374Water Inc (SCWO) 2025 Q2 法說會逐字稿

Greetings and welcome to the 374Water second-quarter 2025 financial results conference call. (Operator Instructions) As a reminder, this conference is being recorded.

問候並歡迎參加 374Water 2025 年第二季財務業績電話會議。（操作員指示）提醒一下，本次會議正在錄音。

At this time, I will hand the call to Chris Tyson, Executive Vice President of MZ Group.

現在，我將把電話交給 MZ 集團執行副總裁 Chris Tyson。

Thank you, operator. Before we begin the formal presentation, I would like to remind everyone that statements made on the call and webcast may include predictions, estimates or other information that might be considered forward-looking.

謝謝您，接線生。在我們開始正式演講之前，我想提醒大家，電話會議和網路廣播中的陳述可能包括預測、估計或其他可能被視為前瞻性的資訊。

While these forward-looking statements represent our current judgment on what the future holds, they are subject to risks and uncertainties that could cause actual results to differ materially. You are cautioned not to place undue reliance on these forward-looking statements, which reflect our opinions only as of the date of this presentation. Please keep in mind that we are not obligating ourselves to revise or publicly release the results of any revision to these forward-looking statements in light of new information or future events.

雖然這些前瞻性陳述代表了我們目前對未來的判斷，但它們受制於風險和不確定性，可能導致實際結果大不相同。請注意不要過度依賴這些前瞻性陳述，這些陳述僅反映我們截至本簡報發布之日的觀點。請記住，我們沒有義務根據新資訊或未來事件修改或公開發布這些前瞻性陳述的任何修改結果。

Throughout today's discussion, we will attempt to present some important factors relating to our business that may affect our predictions. You should also review our most recent Form 10-Q and 10-K for a more complete discussion of these factors and other risks, particularly under the heading Risk Factors.

在今天的討論中，我們將嘗試提出一些與我們的業務相關的可能影響我們預測的重要因素。您還應該查看我們最新的 10-Q 和 10-K 表格，以便更全面地討論這些因素和其他風險，尤其是在「風險因素」標題下。

Your host today, President and Chief Executive Officer, Mr. Chris Gannon; and Chief Financial Officer, Mr. Russell Kline, will present results of operations for the second quarter ended June 30, 2025. A press release detailing these results crossed the wire this afternoon at 4:01 PM, Eastern Time and is available in the Investor Relations section of the company's website, 374water.com.

今天的主持人，總裁兼執行長 Chris Gannon 先生和財務長 Russell Kline 先生將介紹截至 2025 年 6 月 30 日的第二季營運業績。詳細介紹這些結果的新聞稿於今天下午美國東部時間 4:01 發布，可在公司網站 374water.com 的投資者關係部分查閱。

I will now turn the call over to 374Water's President and CEO, Chris Gannon. Chris, the floor is yours.

現在我將把電話轉給 374Water 總裁兼執行長 Chris Gannon。克里斯，現在請你發言。

Thank you, Chris. Good afternoon, everyone, and thank you all for joining us today. We very much appreciate your support, collaboration and constructive feedback from our shareholders as your active engagement demonstrates your profound commitment to 374Water's mission.

謝謝你，克里斯。大家下午好，感謝大家今天的參加。我們非常感謝您的支持、合作以及股東的建設性回饋，因為您的積極參與表明了您對 374Water 使命的堅定承諾。

With that, let's jump in. 374Water is an industrial technology and services company focused on transforming the waste management landscape. Our proprietary AirSCWO system offers a groundbreaking solution for the destruction of solid and liquid organic waste, both non-hazardous and hazardous across municipal, federal and industrial sectors.

有了這些，我們就開始吧。374Water 是一家專注於改變廢棄物管理格局的工業技術和服務公司。我們專有的 AirSCWO 系統為市政、聯邦和工業部門銷毀無害和有害的固體和液體有機廢物提供了突破性的解決方案。

Our technology not only eliminates waste, but also generates safe dischargeable water, mineral byproducts, vent gas and recoverable thermal energy. We are targeting the $450 billion waste destruction and management market that is increasingly demanding sustainable next-generation solutions.

我們的技術不僅可以消除浪費，還可以產生可安全排放的水、礦物副產品、排氣和可回收的熱能。我們的目標是價值 4500 億美元的廢棄物銷毀和管理市場，該市場對可持續的下一代解決方案的需求日益增長。

Our AirSCWO systems are well positioned to meet this need. We are building a flexible commercial model that includes waste destruction services as well as capital sale and lease options that include service management agreements, allowing us to address diverse customer needs and to drive adoption across market segments.

我們的 AirSCWO 系統能夠很好地滿足這項需求。我們正在建立一個靈活的商業模式，其中包括廢棄物銷毀服務以及包括服務管理協議在內的資本銷售和租賃選項，這使我們能夠滿足不同客戶的需求並推動各個細分市場的採用。

Based on our current trajectory, discussions with potential partners and market demand, we believe we are well positioned to meet our growth targets for 2025 and drive material revenue growth in 2026 and beyond. Quite simply, we are operating and executing better than ever before as we transition the company to growth.

根據我們目前的發展軌跡、與潛在合作夥伴的討論以及市場需求，我們相信我們已做好準備，實現 2025 年的成長目標，並推動 2026 年及以後的材料收入成長。很簡單，隨著公司向成長階段轉型，我們的營運和執行情況比以往任何時候都更好。

Moving on to our operational highlights and business updates for 2025 year-to-date. I would like to discuss some of the team's many accomplishments yet this year. In Q1, we continued to ruggedize and optimize our AS system, upgrade our pre- and post-treatment systems and further demonstrate our destruction capabilities across many additional solid and liquid waste.

接下來介紹我們 2025 年迄今的營運亮點和業務更新。我想討論一下今年球隊取得的一些成就。在第一季度，我們繼續加固和優化我們的 AS 系統，升級我們的預處理和後處理系統，並進一步展示我們對許多其他固體和液體廢物的銷毀能力。

In fact, the initial phase of our Orlando deployment was focused on the destruction of AFFF, GAC, IX and other PFAS-contaminated waste. In all cases, we achieved waste destruction results north of 99.99%, including PFAS contaminants and often achieve destruction to non-detect levels, meaning no trace elements were measurable.

