete your thought, and then -- I was just going to add just additional color.

不，不，傑夫，完成你的想法，然後——我只是要添加額外的顏色。

Sure. I was just going to say it sounds like that the data that you're gathering at Hubbard would be similar to the sort of data that you've gathered in the UAE with the demonstration with the pilot facility that you've had there. In other words, a unit that's primary reason for being there is to create a water source, a potable water source.

當然。我只是想說，聽起來您在哈伯德收集的數據與您在阿聯酋透過試點設施演示收集的數據類似。換句話說，該單位存在的主要原因是為了創造水源，即可飲用水源。

Yes. That unit is a stand-alone system, Jeff. It doesn't use waste heat. It doesn't have to. So it's sitting in a nice location just pumping out water.

是的。那個單位是一個獨立的系統，傑夫。它不使用廢熱。沒有必要。所以它位於一個很好的位置，只是抽水。

You saw Marwa with the picture of that water. That unit will be -- an A250 will be placed in that same location here in the coming months.

你看到了 Marwa 和那幅水的圖畫。該單位將是——一台 A250 將在未來幾個月內放置在這裡的同一位置。

And then -- Yes, go ahead. I'm sorry.

然後——是的，繼續。對不起。

No, no, please keep going, Jeff. I'll come in at the end. I apologize.

不，不，請繼續，傑夫。我會在最後進來。我很抱歉。

No, here's my last one. I just wondered how long is the unit in the Hubbard going to remain there. And is there any indication of where it might go next?

不，這是我的最後一個。我只是想知道哈伯德的部隊會在那裡待多久。有跡象表明它下一步會去哪裡嗎？

Yes. So the unit will remain in Hubbard as long as we need it to remain in Hubbard to achieve some of the certifications that we're pursuing. And then we'll be using that deployment to go to the next customer, which is -- we'll provide more specific guidance in future calls.

是的。因此，只要我們需要部隊留在哈伯德以獲得我們正在追求的一些認證，它就會一直留在哈伯德。然後，我們將使用該部署來服務下一位客戶，也就是 — — 我們將在未來的電話會議中提供更具體的指導。

I found it interesting, Bryan, to listen to Christian talk about the thermal energy coming out of that well. It's enough to support, Jeff, 80 A1000 systems. So long term, we will -- we believe we'll make a great impact for the city of town of Hubbard as a demonstration unit for other areas in Texas where water stress and drought is incumbent there.

布萊恩，我發現聽克里斯蒂安談論從那口井中出來的熱能很有趣。傑夫，這足以支援 80 個 A1000 系統。因此，從長遠來看，我們相信，我們將對哈伯德市產生巨大影響，成為德州其他面臨水資源壓力和乾旱問題的地區的示範單位。

Yes, Jeff, I was just going to offer, I apologize to continue to battle here with you, is that -- this is Pat Eilers. When you think about the progression of the commercialization of this technology, Matt and team started in Montana with Pacific Northwest National Lab. We partnered with General Electric, and we're fortunate to at their global research center in Schenectady, New York. I see the evolution going to ASU as a furtherance of an independent researcher who's an expert in the field, then being able to do this validated scientific analysis and publish research on an independent basis.

是的，傑夫，我只是想說，我很抱歉繼續在這裡與你爭論，是的——這是帕特·艾勒斯。當你考慮這項技術商業化的進展時，馬特和他的團隊從蒙大拿州的太平洋西北國家實驗室開始。我們與通用電氣合作，並且很榮幸能夠進入其位於紐約州斯克內克塔迪的全球研究中心。我認為，進入 ASU 的發展將促進獨立研究人員成為該領域的專家，然後能夠進行經過驗證的科學分析並獨立發表研究成果。

And then as you step forward into what we've accomplished in Dubai, now will accomplish in Hubbard, those are actually systems now putting -- put out beyond the scientific approach in specific applications that I think will demonstrate to the research community and our investors of the opportunity set that we have in front of us. And hopefully, that progression helps you kind of put that progression logically in place.

