AirJoule Technologies Corporation (AIRJ) 2026 Q1 法說會逐字稿

Greetings, and welcome to the AirJoule Technologies first quarter 2026 earnings call. (Operator Instructions) Please note that this conference is being recorded.

各位好，歡迎參加 AirJoule Technologies 2026 年第一季財報電話會議。(接線員指示) 請注意，本次會議將被錄音。

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

現在我很榮幸將電話會議交給主持人——投資人關係與財務副總裁 Tom Divine。謝謝。您可以開始了。

Thank you, and good morning. With me today for our first quarter 2026 earnings call are Matt Jore, Chief Executive Officer; Pat Eilers, Executive Chairman; Bryan Barton, Chief Commercialization Officer; and Sze-Yin Pang, Chief Financial Officer. During this call, we will be referring to a presentation, which is available on the webcast platform and on the Investors section of our website. 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.

謝謝，大家早安。今天與我一同參加 2026 年第一季財報電話會議的有：執行長 Matt Jore；執行董事長 Pat Eilers；商業化長 Bryan Barton；以及財務長 Sze-Yin Pang。在本次電話會議中，我們將引用一份簡報，該簡報可於網路直播平台以及我們網站的投資人專區取得。我想提醒各位，無論是在事先準備的發言或問答環節中，許多評論均屬前瞻性陳述，涉及可能影響我們實際結果與計畫的風險與不確定性。其中許多風險超出我們的控制範圍，並已在我們向美國證券交易委員會（SEC）提交文件中的「風險因素」與「前瞻性陳述」章節更詳細說明。

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. And now I will turn it over to Matt Jore.

雖然我們相信所表達的預期係基於合理假設，但這些並非對未來表現的保證，實際結果或發展可能出現重大差異。現在我把時間交給 Matt Jore。

Thanks, Tom. Good morning, everyone, and thank you for joining us for our first quarter 2026 earnings call. On our last earnings call in March, we framed 2025 as the year we built the foundation for commercialization through our initial deployments at our joint venture with GE Vernova and 2026 as the year we move from those one-off deployments to productize commercial sales. We are executing against that plan. So far in 2026, we've made disciplined progress on the AirJoule Core platform, completed the build of our first AirJoule Prime full-scale system at our Newark, Delaware facility and continued advancing customer engagements toward commercial pipeline building in 2027 and beyond.

謝謝你，Tom。各位早安，感謝各位參加我們 2026 年第一季財報電話會議。在 3 月的上次財報電話會議上，我們將 2025 年定位為透過與 GE Vernova 的合資企業進行初期部署、為商業化奠定基礎的一年；並將 2026 年定位為從一次性部署轉向產品化的商業銷售之年。我們正依照該計畫執行。截至 2026 年目前為止，我們在 AirJoule Core 平台上取得了有紀律的進展，完成了在德拉瓦州紐瓦克（Newark, Delaware）廠區建置的第一套 AirJoule Prime 全尺寸系統，並持續推進客戶洽談，朝向 2027 年及之後的商業管線建置前進。

Before I describe that progress in more detail, I want to spend a little time on the macro. The water resilience tailwinds we've discussed on prior calls have not slowed, they've actually accelerated. Water scarcity is becoming more central to industrial planning every quarter. In recent weeks, multiple hyperscalers have abandoned multibillion-dollar data center projects in the face of community opposition tied to water access. Institutional investors representing more than $1 trillion in assets have pressed those same companies for site-by-site disclosure of their water use.

在我更詳細說明這些進展之前，我想先花一點時間談談總體環境。我們在先前電話會議中提到的「水資源韌性」順風並未放緩，反而正在加速。水資源短缺正逐季成為工業規劃的核心議題。近幾週，多家超大規模業者（hyperscalers）因社區對用水取得的反對，而放棄了數十億美元規模的資料中心專案。代表超過 1 兆美元資產的機構投資人也向同一批公司施壓，要求其逐一據點揭露用水情況。

When the largest cloud operators in the world walk away from projects of that scale over water access, the signal to the rest of the market is unmistakable. At least a dozen US states have introduced data center moratorium bills this year, and Bloomberg has documented that roughly two-thirds of the data centers built in the US since 2022 sit in areas already under measurable water stress. Drought, regulatory pressure and the accelerating water demands of compute and infrastructure are all intensifying, not abating.

當全球最大的雲端營運商因用水取得而放棄如此規模的專案時，對市場其他參與者而言，訊號再清楚不過。今年至少有十多個美國州提出資料中心暫停（moratorium）法案；彭博亦記錄，自 2022 年以來在美國新建的資料中心中，約有三分之二位於已可量測到水資源壓力的地區。乾旱、監管壓力，以及運算與基礎設施對用水需求的加速成長，都在加劇，而非緩解。

This is exactly the problem AirJoule was built to help solve. Now let's discuss how AirJoule fits into this picture, particularly with respect to data centers. We applaud the work the industry has done to drive water consumption down, closed-loop systems, direct-to-chip cooling and continuous improvements in water use effectiveness, or WUE, are real progress. The most efficient WUE levels we see today are on the order of 0.1 liters per kilowatt hour at the most advanced hyperscaler facilities. However, these facilities are hundreds of megawatts or even gigawatts in scale.

這正是 AirJoule 打造來協助解決的問題。現在我們來談談 AirJoule 如何融入這個情境，特別是就資料中心而言。我們肯定產業為降低用水所做的努力：閉環系統、直達晶片（direct-to-chip）冷卻，以及持續改善用水效率（WUE），都代表實質進展。目前我們看到最先進的超大規模資料中心，其最有效率的 WUE 水準約為每千瓦時 0.1 公升。然而，這些設施的規模達數百兆瓦，甚至是吉瓦等級。

So the absolute volume of water consumed is still substantial and requires significant water permits. Beyond the initial draw to fill the system, there are continuing requirements for closed-loop water replenishment, humidification and domestic uses. For the millions of gallons of water that even the most efficient data centers still consume, AirJoule can reduce dependence on multiple supply and aquifer access through on-site water generation. Turning back to our progress so far in 2026. On productization, our AirJoule Core platform improved performance and durability through systematic optimization of airflow, thermal management and contactor coating process.

因此，實際消耗的絕對用水量仍然可觀，並需要取得大量用水許可。除了初次取水以填充系統之外，閉環系統仍持續需要補水、加濕以及生活用水等需求。即便是最有效率的資料中心仍會消耗數百萬加侖的水；透過現場製水，AirJoule 可降低對多元供水來源與含水層取水的依賴。回到我們 2026 年迄今的進展。在產品化方面，我們的 AirJoule Core 平台透過對氣流、熱管理與接觸器塗層製程的系統性最佳化，提升了效能與耐久性。

The Core design is essentially locked. On certification, we've advanced our UL and water quality work to ensure our systems are compliant with the most stringent regulatory standards. Bryan will share more on that in just a moment. On our flagship Prime platform, our first full-scale AirJoule Prime system has been built at our Newark, Delaware facility and is now operational. This is a meaningful milestone.