事實上，我們在奧蘭多部署的初始階段重點是銷毀 AFFF、GAC、IX 和其他受 PFAS 污染的廢棄物。在所有情況下，我們都實現了 99.99% 以上的廢物銷毀結果，包括 PFAS 污染物，並且通常實現了無法檢測的銷毀水平，這意味著無法測量任何微量元素。

These results reinforce the effectiveness of our AirSCWO solutions and support our decision to launch our waste destruction services business and begin aggressively pursuing meaningful revenue opportunities there.

這些結果增強了我們的 AirSCWO 解決方案的有效性，並支持我們推出廢棄物銷毀服務業務並開始積極尋求有意義的收入機會的決定。

On the heels of launching this business line, we secured a waste destruction services contract with the University of North Carolina at Chapel Hill Collaboratory to destroy AFFF firefighting foam on behalf of the state. If we are awarded additional phases of this project, this contract could be worth more than $5 million in future revenues to our company. In addition, we are actively responding to AFFF destruction RFPs from state and local municipalities and are beginning to receive opportunities at the federal level.

在推出這項業務線後，我們與北卡羅來納大學教堂山分校合作實驗室簽訂了一份廢物銷毀服務合同，代表該州銷毀水成膜泡沫滅火劑 (AFFF)。如果我們獲得該專案的後續階段合同，該合約未來可能為我們公司帶來超過 500 萬美元的收入。此外，我們正在積極回應來自州和地方市政當局的水成膜泡沫 (AFFF) 銷毀 RFP，並開始在聯邦層級獲得機會。

We are also pursuing large near-term opportunities for the destruction of spent media, including PFAS-contaminated GAC, IX and foamate. We believe we are well positioned to capitalize on these opportunities due to our AS system scale, versatility and throughput.

我們也正在尋求近期大規模銷毀廢介質的機會，包括受 PFAS 污染的 GAC、IX 和泡沫酸鹽。我們相信，憑藉我們的 AS 系統規模、多功能性和吞吐量，我們完全有能力利用這些機會。

Further, during this period, supercritical water oxidation technology gained additional validation, having been named by the EPA as an emerging PFAS destruction technology as well as being a US Army Corps of Engineers approved solution for PFAS destruction.

此外，在此期間，超臨界水氧化技術獲得了進一步的驗證，被美國環保署命名為新興的 PFAS 破壞技術，同時也是美國陸軍工程兵團批准的 PFAS 破壞解決方案。

In mid-Q2, we signed a term sheet with Crystal Clean to establish a waste destruction services facility at their RCRA, Part B, TSDF facility in Oregon, Ohio, and we believe we are advancing towards finalizing the definitive agreement.

在第二季中期，我們與 Crystal Clean 簽署了一份條款清單，在其位於俄亥俄州俄勒岡州的 RCRA、B 部分、TSDF 設施內建立廢棄物銷毀服務設施，我們相信我們正在朝著最終協議的目標邁進。

We are very excited about partnering with Crystal Clean. Our agreement is based on a revenue sharing and system hosting model. The agreement also includes jointly and digitally marketed waste destruction services to municipal, federal and industrial customers.

我們非常高興能與 Crystal Clean 合作。我們的協議是基於收入分享和系統託管模式。該協議還包括向市政、聯邦和工業客戶提供聯合和數位化廢棄物銷毀服務。

In the coming months, we will provide further updates on the timing for constructing, commissioning and launching our first WDS operations. As a reminder, it is our intention to establish waste destruction service facilities across North America and are in discussions with multiple TSDF players to accomplish this goal.

在接下來的幾個月裡，我們將提供有關建設、調試和啟動首個 WDS 運營時間的進一步更新。提醒一下，我們打算在北美建立廢棄物銷毀服務設施，並且正在與多家 TSDF 參與者進行討論以實現這一目標。

During this period, we also began our biosolids destruction project in Orlando, which upon completion will trigger additional payments under the agreement. We believe successful completion of the destruction project may lead to an increased scope of work and additional long-term revenue from Orlando.

在此期間，我們還在奧蘭多啟動了生物固體銷毀項目，該項目完成後將根據協議觸發額外付款。我們相信，成功完成銷毀專案可能會擴大工作範圍並增加奧蘭多的長期收入。

We have completed, billed and collected on the first phase. We will begin Phase 2 of the Orlando duration run this week. The latest update on the Orange County Sanitation project is all new system improvements identified are being implemented on their AS6 system, consistent with our agreement.

第一階段我們已經完成，並已開立帳單和收款。我們將於本週開始奧蘭多持續運行的第二階段。橘郡衛生計畫的最新消息是，所有確定的新系統改進都在其 AS6 系統上實施，這與我們的協議一致。

We completed manufacturing the AS system in late July and have completed our internal factory acceptance test or FAT. We began the OC San FAT this week and estimate this will take us through much of September. We have also started mobilization planning for the AS system, dewatering skid and other systems and remain optimistic on a late September shipment to California. In addition, we received provisional consent for all permits necessary to operate our AS system at OC San.

我們於 7 月下旬完成了 AS 系統的製造，並已完成內部工廠驗收測試或 FAT。我們本週開始了 OC San FAT，預計這將持續整個九月。我們也開始為 AS 系統、脫水滑橇和其他系統進行動員規劃，並對 9 月底運往加州的貨物持樂觀態度。此外，我們還獲得了在 OC San 運營 AS 系統所需的所有許可的臨時同意。

Further, in June, we deployed our mobile AS system to complete a PFAS contaminated foamate destruction project at Peterson Space Force Base in collaboration with the DoD Environmental Security Technology Certification program and the Colorado School of Mines.

此外，6 月份，我們與國防部環境安全技術認證計畫和科羅拉多礦業學院合作，部署了行動 AS 系統，在彼得森太空部隊基地完成了 PFAS 污染泡沫銷毀計畫。

Our AS system performed extremely well during this month-long deployment. And in July, we demobilized our system back to North Carolina to execute on other contracted work. The feedback received from the DoD has been extremely positive, and we look forward to sharing destruction statistics once approved for release by the government.

我們的 AS 系統在為期一個月的部署過程中表現非常出色。7 月份，我們將系統遷回北卡羅來納州，以執行其他合約工作。從國防部收到的回饋非常積極，我們期待在政府批准發布後分享銷毀統計數據。

Turning to Q3. In July, we deployed an AS6 system to Detroit, Michigan for the DIU destruction project that will be conducted from August to October, and we are now operational. This project showcases our AS system's ability to treat multiple concentrated toxic PFAS waste streams, including granular activated carbon, ion exchange resin and still bottoms, all generated from ongoing federal AFFF remediation.