然後，當你看到我們在杜拜所取得的成就，以及我們將在哈伯德所取得的成就時，你會發現，這些實際上是超越科學方法的特定應用系統，我認為這將向研究界和我們的投資者展示我們面前的機會。希望這種進展能夠幫助您以某種邏輯方式實現這一進展。

Yes, I'll just follow. The thing I've always kind of wondered with this is if the more academic stuff is ultimately going to surround verifying the potability of the water or the quality of the water because obviously, a data center, if they're going to put up a lot of money and put a bunch of A1000s in there, they've already arrived at some level of belief in the system to make those investments. And then in the UAE, we saw the picture of water there. We know that it's working. So if they're -- if they've had a pilot, then they want to come back with a more permanent system, that's another point of verification that they're satisfied that the systems behave as advertised.

是的，我就跟隨。我一直在想的是，更多的學術內容最終是否會圍繞驗證水的可飲用性或水的質量，因為顯然，對於一個數據中心來說，如果他們要投入大量資金並在其中放置一堆 A1000，那麼他們已經對系統有了一定程度的信任，從而會進行這些投資。然後在阿聯酋，我們看到了那裡的水的景象。我們知道它正在發揮作用。因此，如果他們——如果他們已經進行了試點，那麼他們希望帶著一個更持久的系統回來，這是另一個驗證點，表明他們對系統的行為與宣傳的一致感到滿意。

So never want to knock having additional data and additional credibility, but just wondering if with Hubbard, we know that there's a specific endpoint that's being pursued, which is to be certified as a potable water utility. So that's really why I ask about ASU in regard to that because it seems like it's more open-ended, although I think there was a reference to trying to take heat off of a smokestack or something and -- or they were doing that with another system and maybe AirJoule will be compared to that as well.

因此，永遠不要否定擁有額外的數據和額外的可信度，只是想知道，對於哈伯德，我們是否知道正在追求一個特定的終點，即獲得飲用水公用事業認證。所以這就是我詢問 ASU 的原因，因為它似乎更加開放，儘管我認為其中提到了試圖從煙囪或類似的東西中去除熱量 - 或者他們正在使用另一個系統來做到這一點，也許 AirJoule 也會與之進行比較。

Just one other thing on ASU deployment, right? The Phoenix area is a very different humidity and temperature profile than Texas or really maybe anywhere in the world. And partly, the engagement with Paul is going to be looking as well at lower humidity sorbents. And so Paul is going to be providing this academic validation of the quality of water when you're pulling air from different humidity temperature locations, what is the quality of water, and they've done a lot of work in that field. They are the leading researchers in assessing both efficacy of water generation systems like how productive they are as well as the quality of water.

關於 ASU 部署還有一件事，對嗎？鳳凰城地區的濕度和溫度分佈與德克薩斯州或世界上任何地方都有很大不同。另外，與保羅的合作也將關注低濕度吸附劑。因此，當你從不同濕度溫度的位置抽取空氣時，保羅將對水的品質進行學術驗證，水的品質如何，他們在這個領域做了大量工作。他們是評估水生成系統功效（例如其生產效率）以及水質的領先研究人員。

And then with looking at novel sorbents kind of going in there as well, provides that additional kind of research validation with Paul.

然後透過研究新型吸附劑，為 Paul 提供額外的研究驗證。

Yes, that's a great lens to watch.

是的，這是一個非常值得觀看的鏡頭。

The other thing about ASU, Jeff, is they're not only validation of the technology, but there is a huge need. I think it's pretty well known for housing projects that are stymied by the fact that the groundwater isn't available to support them. It's funny that humans are going to locations and building in locations like that, but that's a fact. And so we think that this ASU validation will be a great contribution to the solution we believe is to help those, not just data centers, but housing projects.