Core 的設計基本上已定型。在認證方面，我們推進了 UL 與水質相關工作，以確保系統符合最嚴格的監管標準。Bryan 稍後會就此分享更多細節。在我們的旗艦 Prime 平台方面，第一套全尺寸 AirJoule Prime 系統已在德拉瓦州紐瓦克廠區完成建置，並已投入運轉。這是一個重要的里程碑。

The Prime is a system we engineered for scale from day 1, and we'll spend more time discussing it shortly. On commercialization, we're seeing strong customer demand across an important range of markets, and Bryan will walk through where we are deepening the most active engagements. On the balance sheet, our combined cash position supports our operations through 2027 with no debt, and Stephen will provide more detail in a minute. The bottom line is this. We're on course.

Prime 是我們從第一天起就以可擴展規模為目標所設計的系統，我們稍後會花更多時間討論。在商業化方面，我們在多個重要市場看到強勁的客戶需求，Bryan 將說明我們正在哪些領域深化最活躍的合作洽談。在資產負債表方面，我們合併後的現金部位在無負債的情況下，可支持營運至 2027 年；Stephen 將在稍後提供更多細節。結論是：我們正按計畫推進。

We've developed our technology and are now a product company. Our internal organization reflects that with strong product engineering leadership and every work stream aligned to a product road map. We are doing this year -- what we're doing this year lays the foundation for scaled commercial pipeline building in 2027 and beyond. With that, I'd like to turn it over to Mr. Pat Eilers, our Executive Chair.

我們已開發完成技術，現在是一家產品公司。我們的內部組織也反映了這一點：具備強而有力的產品工程領導力，且每一條工作主線都與產品路線圖對齊。我們今年所做的工作，正在為 2027 年及之後的規模化商業管線建置奠定基礎。接下來，我想把時間交給我們的執行董事長 Pat Eilers 先生。

Yes. Thanks, Matt, and good morning, everyone. Before Bryan walks through our product and commercial update, I would like to share an update on governance and our progress in the Middle East. As disclosed in our proxy statement filed on April 15, effective May 28, 2026, Max Baucus will be stepping down from the AirJoule Technologies Board of Directors.

好的。謝謝你，Matt，各位早安。在 Bryan 說明我們的產品與商業進度更新之前，我想先分享公司治理以及我們在中東地區的進展更新。如我們於 4 月 15 日提交的委託書聲明（proxy statement）所揭露，自 2026 年 5 月 28 日起，Max Baucus 將卸任 AirJoule Technologies 董事會董事職務。

On behalf of the entire Board, I want to thank Max for his service to the company. Max served six terms in the US Senate, representing Montana and served as US ambassador to China. He has been a tremendous director since our formation. He brought a depth of experience in public policy, international affairs and industrial strategy that has been invaluable as we have built AirJoule into the company it is today.

我謹代表全體董事會，感謝 Max 對公司的服務。Max 曾在美國參議院代表蒙大拿州連任六屆，並曾擔任美國駐中國大使。自我們成立以來，他一直是非常傑出的董事。他在公共政策、國際事務與產業策略方面的深厚經驗，對我們將 AirJoule 建設成今日的公司而言，具有無可取代的價值。

We are grateful for his contributions and wish him well in everything that comes next. I'm also pleased to announce that Stu Porter has assumed the role of Lead Independent Director of the Board and will also serve as Chair of our Nominating and Governance Committee. Stu has been active and engaged director since the company's formation and his leadership in these new roles will strengthen our governance and support our path to commercialization. Turning to the Middle East, concern about water security in the region continues to grow given the region's dependence on desalination. AirJoule remains actively engaged with UAE government and regulatory leaders to build awareness of how our technology can bolster water infrastructure resiliency through distributed AirJoule placements.

我們感謝他的貢獻，並祝福他未來一切順利。我也很高興宣布，Stu Porter 已接任董事會首席獨立董事（Lead Independent Director），並將同時擔任提名與公司治理委員會主席。Stu 自公司成立以來一直是積極投入且高度參與的董事；他在這些新職務上的領導將強化我們的公司治理，並支持我們邁向商業化的道路。談到中東地區，鑑於該地區對海水淡化的依賴，外界對水安全的關切持續升高。AirJoule 仍持續與阿聯酋（UAE）政府及監管領導者保持積極互動，以提升對我們技術如何透過分散式 AirJoule 部署來強化水資源基礎設施韌性的認知。

UAE leadership has signaled a clear intent to lead on water security through innovative technology, and we believe the AirJoule value proposition is a strong fit. Our commercialization path in the Middle East region begins with the initial proof of value installations at potential UAE clients. From there, we will plan to scale across the UAE, the broader GCC and Global South markets that can benefit from those reference deployments. Through the balance of 2026, we expect to build AirJoule's profile and influential industry and thought leadership gatherings, often in coordination with the Global Climate Finance Council, Masdar and the UAE Ministry of Foreign Affairs. These efforts will lead up to our participation in the UN Water Conference, which will be co-hosted by the UAE and Senegal, in Abu Dhabi in December 2026.

阿聯酋領導層已明確表達將透過創新科技在水安全領域領先的意圖，我們相信 AirJoule 的價值主張高度契合。我們在中東地區的商業化路徑，將從在潛在阿聯酋客戶端進行初步的價值驗證（proof of value）安裝開始。接著，我們將規劃在阿聯酋、更廣泛的海灣合作委員會（GCC）以及可受益於這些示範部署的全球南方市場擴大規模。在 2026 年剩餘期間，我們預期將在具影響力的產業與思想領袖聚會中提升 AirJoule 的能見度，並經常與全球氣候金融委員會（Global Climate Finance Council）、Masdar 以及阿聯酋外交部協同進行。這些努力將為我們參與聯合國水會議鋪路；該會議將由阿聯酋與塞內加爾共同主辦，並於 2026 年 12 月在阿布達比舉行。

With that, I'll turn it over to Bryan to discuss our product and customer progress.

接下來，我把時間交給 Bryan，請他說明我們的產品與客戶進展。

Thanks, Pat. I want to walk through four areas this morning: our Core platform, which will have two product variants, our first Prime build and our commercial engagements. And then I will close with a brief look at the rest of 2026. Starting with the AirJoule Core platform. In 2025, we made a deliberate decision to focus our build activity on the Core platform because Core and Prime share a common sorbent chamber architecture, which means every Core deployment also derisked the path to Prime.

謝謝你，Pat。今天早上我想帶大家依序看四個面向：我們的 Core 平台（將有兩個產品版本）、我們的第一套 Prime 版本建置，以及我們的商業合作進展。最後，我會簡要展望 2026 年其餘時間。先從 AirJoule Core 平台開始。在 2025 年，我們做出一項審慎決策：將建置活動聚焦於 Core 平台，因為 Core 與 Prime 共享相同的吸附劑腔體架構，這代表每一次 Core 的部署也同時降低了通往 Prime 的風險。

This year, we have improved the performance and durability of the Core system through systematic optimization across three areas: airflow distribution, thermal management, and contactor coating. The first-generation Core design is now locked. We may make minor dimensional adjustments as we finalize manufacturing, but we're at a form factor that we can scale. We now have updated product specs sheets available on our website at airjouletech.com, and I would encourage anyone interested in the technical specifications to take a look. We're planning to launch the Core platform in two product variants targeting two distinct markets.