轉向 Q3。7月份，我們向密西根州底特律部署了AS6系統，用於8月至10月進行的DIU銷毀項目，目前系統已投入運作。該專案展示了我們的 AS 系統處理多種濃縮有毒 PFAS 廢物流的能力，包括顆粒活性碳、離子交換樹脂和蒸餾殘渣，所有這些都是由正在進行的聯邦 AFFF 修復產生的。

We expect to achieve excellent results and become a pre-approved waste destruction vendor to the DoD. The DoD is already spending hundreds of millions of dollars for remediation and waste destruction. We expect our work in Detroit will lead to recurring WDS contract awards.

我們期望取得優異的成績並成為國防部預先批准的廢棄物銷毀供應商。國防部已經花費數億美元用於修復和廢物銷毀。我們期望我們在底特律的工作將為 WDS 帶來持續的合約授予。

We also recently announced the destruction of PFAS contaminated biosolids at north of 99.99%, and often at non-detect levels. PFAS is truly a public health disaster, and thankfully, state and local municipalities, federal agencies and industrial players are now acting.

我們最近也宣布，PFAS 污染的生物固體的銷毀率已超過 99.99%，而且通常已達到檢測不到的水平。PFAS 確實是一場公共衛生災難，值得慶幸的是，州和地方市政當局、聯邦機構和工業參與者現在正在採取行動。

In addition, to support our growth, we strengthened our Board of Directors with the addition of two incredibly successful, experienced and connected former CEOs in the industries we operate. Steve Jones joined our Board in April.

此外，為了支持我們的成長，我們加強了董事會，新增了兩位在我們所經營的行業中非常成功、經驗豐富且人脈廣泛的前執行長。史蒂夫瓊斯 (Steve Jones) 於四月加入我們的董事會。

Steve served as CEO of Covanta, now known as Reworld, which he grew throughout his tenure. His strong background and leadership in environmental services, corporate governance and commercial strategy will be invaluable to our company. Steve also sits on several other public company Boards, providing a broad and deeply experienced perspective.

史蒂夫曾擔任 Covanta（現稱為 Reworld）的首席執行官，並在任職期間推動該公司不斷發展。他在環境服務、公司治理和商業策略方面的豐富背景和領導能力對我們公司來說非常寶貴。史蒂夫還擔任其他幾家上市公司的董事會成員，提供廣泛且經驗豐富的視角。

Jim Pawloski was also elected to our Board in June. Jim served as CEO of Regeneration and Recovery Solutions at Veolia North America, which he built and scaled throughout his tenure, and he remains a key strategic adviser to Veolia. Jim also spent 25 years at DuPont, where he held multiple strategic operational leadership roles. Jim brings extensive water, wastewater, environmental solutions expertise to our company as well as deep connections across these markets.

Jim Pawloski 也於六月當選為我們的董事會成員。吉姆曾擔任威立雅北美再生與復原解決方案部門首席執行官，在其任職期間，他成功打造並拓展了該部門。他至今仍是威立雅集團的重要策略顧問。吉姆也曾在杜邦公司工作了25年，擔任過多個策略營運領導職務。Jim 為我們公司帶來了豐富的水、廢水、環境解決方案專業知識以及與這些市場的深厚聯繫。

We believe these Board additions and the major milestones progress made across our markets place us on a solid path to scale our business. Our AirSCWO technology delivers scalable waste destruction solutions, which we believe sets us apart in a fragmented and outdated waste treatment industry. And we are at a pivotal inflection point in the commercialization of our business as we begin to convert our $1.8 billion of identified opportunities into revenue.

我們相信，董事會成員的增加以及我們在各個市場取得的重大里程碑式進展將使我們走上擴大業務的堅實道路。我們的 AirSCWO 技術提供可擴展的廢棄物銷毀解決方案，我們相信這使我們在分散且過時的廢棄物處理行業中脫穎而出。當我們開始將已發現的 18 億美元機會轉化為收入時，我們正處於業務商業化的關鍵轉折點。

We are pursuing near-term opportunities for AS capital sales and leases with the municipal and federal customers as well as waste destruction services contracts across all markets and TSDF partner opportunities. As a reminder, we intend to offer four distinct AS models, each designed to address a wide range of customer, solid and liquid waste destruction and capacity needs.

我們正在尋求與市政和聯邦客戶進行 AS 資本銷售和租賃的近期機會，以及所有市場和 TSDF 合作夥伴的廢棄物銷毀服務合約。提醒一下，我們打算提供四種不同的 AS 模型，每種模型都旨在滿足廣泛的客戶、固體和液體廢物銷毀和容量需求。

Our models include our ultra mobile AS1, the mobile AS6, the semi-permanent AS30 and our high-capacity AS100+. Our first AS1 system is coming off the line and should be ready for deployment to revenue-generating WDS work later this month.

我們的型號包括超移動式 AS1、移動式 AS6、半永久性 AS30 和高容量 AS100+。我們的第一個 AS1 系統即將下線，並將於本月稍後準備好部署到創造收入的 WDS 工作中。

We plan to manufacture and deploy more of these systems in 2026 to seed our mobile waste destruction service fleet. We believe this mobile fleet will allow us to unlock substantial on-site federal government work and complete industrial projects to open these markets. Our two AS6 systems are now on-site in Orlando and Clean Earth's TSDF facility in Detroit.

我們計劃在 2026 年製造和部署更多此類系統，以充實我們的移動廢物銷毀服務車隊。我們相信，這支移動車隊將使我們能夠完成大量現場聯邦政府工作並完成工業項目以打開這些市場​​。我們的兩套 AS6 系統目前位於奧蘭多和底特律的 Clean Earth TSDF 工廠。

The units will then be deployed to OC San and our first RCRA TSDF WDS site. In addition, we have completed our modularized AS6 system design, so future builds will provide greater mobility, ease of setup and better R&M access.

這些部隊隨後將部署到 OC San 和我們的第一個 RCRA TSDF WDS 站點。此外，我們已經完成了模組化 AS6 系統設計，因此未來的建置將提供更大的行動性、易於設定和更好的 R&M 存取。

Turning to our AS30 system. We are currently designing the system for potential start of fabrication before year-end and initial deployment in 2026. We intend to utilize the AS6 to expand our TSDF waste destruction service capacity, and we are tracking significant demand for this system size for municipal wastewater treatment facilities as well as burgeoning industrial opportunities.