傑夫，關於 ASU 的另一件事是，他們不僅驗證了這項技術，而且還有巨大的需求。我認為它因缺乏地下水而導致住房項目受阻而聞名。有趣的是，人類會去某個地方並在那樣的地方建造建築物，但這是事實。因此，我們認為這次 ASU 驗證將對解決方案做出巨大貢獻，我們相信該解決方案不僅可以幫助資料中心，還可以幫助住房專案。

Right. And I think the point about doing further research on different sorbents is a good point as well because if we're not careful, we sort of think of this as a static project or a static product that's just looking for different ways to be utilized, but you're continuing to evolve and trying to perhaps widen the range of use cases in terms of how extreme the location is, how little humidity, how much humidity and so forth. So thanks --

正確的。我認為對不同的吸附劑進行進一步研究也是一個很好的觀點，因為如果我們不小心，我們就會認為這是一個靜態項目或靜態產品，只是在尋找不同的利用方式，但你會繼續發展，並試圖擴大使用範圍，包括地點的極端程度、濕度有多小、濕度有多大等等。所以謝謝--

Sorry, we haven't really talked about some of the technology things that we're working on with respect to sorbent. But if you think about our product and you realize that the sorbent is the thing doing all of the work, how much water we get out per hour. It's all about the sorbent capability to take up that water and kick it up quickly. And so really the main differentiator and the thing that will allow AirJoule to continue to have the best products into the future is maximizing the sorbent and the capability of that coated contactor to provide a lot of water in a small footprint.

抱歉，我們還沒有真正談論我們正在研究的一些與吸附劑有關的技術。但是如果你想想我們的產品，你就會意識到吸附劑是完成所有工作的東西，我們每小時可以得到多少水。這一切都取決於吸附劑吸收水分並快速將其揚起的能力。因此，真正的主要區別以及使 AirJoule 能夠在未來繼續擁有最佳產品的因素是最大限度地利用吸附劑和塗層接觸器的能力，以便在小占地面積內提供大量的水。

Yes. And all I was going to add to that, Jeff, is the fact that GE Vernova, we've got the ongoing daily and weekly routine with the GE Vernova experts on sorbent development. It's one of the reasons we pulled together. And then Bryan, of course, has chemists and chemical engineers in the facility in Newark that are contributing to that effort.

是的。傑夫，我要補充的是，事實上，我們與 GE Vernova 專家就吸附劑開發進行了每日和每週的例行交流。這是我們團結在一起的原因之一。當然，布萊恩在紐瓦克的工廠裡有化學家和化學工程師為這項工作做出貢獻。

Yes, Jeff, we've been very deliberate on how we're putting our units into the market. Some is for scientific validation, which we already know the answer to, but it has to be independent, that's ASU. And then getting the product to Dubai and getting the product to Hubbard is now a further advancement of seeing it in actual use in the end market applications that we're very excited about. And hopefully, it excites you as well.

是的，傑夫，我們非常慎重地考慮如何將我們的產品推向市場。有些是為了科學驗證，我們已經知道答案，但它必須是獨立的，這就是 ASU。然後將產品運送到杜拜並運送到哈伯德，這進一步推動了它在終端市場應用中的實際應用，我們對此感到非常興奮。希望它也能讓你感到興奮。

We have reached the end of our question-and-answer session. I'd like to turn the floor back over to Matt for any further or closing comments.

我們的問答環節已經結束。我想將發言權交還給馬特，請他發表進一步的評論或結束評論。

Thanks, Kevin. Thanks, everybody, for joining us today and your continued belief in AirJoule. We're making exciting progress, moving from innovation to product and from product to commercialization. Every step brings us closer to our vision of unleashing the power of water from air and fulfilling our purpose of freeing the world from its water and energy constraints. The road ahead is full of opportunity and with the momentum in our global partners we have today, we're ready to seize it.

謝謝，凱文。感謝大家今天的參與以及對 AirJoule 的持續信任。我們正在取得令人興奮的進展，從創新到產品，從產品到商業化。每一步都讓我們更接近我們的願景：釋放空氣中水的力量，實現讓世界擺脫水和能源限制的目標。前方的道路充滿機遇，憑藉著我們今天在全球合作夥伴的支持下，我們已準備好抓住機會。

We look forward to updating you on our continued progress in the quarters ahead. Thank you.

我們期待在未來幾季向您通報我們持續取得的進展。謝謝。

Thank you. That does conclude today's teleconference and webcast. You may disconnect your line at this time, and have a wonderful day. We thank you for your participation today.

謝謝。今天的電話會議和網路直播到此結束。此時您可以斷開線路，祝您有美好的一天。我們感謝您今天的參與。