今年，我們透過在三個面向的系統化最佳化，提升了 Core 系統的效能與耐用性：氣流分配、熱管理，以及接觸器塗層。第一代 Core 設計現已定版。在我們完成製造定案時，可能會做些微的尺寸調整，但目前的外形尺寸已可擴大規模。我們已在 airjouletech.com 網站提供更新後的產品規格表，建議對技術規格有興趣的人士前往查看。我們計畫以兩個產品版本推出 Core 平台，分別鎖定兩個不同市場。

The first is the AirJoule Core AWG variant with the target commercialization launch of late 2026. The primary customer focus for Core AWG is the US military and small residential deployments. With the US military, we are collaborating through our existing cooperative research and development agreement, or CRADA, with the US Army Engineer Research and Development Center. The CRADA brings together AirJoule's waste heat-to-water platform and ERDC's tactical water recovery research to deliver resilient water supply solutions for forward deployed personnel.

第一個是 AirJoule Core AWG 版本，目標商業化上市時間為 2026 年底。Core AWG 的主要客戶焦點是美國軍方以及小型住宅部署。在美國軍方方面，我們透過既有的合作研究與開發協議（CRADA），與美國陸軍工程研究與發展中心（ERDC）合作。該 CRADA 結合了 AirJoule 的廢熱轉水平台與 ERDC 的戰術水回收研究，為前線部署人員提供具韌性的供水解決方案。

The second variant is the AirJoule Core DH with a target commercial launch in 2027. Core DH is materially the same product as Core AWG, the same hardware, optimized through process configuration and controls for dehumidification application. This variant targets the global installed base of conventional desiccant wheel dehumidification systems for humidity control between 30% and 50% relative humidity.

第二個版本是 AirJoule Core DH，目標商業上市時間為 2027 年。Core DH 在本質上與 Core AWG 是相同產品、相同硬體，透過製程配置與控制的最佳化，以符合除濕應用。此版本鎖定全球既有的傳統轉輪式乾燥劑除濕系統裝機基礎，用於在 30% 至 50% 相對濕度之間的濕度控制。

I want to spend a moment on the dehumidification opportunity because this is the first time we are presenting concrete performance data publicly. AirJoule's metal organic framework sorbent, regenerates at 60 to 70 degrees Celsius compared with 120 to 150 degrees required for conventional desiccant wheels. That difference is fundamental. It enables heat pump-driven regeneration in place of electric reheat or natural gas. Our initial performance data shows up to approximately 40% energy savings versus incumbent desiccant wheel technology in our target operating ranges, and we expect further improvements over the next few quarters leading up to the product launch.

我想花一點時間談除濕機會，因為這是我們首次公開呈現具體的效能數據。AirJoule 的金屬有機框架（MOF）吸附劑，其再生溫度為 60 至 70 攝氏度，相較之下，傳統乾燥劑轉輪需要 120 至 150 攝氏度。這個差異是根本性的。它使得可用熱泵驅動再生，取代電加熱回溫（electric reheat）或天然氣。我們的初步效能數據顯示，在目標操作區間內，相較於既有乾燥劑轉輪技術，最高可節省約 40% 能耗；我們預期在產品上市前的未來幾個季度仍將持續改善。

Our initial target markets for Core DH are dry storage and cold storage facilities operating between 30% and 50% relative humidity. Last year, we announced an MOU with a defense contractor to collaborate on this dehumidification application. This engagement has informed our Core DH development, and we expect other markets and applications to follow.

Core DH 的初期目標市場為乾式倉儲與冷鏈倉儲設施，運行相對濕度介於 30% 至 50%。去年，我們宣布與一家國防承包商簽署合作備忘錄（MOU），共同推進此除濕應用。這項合作已為我們的 Core DH 開發提供重要資訊，我們也預期後續將延伸至其他市場與應用。

Now let me turn it over to AirJoule Prime. As Matt mentioned, we have hit a meaningful milestone with the completion of our first full-scale AirJoule Prime system, which is now operational outdoors at our Newark facility.

接下來我談 AirJoule Prime。如 Matt 所提到，我們已達成一項重要里程碑：完成第一套全尺寸 AirJoule Prime 系統，目前已在我們位於 Newark 的設施戶外投入運行。

We will provide a meaningful update on its performance on our next earnings call. AirJoule Prime has been engineered for scaled manufacturing from day one. The Prime contains 16 vacuum chambers sourced from established suppliers at low cost, with the balance of the bill of materials made up of off-the-shelf components such as valves and pumps. The only custom component is the sorbent-coated contactor, which we are manufacturing in-house. The overall design of Prime is set.

我們將在下一次財報電話會議中，提供其效能的重大更新。AirJoule Prime 自第一天起即以可規模化製造為目標進行工程設計。Prime 包含 16 個真空腔體，來自成熟供應商且成本低廉；其餘物料清單（BOM）主要由現成零組件構成，例如閥件與幫浦。唯一的客製化零件是塗覆吸附劑的接觸器，我們在內部製造。Prime 的整體設計已定案。

Further refinement will be limited to sorbent level improvements and individual component tuning. All of the work we did across 2025 to optimize Core, particularly the thermal management and the airflow directly informed the Prime design and it's expected to translate it into Prime performance. The Prime is designated or designed to deliver up to 2,000 liters per day or less than 200-watt hours per liter when paired with low-grade waste heat with a maximum power draw of just 12.5 kilowatts and configurability across waste heat sources from 60 degrees Celsius and above. Over the next several months, we will continue to optimize the system in Newark. This first Prime unit is planned for deployment in Europe as part of our Net Zero Innovation Hub collaboration.

後續精進將主要限於吸附劑層級的改良與個別零組件的調校。我們在 2025 年針對 Core 所做的所有最佳化工作，特別是熱管理與氣流設計，直接形塑了 Prime 的設計，並預期將轉化為 Prime 的效能表現。Prime 被指定或設計為：在搭配低品位廢熱時，每日可產出最高 2,000 公升，或每公升耗能低於 200 瓦時；最大耗電僅 12.5 千瓦，並可針對 60 攝氏度以上的各類廢熱來源進行配置。在接下來幾個月，我們將持續在 Newark 對系統進行最佳化。這第一套 Prime 裝置計畫作為我們「淨零創新中心（Net Zero Innovation Hub）」合作的一部分，部署至歐洲。

We are also building another Prime system to serve as our internal showcase unit at our Newark facility, supporting customer demonstrations and proof of value engagements throughout the year. Regarding product certification, we will pursue UL certification of the AirJoule systems for electrical components, while water quality certification will be addressed on a case-by-case basis, depending on the customer requirements and their location.