轉向我們的 AS30 系統。我們目前正在設計該系統，以便可能在年底前開始製造，並在 2026 年進行初步部署。我們打算利用 AS6 來擴大我們的 TSDF 廢物銷毀服務能力，並且我們正在追蹤市政污水處理設施對該系統規模的巨大需求以及蓬勃發展的工業機會。

Importantly, once our AS system is constructed, we believe we will have a significant competitive advantage over other destruction options given our system's capability and capacity. We anticipate our AS30 system will also create a modular scalable platform for our largest capacity AS100+ systems, which we plan to begin designing in 2026. We continue to monitor long sales cycle, high-value opportunities for our AS100+ systems with large municipal customers, which we intend to convert to revenue in coming years.

重要的是，一旦我們的 AS 系統建成，我們相信，憑藉我們系統的能力和容量，我們將比其他銷毀選項具有顯著的競爭優勢。我們預計我們的 AS30 系統也將為我們最大容量的 AS100+ 系統創建一個模組化可擴展平台，我們計劃在 2026 年開始設計該系統。我們將繼續監控我們的 AS100+ 系統與大型市政客戶的長銷售週期、高價值機會，我們打算在未來幾年將其轉換為收入。

Let's now turn to our go-to-market strategy and commercial momentum. Our approach is intentionally diversified and focused on well-established markets that require advanced waste destruction solutions like our AirSCWO system.

現在讓我們來談談我們的市場進入策略和商業勢頭。我們的方法有意多樣化，並專注於需要先進廢棄物銷毀解決方案（如我們的 AirSCWO 系統）的成熟市場。

We offer customers multiple procurement options to meet varying operational and budgetary needs, including capital purchase and leases, which include a management or service component and pure-play waste destruction services.

我們為客戶提供多種採購選擇，以滿足不同的營運和預算需求，包括資本購買和租賃，其中包括管理或服務組件和純粹的廢棄物銷毀服務。

We're seeing strong interest from municipal officials, many of whom are eager to begin waste destruction operations and are evaluating both capital purchase, lease [in] WDS models. We look forward to announcing additional AS sales, which include a large WDS component.

我們看到市政官員的濃厚興趣，其中許多人都渴望開始廢棄物銷毀行動，並正在評估資本購買、租賃 WDS 模式。我們期待宣布更多 AS 銷售，其中包括大型 WDS 組件。

On the federal side, the US government has made significant commitments to the removal and destruction of PFAS and other contaminants from military and civilian facilities. With hundreds of millions of dollars already appropriated for this effort, we believe 374Water is well positioned to compete for and secure a meaningful share of these waste destruction services work.

在聯邦方面，美國政府已做出重大承諾，要從軍事和民用設施中清除和銷毀 PFAS 和其他污染物。由於已為這項工作撥款數億美元，我們相信 374Water 完全有能力競爭並確保在這些廢棄物銷毀服務工作中獲得有意義的份額。

We are actively completing current DoD projects and are focused on establishing our TSDF waste destruction service operations to unlock this large market opportunity. We also continue to ramp up efforts to capture industrial waste destruction opportunities and are actively conducting initial feasibility projects with potential partners, which we see as a significant and growing revenue stream.

我們正在積極完成目前的國防部項目，並專注於建立我們的 TSDF 廢物銷毀服務運營，以釋放這一巨大的市場機會。我們也將繼續加強抓住工業廢棄物銷毀機會，並積極與潛在合作夥伴開展初步可行性項目，我們認為這是一個重要且不斷增長的收入來源。

In addition, the US EPA announced new major actions to combat PFAS contamination, underscoring the federal government's commitment to safeguard public health through preventing PFAS from entering drinking water systems and holding polluters accountable. We believe the EPA's stance on PFAS provides positive tailwinds for our AS platform.

此外，美國環保署宣布了應對PFAS污染的新舉措，彰顯了聯邦政府致力於透過防止PFAS進入飲用水系統並追究污染者責任來保障公眾健康的決心。我們相信，美國環保署在PFAS議題上的立場將為我們的AS平台帶來正面的動力。

Finally, we are also materially advancing strategic partnership discussions with multiple TSDFs to establish on-site WDS operations. In addition to our Crystal Clean agreement, our internal goal is to finalize one or more additional TSDF agreements this year with more to follow in 2026.

最後，我們也實質地推動與多個 TSDF 的策略合作夥伴關係討論，以建立現場 WDS 營運。除了 Crystal Clean 協議之外，我們的內部目標是今年完成一項或多項額外的 TSDF 協議，並在 2026 年完成更多協議。

I would now like to discuss our waste destruction services strategy and how we intend to unlock recurring revenues. Our strategy has three components, on-site permanent waste destruction services, off-site centralized TSDF waste destruction services and on-site mobile waste destruction services.

現在我想討論我們的廢棄物銷毀服務策略以及我們打算如何釋放經常性收入。我們的策略由三個部分組成：現場永久性廢棄物銷毀服務、異地集中式 TSDF 廢棄物銷毀服務和現場移動廢棄物銷毀服務。

First, our on-site permanent WDS. We are receiving strong interest from potential municipal, federal and industrial market participants for turnkey AirSCWO waste destruction operations. Whether these organizations choose to purchase our AS systems outright or enter a WDS agreement, we see the potential for 374Water to permanently operate these units on behalf of these customers for long-term service contracts. We are currently pursuing multiple opportunities across our AS6, AS30 and AS100+ systems.

首先，我們的現場永久 WDS。潛在的市政、聯邦和工業市場參與者對交鑰匙 AirSCWO 廢棄物銷毀業務表現出濃厚興趣。無論這些組織選擇直接購買我們的 AS 系統還是簽訂 WDS 協議，我們都看到 374Water 有潛力代表這些客戶永久運營這些設備並簽訂長期服務合約。我們目前正在 AS6、AS30 和 AS100+ 系統中尋求多種機會。

Second, turning to our centralized TSDF waste destruction service strategy. Our intention is to establish a network of 8 to 10 TSDF waste destruction service operations across North America over the next several years to service all major geographic markets.

其次，談談我們的集中式 TSDF 廢棄物銷毀服務策略。我們的目標是在未來幾年內在北美建立一個由 8 到 10 個 TSDF 廢棄物銷毀服務營運網絡，以服務所有主要地理市場。

Our TSDF waste destruction service partnership model will initially utilize our AS6 units. And once our AS30s are available, we plan to utilize them to provide a significantly greater waste destruction capacity, reduced per gallon or per ton operating costs and materially improved revenue sharing opportunities with TSDF partners.