我們也正在建置另一套 Prime 系統，作為 Newark 設施內部的展示機，支援全年客戶展示與價值驗證（proof of value）合作。在產品認證方面，我們將為 AirJoule 系統的電氣元件申請 UL 認證；而水質認證將依客戶需求與所在地點，採個案方式處理。

And importantly, our products already meet FDA bottled water standards and will be compliant with California water quality standards, which are the most stringent regulatory standards in the United States. We believe that designing for compliance with the most demanding applications positions us well across the rest of our addressable market.

而且很重要的是，我們的產品已符合 FDA 瓶裝水標準，並將符合加州水質標準——這是美國最嚴格的監管標準。我們相信，以符合最嚴苛應用的要求來進行設計，能讓我們在其餘可服務市場中具備良好競爭位置。

Let me turn now to customer engagements that lead to a commercial pipeline in 2027 and beyond. First, hyperscale data centers. As we've talked about previously, AirJoule's value proposition for data centers is that we can utilize low-grade waste heat to produce pure distilled water on-site. On-site water generation delivers operational resilience and supports water stewardship and community license that hyperscale operators increasingly require. We're currently working with a leading hyperscale operator on a detailed evaluation of AirJoule Prime's economic and technical performance at discrete data center locations. This work has deepened our understanding of the value that AirJoule can deliver when tethered to waste heat.

接下來談客戶合作，這些合作將在 2027 年及之後形成商業管線。首先是超大規模資料中心（hyperscale data centers）。如同我們先前所談，AirJoule 對資料中心的價值主張在於：我們可利用低品位廢熱，在現場製造純淨的蒸餾水。現場製水可提升營運韌性，並支持超大規模營運商日益重視的水資源管理與社區許可（community license）。我們目前正與一家領先的超大規模營運商合作，針對特定資料中心據點，對 AirJoule Prime 的經濟性與技術表現進行詳細評估。這項工作加深了我們對 AirJoule 在與廢熱耦合時可提供價值的理解。

Building from this understanding, we recently published a white paper articulating AirJoule's economic benefits across both water cooled and air-cooled data center configurations. AirJoule can help address the water permit constraints for new data center construction by generating distilled water on-site from atmospheric humidity. And given that a 100-megawatt data center can generate $3 million to $5 million per day of revenue, AirJoule CapEx can be recovered in just days of avoided permit delay. We're also building momentum through the Net Zero Innovation Hub for Data Centers. Waste heat reuse from data centers has emerged as an important regulatory priority in Europe under the EU Energy Efficiency Directive, and we are in close conversations with the consortium members to address that need.

基於這些理解，我們近期發布了一份白皮書，闡述 AirJoule 在水冷與氣冷兩種資料中心配置下的經濟效益。AirJoule 可透過從大氣濕度在現場生成蒸餾水，協助解決新建資料中心的用水許可限制。此外，鑑於一座 100 兆瓦資料中心每日可創造 300 萬至 500 萬美元營收，AirJoule 的資本支出（CapEx）僅需透過避免許可延誤的數日時間即可回收。我們也正透過「資料中心淨零創新中心（Net Zero Innovation Hub for Data Centers）」累積動能。在歐盟《能源效率指令》（EU Energy Efficiency Directive）之下，資料中心廢熱再利用已成為重要的監管優先事項；我們正與聯盟成員保持密切對話，以回應該需求。

As referenced earlier, our first Prime unit is planned for deployment in Europe in conjunction with the Net Zero Innovation Hub to demonstrate AirJoule's integration into a data center and its ability to convert waste heat into pure water. Second, residential development. We're deepening a co-development framework with a global partner targeting water-scarce US residential markets in the US Southwest.

如先前所提及，我們的第一套 Prime 單元計畫與 Net Zero Innovation Hub 共同在歐洲部署，以展示 AirJoule 整合至資料中心的能力，以及其將廢熱轉換為純水的能力。第二，住宅開發。我們正與一家全球合作夥伴深化共同開發架構，鎖定美國西南部缺水的美國住宅市場。

The Southwest is increasingly an environment in which residential development projects are restricted due to a lack of water security. Our AirJoule platform addresses that constraint directly. And during the first quarter, we completed a deployment of an AirJoule Core system at the Red Dot Ranch Foundation site in Pescadero, California. The pilot validated off-grid water generation that supports Red Dot Ranch's climate positive housing development. Third, water delivery and distilled -- trucks distilled water.

美國西南部正日益成為因缺乏用水安全而限制住宅開發專案的環境。我們的 AirJoule 平台直接解決該限制。並且在第一季期間，我們在加州佩斯卡德羅（Pescadero）的 Red Dot Ranch Foundation 場址完成了一套 AirJoule Core 系統的部署。該試點驗證了離網製水能力，可支援 Red Dot Ranch 的氣候正向住宅開發。第三，送水與蒸餾——以卡車運送蒸餾水。

The global water distribution market is approximately $50 billion. And in many US markets, distilled water sells for above $1 per gallon, driven not by raw supply, but by the logistics of trucking water from distant wells to the customer. In collaboration with a waste heat partner, AirJoule's waste heat to water economics can result in operating costs below $0.10 per gallon, positioning us favorably in this supply chain. We have early-stage conversations underway with waste heat providers, distributors and end users about future collaborations.

全球水配送市場約為 500 億美元。在美國許多市場，蒸餾水的售價高於每加侖 1 美元，其驅動因素並非原水供給，而是將水從遠端水井以卡車運送至客戶端的物流成本。在與廢熱合作夥伴的協作下，AirJoule 的「廢熱轉水」經濟性可使營運成本低於每加侖 0.10 美元，使我們在此供應鏈中具備有利定位。我們已與廢熱供應商、經銷商及終端用戶展開早期洽談，討論未來合作。

And finally, the Middle East. In January, we announced an exclusive distribution agreement with TenX Investment across six Gulf countries, the UAE, Oman, Qatar, Saudi Arabia, Bahrain and Kuwait. We are pacing deployment activity to align with regional conditions and the availability of production-ready hardware later in 2026. Putting it all together, we're excited about the opportunities ahead of us. We're seeing growing traction for our data center application, opportunities in the residential development space continue to deepen with our co-development partner and the launch of our dehumidification product is attracting interest from customers.

最後是中東。1 月，我們宣布與 TenX Investment 簽署獨家經銷協議，涵蓋六個海灣國家：阿聯酋、阿曼、卡達、沙烏地阿拉伯、巴林與科威特。我們正依據區域條件與 2026 年稍晚可供量產的硬體供應情況，來安排部署節奏。綜合而言，我們對未來機會感到振奮。我們看到資料中心應用的動能持續增強；住宅開發領域與共同開發夥伴的合作機會也在深化；而我們除濕產品的推出正吸引客戶關注。

Through the rest of 2026, we will complete the commissioning of our first Prime system at Newark and prepare for its deployment in Europe via the Net Zero Innovation Hub. We will deliver our first commercial Core systems. We will publish additional dehumidification performance data and build out customer engagements for the Core DH variant. And we will continue to build the deployed base and contracted customer relationships that support scaled commercial activity in 2027.

在 2026 年剩餘期間，我們將完成在 Newark 的第一套 Prime 系統試運轉（commissioning），並透過 Net Zero Innovation Hub 為其在歐洲部署做準備。我們將交付第一批商用 Core 系統。我們將發布更多除濕效能數據，並擴大 Core DH 版本的客戶互動。同時，我們將持續擴大已部署基礎與已簽約客戶關係，以支援 2027 年的規模化商業活動。

With that, I'll turn it over to Stephen for the financial update.

接下來，我把時間交給 Stephen 進行財務更新。

Thank you, Bryan. I will walk through our financial results for the first quarter of 2026 and then provide some color on our outlook and liquidity position. Before turning to operational highlights, I do want to address one item in our results. We recorded a noncash impairment charge of approximately $55 million flowing through our AirJoule JV equity method investment line. This follows last quarter's adjustment and, like that charge, is accounting-related.

謝謝你，Bryan。我將說明我們 2026 年第一季的財務結果，並補充一些對展望與流動性狀況的看法。在談營運重點之前，我確實想先說明我們結果中的一個項目。我們在 AirJoule 合資企業（JV）採權益法投資科目中，認列了約 5,500 萬美元的非現金減損費用。這是延續上季的調整，且與該筆費用相同，屬於會計處理相關。

Our fair value assessment of the JV investment is ordinarily performed annually, but given the decline in our share price last quarter, we performed an interim assessment. Because the test is measured as of quarter end and our share price was a trough on that date, the assessment resulted in a write-down for the quarter. I would note that our share price has recovered meaningfully since the close of the period. Also want to underscore what's unchanged. This charge has no impact on cash, no impact on the operational performance at the JV and no impact on our broader commercial trajectory.

我們通常每年進行一次對 JV 投資的公允價值評估，但鑑於上季我們股價下跌，我們進行了期中評估。由於測試以季末為衡量日，而當日股價處於低點，因此本季評估結果導致認列減記。我也要指出，自期末以來，我們股價已明顯回升。同時也想強調不變之處。此項費用不影響現金、不影響 JV 的營運表現，也不影響我們更廣泛的商業發展軌跡。

The JV's technology development, customer pipeline and execution against milestones continues to track in line with our expectations, as you've heard on this call. Turning to our financial results. For the first quarter, AirJoule Technologies reported net operating expenses of $3.6 million. This is inclusive of $0.8 million in administrative and engineering expenses reimbursed to us by the JV under a Statement of Work. Our net loss for the quarter was $49.8 million.

如各位在本次電話會議中所聽到的，JV 的技術開發、客戶管線以及里程碑執行，仍持續符合我們的預期。接著看我們的財務結果。第一季，AirJoule Technologies 的淨營運費用為 360 萬美元。其中包含 JV 依工作說明書（Statement of Work）償付給我們的 80 萬美元行政與工程費用。本季淨損為 4,980 萬美元。

The primary component below the operating line was the loss from investment in the AirJoule JV of $63.1 million, driven primarily by the impairment I mentioned. This is partially offset by a $14.7 million tax benefit. Turning back to the joint venture. The total JV operating expenses for the first quarter was approximately $5.5 million, and the JV received $10 million in capital contributions from AirJoule Technologies during the quarter to support ongoing productization, manufacturing and commercial deployment activities. AirJoule Technologies ended the first quarter with $31.1 million of cash on the balance sheet.

營業線以下的主要項目為對 AirJoule JV 的投資損失 6,310 萬美元，主要由我提到的減損所致。此項目部分被 1,470 萬美元的稅務利益所抵銷。回到合資企業。JV 第一季總營運費用約為 550 萬美元；且本季 AirJoule Technologies 向 JV 提供了 1,000 萬美元的資本投入，以支援持續的產品化、製造與商業部署活動。AirJoule Technologies 於第一季末資產負債表上的現金為 3,110 萬美元。

Combined cash across the systems with the JV was $35 million with no debt. Our guidance for the full year 2026 cash spend at the AirJoule Technologies and JV is unchanged from our prior guidance. And our liquidity is sufficient to fund our operations, the JV and our planned commercial deployments through 2027. Looking ahead, we expect modest paid deployment revenue at the JV during 2026 with more meaningful commercial revenue beginning in 2027 as our Core product completes our certifications and our first Prime deployments also come online. We maintain strong flexibility in managing our capital position and balance sheet.

包含 JV 在內的系統合計現金為 3,500 萬美元，且無負債。我們對 2026 全年在 AirJoule Technologies 與 JV 的現金支出指引，與先前指引一致，未有變動。我們的流動性足以支應營運、JV 以及規劃中的商業部署，直至 2027 年。展望未來，我們預期 JV 在 2026 年將有小幅的付費部署收入；而在 Core 產品完成認證、以及首批 Prime 部署上線後，較具規模的商業收入將自 2027 年開始。我們在資本部位與資產負債表管理上仍保有高度彈性。

We'll also remain opportunistic and disciplined in evaluating any financing and strategic opportunities that enhance our balance sheet and also support long-term value creation. With that, I'll pass it back for the Q&A portion of the call.

我們也將在評估任何可強化資產負債表、並支持長期價值創造的融資與策略性機會時，保持機動且嚴謹的態度。接下來，我把時間交回去進行問答環節。

(Operator Instructions) Amit Dayal, HC Wainwright.

(接線員指示) Amit Dayal，HC Wainwright。

So congrats on getting the first fully assembled unit ready. My question, I guess, is just pretty basic, I guess. What would it take now for the customers to potentially pull the trigger on placing orders for these units? Do they need some type of pilot deployment before they place larger orders? I mean if you could walk us through the sales process from here to potentially getting these deployed in the field.

恭喜你們把第一套完整組裝的設備準備就緒。我的問題，我想，算是很基本。現在要讓客戶可能下決心（pull the trigger）為這些設備下單，需要具備哪些條件？他們是否需要先做某種試點部署，才會下更大規模的訂單？如果可以的話，能否帶我們走一遍從現在到可能在現場部署的銷售流程？

Thanks, Amit, for the question. We actually see a couple of different ways that customers can convert. Some of them do want to see pilots. Some of them are happy seeing the system operational with real-world performance data. And of course, there are also customers that are hungry for water, so to speak, that are eager to move forward as well.

謝謝你，Amit，謝謝你的提問。我們其實看到客戶轉化有幾種不同方式。有些客戶確實想先看到試點。有些客戶看到系統在實際環境中運作並有真實世界的效能數據，就已經可以接受。當然，也有一些客戶可以說是「非常缺水」，因此也很急於推進。

So we're having a range of conversations with various different customers, taking them through that process and every customer is unique in terms of what they need to see in order to pull the trigger.

因此，我們正與各類不同客戶進行一系列對話，帶著他們走過這個流程；而每位客戶在需要看到哪些內容才會下決心方面，都各不相同。

Understood. And then as you sort of make some tweaks and improvements to the assembled unit, like how much more improvement in performance, et cetera, could you -- do you think there is that you could extract from these levels?