我們的 TSDF 廢棄物銷毀服務合作夥伴模式將首先利用我們的 AS6 裝置。一旦我們的 AS30 投入使用，我們計劃利用它們來顯著提高廢物銷毀能力，降低每加侖或每噸的營運成本，並大幅改善與 TSDF 合作夥伴的收入分享機會。

Finally, our mobile waste destruction service fleet strategy. We see a large market opportunity to provide on-site mobile WDS for federal and industrial sites that have some of the most sensitive and hazardous waste. For those customers that don't want to transport certain waste, we plan to offer on-demand waste destruction services through a fleet of mobile AS systems.

最後，我們的移動廢棄物銷毀服務車隊策略。我們看到了為擁有一些最敏感和最危險廢物的聯邦和工業場所提供現場移動 WDS 的巨大市場機會。對於不想運輸某些廢物的客戶，我們計劃透過一系列移動 AS 系統提供按需廢物銷毀服務。

We plan to initially utilize our AS1 system, one of which is coming off the line this month and then intend to expand with our now modularized and mobile AS6s. Down the road, we envision a fleet of AS units traveling around North America.

我們計劃首先利用我們的 AS1 系統，其中一個將於本月下線，然後打算使用我們現在模組化和移動的 AS6 進行擴展。我們設想未來一支由 AS 部隊組成的艦隊將在北美各地航行。

With that, I'll now turn the call over to Russell.

說完這些，我現在將電話轉給拉塞爾。

Thank you, Chris. As mentioned, we are aggressively pursuing our three-pronged waste destruction services strategy and believe it is sound. Based on initial internal assumptions and modeling, we estimate each mobile AS1 has the potential to generate more than $2 million in annual revenue as the mobile fleet will generate higher tipping fees due to the nature of on-site destruction.

謝謝你，克里斯。如上所述，我們正在積極推行三管齊下的廢棄物銷毀服務策略，並相信它是合理的。根據初步的內部假設和模型，我們估計每個移動 AS1 都有可能產生超過 200 萬美元的年收入，因為現場銷毀的性質會導致移動車隊產生更高的傾倒費用。

We plan to build an initial fleet of mobile AS units serving North America and will naturally expand this mobile fleet as the market demands. We currently estimate that each AS1 will cost us roughly $2 million to build, including vehicle with a payback period of approximately 2 to 2.5 years.

我們計劃建立一支服務於北美的移動 AS 部隊初始隊伍，並將根據市場需求自然擴大這支移動部隊。我們目前估計，每輛 AS1 的製造成本約為 200 萬美元，其中包括車輛，回收期約為 2 至 2.5 年。

Based on initial internal assumptions and modeling, we estimate our AS6 has the potential to generate $3 million to $5 million in recurring annual revenue and margins of 30% to 50%. We plan to initially utilize the AS6 at TSDF waste destruction service facilities, and we also plan to utilize these modularized solutions as part of our mobile waste destruction services fleet. As it relates to TSDF waste destruction services operation, we currently estimate that each facility will cost roughly $4.5 million to $6 million to build with a payback period of approximately 1.5 to 2.5 years.

根據初步的內部假設和模型，我們估計我們的 AS6 有潛力產生 300 萬至 500 萬美元的經常性年收入和 30% 至 50% 的利潤率。我們計劃首先在 TSDF 廢物銷毀服務設施中使用 AS6，我們還計劃將這些模組化解決方案用作我們移動廢物銷毀服務車隊的一部分。就 TSDF 廢棄物銷毀服務營運而言，我們目前估計每座設施的建造成本約為 450 萬至 600 萬美元，回收期約為 1.5 至 2.5 年。

Based on initial internal assumptions and modeling, we estimate our AS30s have the potential to generate from $12 million to $20 million in recurring revenues and gross margins of more than 50%. Once ready, we plan to utilize AS30s at RCRA TSDF partner facilities to dramatically increase our waste destruction capacity, decrease operating costs on a gallon and ton basis and increase revenues. It is important to note these figures are based on non-hazardous waste tipping fees, which we believe will be materially higher when processing hazardous waste.

根據初步的內部假設和模型，我們估計我們的 AS30 有潛力產生 1,200 萬至 2,000 萬美元的經常性收入和超過 50% 的毛利率。一旦準備就緒，我們計劃在 RCRA TSDF 合作夥伴設施中使用 AS30，以大幅提高我們的廢物銷毀能力，降低每加侖和每噸的營運成本並增加收入。值得注意的是，這些數字是基於非危險廢物傾倒費用計算的，我們認為，在處理危險廢物時，傾倒費用會大幅增加。

Looking to the remainder of 2025, we continue to maintain line of sight to $2 million to $4 million to $6 million in revenue. Importantly, we continue to make progress in our Orlando biosolids destruction project and our OC San factory acceptance test and expected delivery.

展望 2025 年剩餘時間，我們將繼續維持 200 萬至 400 萬美元至 600 萬美元的收入目標。重要的是，我們在奧蘭多生物固體銷毀專案以及 OC San 工廠驗收測試和預期交付方面繼續取得進展。

We have already started our Detroit DIU project. We completed our Peterson DoD work and will begin processing the North Carolina AFFF destruction work. In addition, we are working to finalize our TSDF agreement and then prepare the facility to begin waste destruction service operations.

我們已經啟動了底特律 DIU 計畫。我們完成了 Peterson DoD 的工作並將開始處理北卡羅來納州 AFFF 銷毀工作。此外，我們正在努力完成 TSDF 協議，然後準備設施開始廢物銷毀服務運作。

We are negotiating possible unit AS sales where we could recognize revenue yet this year. Based on current and anticipated future demand and the fact that we are beginning to convert pipeline into actionable backlog, we believe we are on a credible path to achieving $250 million to $500 million in annual revenues in five years. For the second quarter of 2025, revenue totaled $600,000 compared to $37,000 in the prior year.

我們正在就可能的單位 AS 銷售進行協商，以便我們今年能夠確認收入。根據當前和預期的未來需求，以及我們開始將通路轉化為可操作的積壓訂單的事實，我們相信我們正走在一條可靠的道路上，在五年內實現 2.5 億至 5 億美元的年收入。2025 年第二季度，總收入為 600,000 美元，而前一年為 37,000 美元。

Our business has been focused on the development and commercialization of our AirSCWO systems to fulfill ongoing projects. The approximately $560,000 increase in revenues is primarily due to an increase in full-scale demonstration service revenues as the company completed Phase 1 of demonstration in wastewater processing under a customer contract, resulting in approximately $270,000 of revenue, an increase in treatability studies of approximately $200,000 and recognition of equipment revenues of approximately $85,000 during the three months ended June 30, 2025.