了解。另外，當你們對已組裝的設備做一些微調與改良時，例如效能等方面，你認為在目前水準之上，還能再榨出多少提升空間？

Yes. Looking forward to being able to answer that question more fully. With the system just now becoming operational today, we're looking forward to starting the optimization process and what's called the shakedown of that process so we can really see the initial performance and then how much further we can drive it with various improvements. Improvements can range from individual component optimization, say, for example, fans and pumps optimizing their efficiencies as well as sorbent level changes, which are things such as like the thickness or the quantity of sorbent that's in each contactor. So we can expect to see tweaks and improvements to performance over the coming months, and we'll provide a more meaningful update on our next quarterly.

是的。期待能更完整地回答這個問題。隨著系統今天才剛開始投入運作，我們期待啟動最佳化流程，以及所謂的該流程的「試運轉」，讓我們能真正看見初始表現，並評估透過各種改進還能把效能推進到什麼程度。改進的範圍可能從單一元件的最佳化開始，例如風扇與幫浦的效率最佳化，以及吸附劑層級的變更，例如每個接觸器中吸附劑的厚度或用量。因此，我們預期在未來幾個月會看到對效能的微調與改善，並會在下一次季度電話會議上提供更有意義的更新。

Understood. And then just last one, maybe this fully assembled unit, are you potentially going to place it in a customer site? Or are you (inaudible) improvements at the --?

了解。那最後一個問題，這個已完整組裝的機組，你們是否可能會把它放到客戶現場？或者你們是在（聽不清）在-- 進行改進？

Yes, good question. We'll discuss the details of this units deployment in a future call. We haven't disclosed or communicated the specifics around that, but it will be deployed.

是的，好問題。我們會在未來的電話會議中討論這個機組部署的細節。我們尚未揭露或對外溝通相關的具體內容，但它將會被部署。

Jeffrey Campbell, Seaport Research Partners.

Jeffrey Campbell，Seaport Research Partners。

Congratulations on all the -- kind of the work and the developments. I guess my first question is now that the Core and the Prime designs are stable, can you provide some color on your road map to reduce unit costs?

恭喜你們在各項——算是工作與進展上的成果。我想我的第一個問題是，既然 Core 與 Prime 的設計已經穩定，你們能否說明一下降低單位成本的路線圖？

Yes. Thanks, Jeff. The primary activities on reduction of unit costs are really occurring throughout the remainder of 2026. And these are kind of similar to my previous comment, things like finding the most cost-effective and quality and efficient pumps and fans as well as some other kind of components that are throughout the system. So that work has begun for Core and is beginning for Prime.

是的。謝謝你，Jeff。降低單位成本的主要工作，確實會在 2026 年剩餘期間全面展開。這些工作有點類似我先前的評論，例如尋找最具成本效益、品質佳且效率高的幫浦與風扇，以及系統中其他一些元件。因此，這項工作已在 Core 上開始，並且也正開始在 Prime 上進行。

And we anticipate to be able to move substantially through this process over the coming quarters, leading up to the launch of the Core AWG system at the end of the year and then fully completing that process, obviously, before the launch of the Prime and the DH unit. So we'll provide a more meaningful update as we move through that. It will take time to validate quality and performance of the different components we have inbound, but that's substantially the bulk of the activity.

我們預期在接下來幾個季度能在這個流程上取得顯著進展，並在年底推出 Core AWG 系統之前推進到相當程度，然後在 Prime 與 DH 機組推出之前，當然會把這個流程完整完成。因此，我們會在推進過程中提供更有意義的更新。驗證不同進料元件的品質與效能需要時間，但這基本上就是主要工作量所在。

And as long as we're at it, I thought I'd ask, is the sorbent that you want to use now stable as well? Or do you still look at other MOFs perhaps maybe from research that's happening at [Gif]?

既然談到這裡，我也想問一下，你們現在想使用的吸附劑也已經穩定了嗎？還是你們仍在看其他 MOF，或許是來自[Gif] 的研究？

Yes. We're exploring alternative MOFs within the standard research kind of pipeline so that we're aware fully with all sorbents, MOFs and non-MOFS that can have an impact on our Core performance. And I'd like to say we're MOF-agnostic, and we want the best technology in our product as possible. But today, the sorbent that we've scaled and is available in large quantities at a cost-effective price, it's performing very well. And it's setting the benchmark for us in terms of any other material would have to deliver substantial performance to validate its position in a variant of the product.

是的。我們在標準的研發管線中探索替代 MOF，以便我們能充分掌握所有可能影響 Core 效能的吸附劑，包括 MOF 與非 MOF。我想說我們對 MOF 並不偏好特定種類，我們希望產品中採用盡可能最好的技術。但就目前而言，我們已放大製程、可大量供應且成本具競爭力的那款吸附劑，表現非常好。它也為我們建立了基準；換言之，任何其他材料若要在產品變體中取得一席之地，就必須提供顯著的效能提升，才能證明其合理性。

Maybe it's a little -- feel a little bit early, but probably not the way you guys look ahead. I'm just wondering if you could tell us what kind of planning or working you're doing towards the contract manufacturing shift in 2028? And are you still targeting that year? And when in the year do you expect that to begin to really ramp up?

也許有點——感覺有點早，但可能不是你們看事情的方式。我想知道你們針對 2028 年轉向委外合約製造，有做哪些規劃或準備工作？你們仍以那一年為目標嗎？以及你們預期在那一年中的什麼時點開始真正加速放量？

Yes. We've had the initial conversations with contract manufacturing assembly houses, so to speak. And as we've shared on previous calls and materials, our system is largely off-the-shelf components. And so there are assembly houses or contract manufacturing partners that are perfectly positioned to take our assembly instructions and scale to provide the volumes of the Primes and Cores that we need. So we've begun those conversations.

是的。我們已經與合約製造的組裝廠（可以這麼說）進行了初步對話。而且如同我們在先前的電話會議與資料中分享的，我們的系統大多由現成（off-the-shelf）的元件構成。因此，有一些組裝廠或合約製造夥伴非常適合依照我們的組裝指示進行擴產，以提供我們所需的 Prime 與 Core 產量。所以我們已經開始這些對話。

We're, of course, not ready to disclose any details around the maturity, but we are still planning for when that will happen so that we can be prepared. 2028 sounds right in terms of like the volume scale that we're anticipating and into future years. But we're really leading with customer pull in terms of volume and then capability to meet that volume will match.

當然，我們還沒準備好揭露成熟度等細節，但我們仍在為那個時間點做規劃，以便做好準備。就我們預期的放量規模以及未來幾年的需求而言，2028 年聽起來是合理的。但我們在產量方面主要是以客戶拉動（customer pull）為主導，然後我們滿足該產量的能力也會相應匹配。

Alex Fuhrman, Lucid Capital Markets.

Alex Fuhrman，Lucid Capital Markets。

Congratulations on all the progress that you're making towards commercialization. Now that you've got the Core design essentially locked here, can you tell us what still needs to be done here to finalize the design for Prime? It sounds like the underlying technology behind the 2 systems is essentially the same. Are you hoping to have a better sense of how Core performs in the field and then use some of those insights to tweak the final design for Prime?