我們的業務一直專注於 AirSCWO 系統的開發和商業化，以完成正在進行的專案。收入增加約 560,000 美元，主要是由於公司根據客戶合約完成了廢水處理示範第一階段，導致全面示範服務收入增加，從而產生約 270,000 美元的收入，可處理性研究增加約 200,000 美元，截至 2025 年 6 月 30 日的三個月內確認收入約 85,000 美元的三個月內確認收入約 30 日的三個月內確認收入約 85,000 美元。

Total operating expenses increased 45% to $4.4 million for the three months ended June 30, 2025, compared to $3 million in the prior year period. The increase was primarily due to an increase in compensation and related expenses of $1 million as the company increased staffing levels for manufacturing, deployment and research and development teams. In addition, there was an increase of $0.4 million in general and administrative expenses related to supporting expanded operations.

截至 2025 年 6 月 30 日的三個月，總營運費用與去年同期的 300 萬美元相比成長 45%，達到 440 萬美元。成長的主要原因是公司增加了製造、部署和研發團隊的人員配備，導致薪酬和相關費用增加了 100 萬美元。此外，與支援擴大業務相關的一般及行政開支增加了 40 萬美元。

Net loss for the three months ended June 30, 2025, was $4.6 million as compared with $2.9 million in the prior year. Cash and cash equivalents as of June 30, 2025, was $2.1 million as compared to $10.7 million as of December 31, 2024.

截至 2025 年 6 月 30 日的三個月的淨虧損為 460 萬美元，而去年同期為 290 萬美元。截至 2025 年 6 月 30 日的現金及現金等價物為 210 萬美元，而截至 2024 年 12 月 31 日為 1,070 萬美元。

As of June 30, 2025, working capital was $4.6 million compared to $7.3 million as of June 30, 2024. Based upon our current cash position, we project to have adequate cash to support our 2025 business plans. To supplement operating cash needs, we established a new at-the-market facility and are actively pursuing additional capital raising opportunities to fund waste destruction services and other growth initiatives.

截至 2025 年 6 月 30 日，營運資金為 460 萬美元，而截至 2024 年 6 月 30 日為 730 萬美元。根據我們目前的現金狀況，我們預計有足夠的現金來支持我們的 2025 年業務計劃。為了補充營運現金需求，我們建立了一個新的市場設施，並積極尋求額外的融資機會來資助廢棄物銷毀服務和其他成長計劃。

I will now hand the call back to Chris for his closing comments.

現在我將把電話轉回給克里斯，請他作最後發言。

Thank you, Russell. 374Water's mission is clear: provide scalable, effective waste destruction solutions to markets that urgently need them. The demand for advanced, innovative environmental technology is accelerating, and we believe 374Water is uniquely positioned for leadership in our sector.

謝謝你，拉塞爾。374Water 的使命很明確：為迫切需要的市場提供可擴展、有效的廢棄物銷毀解決方案。對先進、創新的環境技術的需求正在加速成長，我們相信 374Water 在我們的領域擁有獨特的領導地位。

Our AirSCWO technology directly addresses a critical global challenge, which is the safe, scalable destruction of waste streams. We are targeting large, underserved markets, municipal, federal and industrial, where traditional waste destruction solutions are not sufficient.

我們的 AirSCWO 技術直接解決了一個關鍵的全球挑戰，即安全、可擴展地銷毀廢物流。我們的目標是市政、聯邦和工業等大型、服務不足的市場，這些市場中的傳統廢棄物銷毀解決方案不足以滿足需求。

Our strategy to create a national network of TSDF waste destruction service facilities and mobile waste destruction service fleet is sound and will enable us to unlock material contracts. Regulatory momentum, particularly around PFAS and other contaminants, creates additional tailwinds, reinforcing the need for our solution.

我們建立全國 TSDF 廢棄物銷毀服務設施網路和移動廢棄物銷毀服務車隊的策略是合理的，並將使我們能夠解鎖重要合約。監管勢頭，特別是圍繞 PFAS 和其他污染物的監管勢頭，創造了額外的順風，強化了我們對解決方案的需求。

Our system is scalable and customizable, enabling us to serve a wide range of customer profiles. Our commercial model is flexible with options for waste destruction services, capital sales and leases, providing multiple revenue streams, and we have an actionable backlog and growing pipeline of waste destruction services and capital sale opportunities that support our near- and long-term revenue targets.

我們的系統具有可擴展性和可自訂性，使我們能夠為廣泛的客戶提供服務。我們的商業模式靈活，提供廢棄物銷毀服務、資本銷售和租賃等多種選擇，提供多種收入來源，並且我們擁有可操作的積壓訂單和不斷增長的廢物銷毀服務和資本銷售機會，可支持我們的近期和長期收入目標。

Taken together, we believe these pillars position us for strong, sustainable growth. We are executing against a clear road map, expanding our team and strategically deploying capital. We anticipate 2025 will be a breakout year as we move towards growth and long-term market leadership.

綜合起來，我們相信這些支柱將使我們實現強勁、可持續的成長。我們正在按照清晰的路線圖執行，擴大我們的團隊並策略性地部署資本。我們預計 2025 年將是我們邁向成長和長期市場領導地位的突破之年。

Finally, I'd like to take a moment to address some of the recent calls from shareholders concerned about our stock price. Many have been investors for years and are deeply concerned about our valuation, and we share those concerns.

最後，我想花點時間回應最近一些股東對我們股價的擔憂。許多人多年來一直是投資者，他們對我們的估值深感擔憂，我們也有同樣的擔憂。

We believe our stock price was impacted by a number of factors, including, among others, this exit of several shareholders, this corresponding short selling brought about by a large institutional investor who participated in our last capital raise and our Nasdaq eligibility challenges.

我們認為，我們的股價受到多種因素的影響，其中包括幾位股東的退出、參與我們上次融資的大型機構投資者帶來的相應賣空以及我們面臨的納斯達克資格挑戰。

We have proactively responded to these issues. For instance, we've successfully parted ways with the institutional investor, and we received a Nasdaq delisting waiver notice providing a 180-day extension. We believe that if we can successfully manage those risks and scale our business in line with our business strategy, the positive results we expect over the near term can lead to stock price recovery.