恭喜你們在商業化方面取得的各項進展。既然 Core 的設計基本上已經定案，你們能否告訴我們，Prime 的設計要最終定案還需要做哪些事？聽起來這兩套系統背後的底層技術基本相同。你們是否希望先更了解 Core 在現場的表現，再利用其中一些洞見來微調 Prime 的最終設計？

Yes. Thanks, Alex, for the question. Substantially, all the engineering was completed through the Core because effectively, it's the same sorbent chamber architecture that we just put 16 sorbent chambers into. And moving forward with the Prime, then we'll be optimizing that Core engineering design. So we don't see any substantial engineering modifications.

是的。謝謝你的問題，Alex。大體上，所有工程工作都已透過 Core 完成，因為實際上它是相同的吸附劑腔體架構，只是我們把 16 個吸附劑腔體放進去。而在推進 Prime 時，我們會在 Core 的工程設計基礎上做最佳化。因此，我們不認為會有任何重大的工程修改。

And there could be things here as we start to shake down the system. But moving forward, Core will not really inform Prime. We have Prime now in our hands. And so we'll start to shake down and optimization and then treat it independently as it moves forward.

當然，隨著我們開始對系統進行試運轉，可能會出現一些需要調整的地方。但往後來看，Core 不會真正去「指導」Prime。我們現在已經把 Prime 拿到手了。因此我們會開始試運轉與最佳化，並在後續推進時把它視為獨立專案來處理。

Okay. That's really helpful. And then you mentioned a number of different use cases and end markets on the call. Obviously, military is a big one that could be commercialized pretty soon here. Data centers are, of course, a big one here as well.

好的。這非常有幫助。另外，你們在電話會議中提到許多不同的使用情境與終端市場。顯然，軍方是一個很大的市場，可能很快就能商業化。資料中心當然也是一個很大的市場。

You mentioned residential deployments. Where are you kind of seeing the most demand now? And how do you prioritize going after these different end markets? Is it fair to assume the AI data center opportunity is, for the most part, tied to the larger Prime system?

你們也提到住宅部署。你們目前看到需求最大的是哪一塊？你們如何在這些不同終端市場之間排定優先順序？是否可以合理假設，AI 資料中心的機會大多與較大型的 Prime 系統綁定？

Yes, that's a fair assumption, Alex. And we've talked a lot about data centers and water scarcity and our ability to impact that market segment, and we're having substantial conversations with that. And I think that there's significant pull into that direction. One other comment on this is that different markets take different time, like there's different regulatory frameworks and different proof points and validations before different markets will embrace and adopt in a meaningful volume way. For example, data centers are going to move at a different pace than US residential, than US military, then desiccant dehumidification, Core DH products, for example. So we're trying to manage all of those different go-to-market timing dynamics here as well.

是的，Alex，這個假設是合理的。我們談了很多資料中心與缺水問題，以及我們影響該市場區隔的能力；我們也正在與該領域進行相當深入的洽談。我認為那個方向有很強的拉動力。另外一點是，不同市場需要的時間不同——在不同市場真正以有意義的量採用之前，會有不同的法規框架、不同的證明點與驗證要求。例如，資料中心的推進速度會不同於美國住宅、不同於美國軍方，也不同於乾燥劑除濕、例如 Core DH 產品等。因此，我們也在努力管理這些不同市場進入策略（go-to-market）的時程動態。

Ryan Pfingst, B. Riley Securities.

Ryan Pfingst，B. Riley Securities。

Maybe a follow-up to the last one. For the Core deployments expected in the fourth quarter, which customer do you think is most likely first to place an order? Or is a better way to think about it, multiple customers are ready and just waiting for the required certifications to be completed?

也許延續上一題追問一下。對於預計在第四季進行的 Core 部署，你認為哪一位客戶最可能會先下單？或者更好的理解方式是：有多位客戶都已準備就緒，只是在等待必要的認證完成？

Yes. Thanks, Ryan. In a lot of ways, the initial Core deployments are still positioning customers that are principally interested in Prime, although there are Core customers as well for the -- for example, Core DH, that product is going to go to market through pilot programs and that kind of thing and convert customers on Core. We also talked about US military engagements and really providing them with Core AWG products.

是的。謝謝，Ryan。在很多方面，最初的 Core 部署仍是在為主要對 Prime 感興趣的客戶做布局，儘管也有 Core 客戶——例如 Core DH，該產品將透過試點計畫等方式推向市場，並把客戶轉換到 Core。我們也談到了美國軍方的合作，並真正為他們提供 Core AWG 產品。

So hopefully, that provides some color here. We'll disclose more in terms of who's actually engaged in due time with the disclosures we can provide.

所以希望這能提供一些背景說明。在適當的時機，我們會在可披露的範圍內，進一步披露實際參與的對象。

Appreciate that. And then could you give us an update on customer interest in the water purchase agreement model? And if that's something where we can see an agreement come together in late '26? Or is that more of a 2027 event?

感謝說明。接著，能否請你更新一下客戶對「購水協議」（water purchase agreement）模式的興趣？以及這是否有可能在 2026 年底看到協議成形？還是更可能是 2027 年才會發生？

Go ahead.

你先請。

Thanks, Bryan. Bryan has been answering the questions that have come in so far. He's leading our joint venture, and he's also our Chief Commercial Officer. So he's answering a lot of these questions. He's also a PhD in chemistry.

謝謝，Bryan。到目前為止，Bryan 一直在回答進來的問題。他負責領導我們的合資企業，同時也是我們的首席商務長。所以很多問題都是由他來回答。他同時也是化學博士。

So one of the things that these questions denote are -- you guys are asking about the differentiation between Core and Prime. And what's really critical to this last question, the water purchase agreement, is the utilization of waste heat. You get a much, much better opportunity when you're actually recovering that waste heat that's available everywhere and your energetics go down to such a large degree that the levelized cost of water is impacted less than it is when you're out there dehumidifying because we have a stand-alone heat pump system when we're -- for the dehumidification project. So I think that's a really important delineator between Core and Prime. So I think -- with respect to the last question, Ryan, on water purchase agreements, I remain most excited about that.

所以，這些問題所反映的是——各位在問 Core 與 Prime 之間的差異化。而與最後這個問題（購水協議）密切相關、非常關鍵的一點，是廢熱的利用。當你實際回收隨處可得的廢熱時，機會會好很多、好很多；你的能耗會大幅下降，以至於平準化水成本（levelized cost of water）受到的影響，會遠小於你在做除濕時的情況，因為我們在除濕專案中使用的是獨立的熱泵系統。所以我認為這是 Core 與 Prime 之間非常重要的區隔點。因此——就最後一個問題而言，Ryan，關於購水協議，我仍然對此最感到興奮。

And when you use waste heat to drive that cost down and you also, as Bryan talked about in his prepared remarks, you tie that into distribution within a 100-mile radius, there's numbers of sites, whether they're data center or other sites where waste heat will drive our regeneration costs down and therefore, water costs down. So I see the water purchase agreements this year coming, at least planning for the -- planning to get the commitments as opposed to including in parallel, I should say, with equipment sales for the Prime. Yes. Bryan, if you were going to add to that, please.

當你用廢熱把成本壓低，同時如 Bryan 在事先準備的發言中提到的，把它與 100 英里半徑內的配送結合起來，就會有許多站點——不論是資料中心或其他站點——廢熱都能降低我們的再生成本，進而降低水成本。所以我認為今年會看到購水協議的推進，至少是在規劃取得承諾——我應該說，是與 Prime 的設備銷售並行推進。是的。Bryan，如果你要補充，請。

No. Thank you, Matt.

不用。謝謝你，Matt。

Sean Milligan, Needham & Company.

Sean Milligan，Needham & Company。

Just wanted to touch base on the slides, you have a slide that has the CapEx for AirJoule relative to the CapEx for the data centers for 100-megawatt siting. I thought that was pretty interesting. Can you kind of talk about -- is that sort of the siting density that you're thinking about when you talk about having these discrete conversations with data centers? Or like would initial sitings be lower? And just kind of like trying to get a sense for, is that going to be a standard siting for data centers?

我想就投影片再確認一下，你們有一張投影片比較了 AirJoule 的資本支出（CapEx）相對於 100 兆瓦選址的資料中心資本支出。我覺得那很有意思。你能否談談——當你們說正在與資料中心進行一些具體的選址對話時，你們心中想的就是這種選址密度嗎？或者初期選址會更小？我想更了解的是，這會不會成為資料中心的標準選址規模？

Sean, I think you're asking about the capital size of the deployment of these sites or --?

Sean，我想你是在問這些站點部署的資本規模，還是——？

Yes. So like the slide that says 1% to 3% of total facility build costs would represent AirJoule CapEx. I guess that's pretty sizable relative to like what I was thinking. So I'm just trying to get a sense for, is that based on like siting -- like you mentioned talking to a data center customer with discrete siting opportunities. I'm curious like what's informing that sizing that you're giving in that slide?

是的。就是那張投影片寫到 AirJoule 的 CapEx 會占整體設施建置成本的 1% 到 3%。我想這個比例相對於我原本的預期算是蠻大的。所以我想了解，這是基於選址規模的假設嗎——你提到正在與資料中心客戶討論具體的選址機會。我很好奇，你們投影片上給出的這個規模假設是根據什麼？

I see. Thank you for that question. And this is an important topic to be clarified. So on the slide here, we're mentioning the $3 billion to $5 billion total CapEx for a 100-megawatt data center. What we've done is we've looked at the amount of water that, that data center needs in totality.

了解。謝謝你的問題。這是一個需要釐清的重要議題。所以在這張投影片上，我們提到 100 兆瓦資料中心的總資本支出約為 30 億到 50 億美元。我們所做的是，評估該資料中心整體所需的用水量。

And if you replaced all of the water with AirJoule CapEx, it would be a 1% to 3% of that total build. So this is kind of like a worst case or maybe a best case scenario in terms of the volume of water that would fit the bill at these types of deployment sizes. So as you anticipate, like we're -- this would be a very sizable project to replace 100% of a data center's water demand. And I don't anticipate that out of the gates at any initial project.

如果用 AirJoule 的 CapEx 來替代全部用水，那會占總建置成本的 1% 到 3%。因此，這有點像是在這類部署規模下、就可滿足的用水量而言的「最壞情境」或也可能是「最好情境」。所以如你所預期——若要替代資料中心 100% 的用水需求，這會是一個非常龐大的專案。而我不預期任何初期專案一開始就會做到這樣。

Okay. And then the customer that you're talking to, is it -- like are the conversations being driven more by water issues where they're siting their data centers or just kind of the ability to get more efficient at the data center? And I guess it goes back to just I'm curious how much of this is like where future sites could be opened up versus kind of just getting more efficient at current sites?

了解。那你們正在洽談的客戶——這些對話主要是由資料中心選址所在地的用水問題所驅動，還是更多是為了提升資料中心的效率？我想回到一個問題：我很好奇，這有多少是關於開啟未來新站點的可能性， versus 只是讓現有站點更有效率？

Yes. Most of our conversations are around new data center builds where they have permitting and pushback in water-scarce regions, right, where they're having some trouble securing the permits that are necessary and AirJoule comes as a solution to get the project back on track. And so that's kind of where those conversations live. I mean you could anticipate if you're building a data center and you have all the water you need, then we're -- you're not our customer. But if there's water scarcity or quality or regional pushback, then those are where we can come in.

是的。我們大多數的對話都圍繞在新的資料中心建置：在缺水地區，他們在許可申請上會遇到阻力與反對聲浪，對吧？他們在取得必要許可方面有些困難，而 AirJoule 作為解決方案，能讓專案回到正軌。所以這就是這些對話主要發生的情境。我的意思是，你可以想像，如果你要建資料中心而且水源充足，那我們——你就不是我們的客戶。但如果存在缺水、水質或區域性反對等問題，那就是我們可以介入的地方。

And if you don't mind, I'll just add one more comment to Bryan's. This is Pat Eilers. So these data centers as well, there's a whole sustainability aspect to it as well as an insurance opportunity with distributed water that does provide resiliency and sustainability, which is not lost on many of the hyperscalers as well, even if it were not the primary source. So that's just additional color on the data center opportunity.

如果你不介意，我再補充 Bryan 的一點。我是 Pat Eilers。這些資料中心也有整體永續性的面向，同時分散式供水也帶來保險層面的機會，能提供韌性與永續性；即使不是主要水源，許多超大規模業者（hyperscalers）也不會忽視這一點。以上是對資料中心機會的補充說明。

Thank you. That concludes today's question-and-answer session. I'll turn the floor back to Mr. Jore for any final comments.

謝謝。今天的問答環節到此結束。我把時間交還給 Jore 先生做最後的結語。

Thanks, Melissa. Thanks, everyone, for joining us this morning. The first quarter of 2026 was a quarter of disciplined execution against our 2026 objectives that we outlined in March. Our Core platform is maturing. Our first Prime is built and operational, and we are seeing strong customer demand across a range of markets.

謝謝你，Melissa。謝謝各位今天早上參與。2026 年第一季，我們以嚴謹的執行力，推進我們在 3 月所提出的 2026 年目標。我們的 Core 平台正在成熟。我們的第一台 Prime 已建置完成並投入運作，而且我們看到來自多個市場的強勁客戶需求。

I'm super excited that we are scaling our commercial pipeline for 2027 and beyond. The productization of Core, the Prime development in Europe via the Net Zero Innovation Hub, the launch of our dehumidification platform and the customer engagements Bryan walked through this morning all support this exciting path. We really thank you.

我非常興奮，因為我們正在為 2027 年及之後擴大商業管線。Core 的產品化、透過 Net Zero Innovation Hub 在歐洲推進 Prime 的開發、我們除濕平台的推出，以及 Bryan 今天早上所說明的客戶合作進展，都支持這條令人振奮的路徑。我們非常感謝各位。

Thank you. Ladies and gentlemen, this concludes today's conference call. You may disconnect your lines at this time. Thank you for your participation.

謝謝。各位女士、先生，今天的電話會議到此結束。您現在可以掛斷電話線。感謝您的參與。