針對這些問題，我們積極回應了。例如，我們成功地與機構投資者分道揚鑣，並收到了納斯達克退市豁免通知，延長了 180 天。我們相信，如果我們能夠成功管理這些風險並按照我們的業務策略擴大業務規模，我們預期的短期正面成果將推動股價回升。

We intend to share many meaningful developments over the next several months that I believe will further showcase our transition to growth as well as our ability to materially unlock our opportunities. With these announcements, we believe we are incredibly well positioned to capitalize on the amazing work completed over the past 14 months.

我們打算在接下來的幾個月分享許多有意義的發展，我相信這將進一步展示我們向成長的轉變以及我們實質釋放機會的能力。透過這些公告，我們相信我們已經處於非常有利的位置，可以利用過去 14 個月完成的出色工作。

In closing, the leadership team, employees and Board are committed to continued operational execution and business expansion. We are all laser-focused on fulfilling the company's mission to deliver best-in-class waste destruction solutions to customers and aggressively scale the company to benefit our shareholders.

最後，領導團隊、員工和董事會致力於繼續執行營運和擴展業務。我們全心全意致力於實現公司的使命，為客戶提供一流的廢棄物銷毀解決方案，並積極擴大公司規模，使股東受益。

With that, I'd like to thank everyone for joining us today. I will now hand the call over to the operator to begin our question-and-answer session. Operator, please go ahead.

最後，我要感謝大家今天的出席。我現在將把電話交給接線員，開始我們的問答環節。接線員，請繼續。

(Operator Instructions) Rob Brown, Lake Street Capital.

（操作員指示） Rob Brown，Lake Street Capital。

Good afternoon, and congratulations on all the progress.

下午好，祝賀您的所有進展。

Hey Rob, thank you so much for [being] on the call.

嘿，羅布，非常感謝你接聽電話。

First question is on the -- I think, the North Carolina contract for destruction services that I think you got for the state destroying firefighting foam. Maybe just some further color on kind of that opportunity. What's sort of the first step and what's the ultimate kind of market there?

第一個問題是關於——我認為，您獲得了北卡羅來納州的銷毀服務合同，該合同是為該州銷毀火泡沫。也許只是對這種機會做一些進一步的說明。第一步是什麼？最終的市場是什麼樣的？

Yes. So in terms of that exact opportunity, so we have picked up the AFFF firefighting foam, and we're going to begin processing that here over the next month or so. So the initial contract is worth about $1 million. And then going forward, it's significantly higher if we win subsequent rounds of that. They have a tremendous amount of AFFF that's kind of left over that they would like to fully destroy.

是的。因此，就這個確切的機會而言，我們已經選擇了 AFFF 滅火泡沫，並將在下個月左右開始在這裡進行處理。因此初始合約價值約為100萬美元。然後展望未來，如果我們贏得後續輪次，這個數字將會更高。他們剩下了大量的水成膜泡棉 (AFFF)，想要將其徹底銷毀。

In terms of the market overall, though, we are responding to many different RFPs from the different states as well as we're starting to see those from the federal government as well. So I think in large part, you can say kind of game is on, and they're now looking to proactively destroy those immense stockpiles of it. And we're talking millions and millions of gallons of AFFF. So a big opportunity for us.

不過，就整個市場而言，我們正在回應來自不同州的許多不同的 RFP，我們也開始看到來自聯邦政府的 RFP。因此我認為，在很大程度上，你可以說遊戲已經開始，他們現在正尋求主動銷毀這些大量的庫存。我們談論的是數百萬加侖的水成膜泡沫 (AFFF)。這對我們來說是一個巨大的機會。

Okay. Okay. Great. That sort of leads, I think, into my next question, establishing the multiple waste destruction kind of facilities, and I know you've got one sort of in the works, but how long does that take to roll out sort of a national fleet or set of partnerships? And what does that look like, I guess, over the next couple of years? How many per year? And how does that kind of ramp?

好的。好的。偉大的。我認為這引出了我的下一個問題，即建立多種廢物銷毀設施，我知道您正在籌備其中一種設施，但是要花多長時間才能建立起一個全國性的車隊或一系列合作夥伴關係呢？我猜，在接下來的幾年裡，情況會是什麼樣子呢？每年多少次？那麼這種斜坡是怎麼形成的呢？

Well, thanks for that question. In terms of the way I think about that and the way we're thinking about it just generally internally is that we would like to have between 8 and 10 initial facilities across North America, which would also include Canada, Alaska and so forth.

嗯，謝謝你的提問。就我的想法以及我們內部普遍的想法而言，我們希望在北美建立 8 到 10 個初始設施，其中還包括加拿大、阿拉斯加等。

And there are, of course, quite a number of very large TSDF players in the market. And so we're talking to all of the major players. So when you think about an organization like Crystal Clean, for example, we are talking about going to their TSDF facility in Ohio.

當然，市場上還有相當多的大型 TSDF 參與者。因此我們正在與所有主要參與者進行交談。因此，當您想到像 Crystal Clean 這樣的組織時，我們正在談論去他們在俄亥俄州的 TSDF 設施。

That's their first facility. They're adding more TSDF facilities here over the course of this year, and we would certainly love to go to those facilities as well. But the idea is to put a TSDF facility ultimately with AS30 systems across the US, up into Canada, up into Alaska.

這是他們的第一個設施。他們今年將在這裡增加更多的 TSDF 設施，我們當然也很樂意去這些設施。但我們的想法是，最終在美國、加拿大和阿拉斯加建立一個配備 AS30 系統的 TSDF 設施。

Okay. Great. And I guess one more question, if I can sneak it in here. The Colorado School of Mines DoD project, I think you said that was completed. But what's sort of the next steps? And how does that get into the DoD system? And what does that project sort of enable in terms of next steps?

好的。偉大的。我想還有一個問題，我是否可以把它偷偷帶到這裡。科羅拉多礦業學院國防部項目，我想您說過已經完成了。但接下來的步驟是什麼？那麼這些資訊是如何進入國防部系統的呢？那麼，就下一步而言，該專案將發揮什麼作用？

Yeah. So we've been doing a lot of work with the DoD and other kind of military agencies, if you will, at the federal level. The work that we did at Peterson Space Force Base was just one of many of those -- one of those projects.

是的。因此，我們一直在與國防部和其他軍事機構（如果你願意的話）在聯邦層級進行大量合作。我們在彼得森太空基地所做的工作只是其中的眾多項目之一。

That went extremely well. We've gotten some really great feedback as well from the government on that. And so we believe the results that we'll see with that waste destruction work there will be similar to what we've seen elsewhere on that same material.

一切進展非常順利。我們也從政府那裡得到了一些非常好的回饋。因此，我們相信，我們在那裡看到的廢物銷毀工作的結果將與我們在其他地方看到的相同材料的結果相似。

Now we're at the DIU, with the DIU up in Detroit at Clean Earth's facility there. I think we have online some pictures of that facility and how that looks. The goal there is we're destroying, over the course of essentially six weeks, different types of waste that will -- are all ones that the federal government is looking to destroy and allocating dollars to right now.

現在我們在 DIU，DIU 位於底特律的 Clean Earth 工廠。我想我們在網上有一些該設施的圖片以及它的外觀。我們的目標是在大約六週的時間內銷毀不同類型的廢棄物——這些廢棄物都是聯邦政府現在希望銷毀並撥款處理的廢棄物。

And so we believe that will then set us up to, again, bid on some very, very large contracts over the very near term. Part of the strategy, though, for us is that we also need to be at these RCRA TSDF sites, and therefore our partnership model with those players.

因此，我們相信，這將使我們在短期內再次競標一些非常大的合約。不過，對我們來說，策略的一部分是我們還需要出現在這些 RCRA TSDF 站點，因此我們需要與這些參與者建立合作模式。

The federal government very much wants to send waste to RCRA TSDF facilities that can handle or take in hazardous and non-hazardous waste. So those two key issues are at play for us, and that's why we're executing as we are.

聯邦政府非常希望將廢棄物送往能夠處理或接收危險和無害廢棄物的 RCRA TSDF 設施。所以這兩個關鍵問題對我們至關重要，這也是我們執行當前措施的原因。

Michael Mathison, Sidoti.

麥可·馬西森，西多蒂。

Congratulations on all the milestones, you guys.

祝賀你們取得的所有里程碑。

Thanks, Michael. Thanks so much for being here.

謝謝，麥可。非常感謝您來到這裡。

Great, so you got so much going on. I just want to make sure I've understood everything. The arrangement with the University of North Carolina, Chapel Hill, do you have a revenue target from that, first of all?

太好了，你有這麼多事情要做。我只是想確保我已經理解了一切。首先，您與北卡羅萊納大學教堂山分校的合作是否有收入目標？

Yeah. So the initial contract is $400,000. And then we naturally would like to get the next step of that process or next phase, which could be worth up to multimillions.

是的。因此初始合約金額為40萬美元。然後我們自然希望獲得該流程的下一步或下一階段，其價值可能高達數百萬。

Okay. Right. And we've talked in previous calls about all the leverage you get from waste destruction as a service. So the first of the big guys that may go into production on that, Crystal Clean. Do we have a sense of when they'll be operational?

好的。正確的。我們在先前的電話會議中討論過廢棄物銷毀服務所能帶來的所有優勢。因此，第一個可能投入生產的大公司是 Crystal Clean。我們知道它們什麼時候可以投入運作嗎？

Yeah. So we are still working to finalize our definitive agreement with them. I think we're quite close. And then we will immediately move into the construction of that facility. I mean we've been in the background already working on that, but we haven't broken ground yet. So once we start that, I would anticipate roughly four months or so to get up and running there.

是的。因此我們仍在努力與他們達成最終協議。我認為我們已經很接近了。然後我們將立即開始該設施的建設。我的意思是我們已經在幕後致力於此了，但尚未破土動工。因此，一旦我們開始，我預計大約需要四個月左右的時間才能啟動並運行。

Okay. Would you be able to disclose for me the size of effectively the sales force, the people you have out there trying to drum up business with all these opportunities?

好的。您能否向我透露一下銷售團隊的實際規模，也就是那些試圖利用這些機會招攬業務的人員的規模？

Yeah. Absolutely. So currently, we have a team of four direct business development sales professionals. And then we also have a corporate development individual as well that is working with us specifically primarily focused on the TSDF world.

是的。絕對地。目前，我們擁有一支由四名直接業務開發銷售專業人員組成的團隊。我們還有一位企業發展人員與我們合作，主要關注 TSDF 世界。

Okay. Great. Well, so again, it's great to see all the progress, and it's great to see that turn into revenue. You're doing so much better than last year. I heard you say that you're sticking to the targets you set in January for revenue?

好的。偉大的。好吧，再次，很高興看到所有的進展，很高興看到這些進展轉化為收入。你的表現比去年好多了。我聽說您說您會堅持實現一月設定的收入目標？

Correct.

正確的。

Okay. And are you also sticking to the target of a positive gross margin this year?

好的。今年你們是否也堅持毛利率為正的目標？

Did we provide that as a target? I don't recall doing that specifically.

我們是否將其作為目標？我不記得具體做過那件事。

I don't mean to hang you on it. It came out of some of the discussions we had back in January. But just to clarify then, it sounds like that may be an ambition, not a real target at this point.

我並不是想讓你為此受委屈。這是我們一月份進行的一些討論的成果。但需要澄清的是，這聽起來可能只是一個野心，而不是真正的目標。

I think that's fair.

我認為這是公平的。

Okay, good. Well, again, congratulations, and I wish you a successful Q3..

好的，很好。好吧，再次恭喜你，並祝你第三季取得成功。

Thank you. Ladies and gentlemen, as there are no further questions, I would now like to turn the call back over to Mr. Gannon for his closing remarks.

謝謝。女士們、先生們，由於沒有其他問題，我現在想將發言權交還給甘農先生，請他作最後發言。

Thank you, operator. And I'd like to once again thank everyone for joining our call today. We look forward to continuing to update you on our ongoing progress and growth over the coming months. If you were unable to get any of your questions answered, please reach out to IR firm, MZ Group, and they'll be happy to assist you.

謝謝您，接線生。我想再次感謝大家今天參加我們的電話會議。我們期待在未來幾個月繼續向您通報我們的進展和發展。如果您無法獲得任何問題的答案，請聯絡 IR 公司 MZ Group，他們會很樂意為您提供協助。

And we're also happy to once again host you down in Orlando or other areas, so you can see our technology in action. That concludes our second-quarter 2025 update call. Thank you very much, and have a great day.

我們也很高興再次在奧蘭多或其他地區接待您，以便您能夠親眼見證我們的技術。這就是我們對 2025 年第二季更新的預測。非常感謝，祝您有愉快的一天。

Thank you. Ladies and gentlemen, the conference of 374Water Incorp has now concluded. Thank you for your participation. You may now disconnect your lines.

謝謝。女士們、先生們，374Water Incorp 會議現已結束。感謝您的參與。現在您可以斷開線路了。