Thank you, operator, and good afternoon, everyone. Welcome to our fourth-quarter and full-year 2025 financial results conference call.

I want to start with a few milestones that reshaped the company's trajectory over the past several months. In February of 2026, we completed our uplisting to the New York American Stock Exchange with a concurrent public offering raising the gross amount of proceeds of approximately $16.6 million, including the partial exercise of the underwriters' overallotment option.

That capital raise, combined with a senior exchange listing, materially strengthened our balance sheet and broadened our investor base at a critical time in BirchTech's growth. Now on the legal front, the US District Court for the District of Delaware entered our patent infringement judgment in December of 2025, which increased our judgment amount to approximately $78 million, up from the original $57 million unanimous jury verdict.

Post-judgment interest will continue to accrue until this judgment is paid. Although defendants have filed an appeal, they have not posted a bond.

Therefore, we have initiated collection proceedings and are pursuing enforcement of our judgment now. Since launching our IP enforcement strategy in 2019, approximately $37 million in license fees and settlements have been received, and we expect to convert other prior infringers into long-term commercial partners.

Now turning to operations, our business delivered fourth-quarter revenues of $3.8 million with a 31% gross margin driven by our expanding base of licensed utilities and growing product supply relationships. The US coal market has stabilized, and recent federal support for continued coal plant operations reinforces demand for proven emissions control solutions like our patented SEA platform.

We believe this creates a longer operational runway for our core air quality business. Now let me go deeper now into our air business.

The SEA platform continues to anchor the company, and this quarter's results reflect the durability of that franchise. What has changed is the nature of the revenue.

As existing supply contracts expire for those utilities now under BirchTech's license agreements, we will actively work toward gaining their reoccurring product supply as utilities embed our sorbent formulations into their processes and directly benefit from our operational expertise and know-how. Fourth-quarter air revenues totaled over $3 million, close to 4, and mostly derived from product supply.

Importantly, we expect to see a change in how utilities engage with us, with our goal being that licenses that began as enforcement targets can transition to purchasing activated carbon directly, and we expect the pipeline of supply conversions to continue to grow as power demand increases in the coming years. That transition from legal resolution to commercial partnership was our core objective in our business-first approach patent enforcement efforts that began over 6 years ago.

Now over the past year, we've signed several new license agreements, bringing us closer to a critical mass of licensed coal-fired utilities. Each agreement not only validates the uniqueness of our SEA process, but extends revenue visibility through multi-year procurement cycles.

As licensees incorporate our sorbent formulations into their ongoing operations, we expect activated carbon sales to become an increasingly significant portion of our revenue, a shift that should drive meaningful year-over-year growth. As I noted earlier, our $78 million final judgment represents the culmination of years of patent enforcement.

The defendants have appealed, but we are confident in the strength of our ruling and the thorough judicial review behind it. Collection efforts, as I mentioned, are actively underway.

Now related to our air business, US coal power generation is holding steady within a diversified energy mix that values grid reliability as well as domestic fuel supply. Federal policy continues to support the operational longevity of coal-fired plants, which in turn sustains demand for mercury emissions control.

Our SEA technology remains the most effective solution, globally recognized, and that positions us as an essential partner for utilities committed to running cleaner baseload power. With US mercury emissions the lowest in the world relative to coal power generation, we're pleased to play a significant role in America's clean coal and will continue to do so as long as coal power is produced.

For 2026, the air division's roadmap centers on three objectives: continue converting unlicensed users to our technology into licensees and long-term supply customers while protecting our patents; second, grow reoccurring activated carbon sales to our expanding base of licensed utilities; and thirdly, channel the cash flow from this mature, high-margin segment into our scaling of our water purification business. Now taken together, the air division is a self-funding growth engine, generating the cash and credibility that allow us to invest aggressively in water while continuing to deliver for shareholders.

Now let me turn to water, where the story shifted meaningfully since last year. We moved from laboratory validation to real commercial activity, booking our first revenues, signing our first strategic partnership, and launching new products.

The commercialization of our water treatment solutions began with approximately $0.9 million in purchase orders from a large Mid-Atlantic power utility for filtration system media replacement at two locations, removing contaminants from wastewater using our proprietary sorbent media. That engagement validated our technology in a real utility environment and gave us a reference account to build from.

We then expanded our reach through a collaboration with Civil & Environmental Consultants, a national engineering firm with over 30 offices and 1,600 team members. Under this arrangement, we provide rapid small-scale column testing through our Analytical Design Center in Grand Forks, North Dakota, giving CEC's hundreds of water utility clients nationwide access to our testing and analysis capabilities.

This effectively creates a pipeline of future system design and media supply opportunities without BirchTech having to build a direct sales force from scratch. For those less familiar, RSSCT replicates full-scale filter performance in a compressed timeframe, enabling utilities to evaluate carbon media options and PFAS removal strategies quickly and cost-effectively.

Our center is one of the few independent RSSCT labs in the country with the capacity to serve the national market at this level. Beyond those two anchors, we hit several additional milestones.

In January of 2026, we demonstrated that thermally rejuvenated granular activated carbon performs comparably to virgin carbon for PFAS removal. It was a breakthrough for our carbon rejuvenation program that could dramatically lower lifecycle costs for utilities.

This week, we just announced our SEA-IX nuclear-grade ion-exchange resin product line targeted at an approximate $220 million addressable market spanning nuclear power, coal-fired utilities, and municipal water treatment. BirchTech's water platform covers a broad range of media supply, filtration services, our design center's RSSCT testing and analysis, along with carbon rejuvenation, and now ion-exchange resins.

We have a comprehensive offering that didn't exist 12 months ago. Our approach to the market is completely different than our competitors.

We work closely with and through engineering firms such as CEC and others alongside utilities to fully integrate the procurement of appropriate equipment, media, and other ancillary services. This collaborative approach to the market will ensure water utilities with an affordable, highly effective clean water solutions and will secure BirchTech's strong market position as we continue to build customers and strategic relationships.

Now speaking of our design centers that launched our position into the water treatment market with our data-first approach, we are now generating a growing pipeline of lab-scale engagements with water utilities and engineering firms. We're currently participating in a grant-funded research project with a leading national engineering firm evaluating strategies for managing PFAS-contaminated drinking water wastes, where BirchTech is leading advanced bench and pilot-scale testing of thermal GAC reactivation using our proprietary rotary kiln system that we established in Pennsylvania.

Other key projects include our role in the initial phase of a multi-phase project where we are collaborating with another major national engineering firm and a large utility focused on carbon reactivation to identify the most appropriate media solutions for the removal of multiple contaminants. Our expertise in activated carbons provides our competitive edge and our ability to support both the engineering firm and the large water utility.

Additionally, we're conducting water quality analysis, spent carbon evaluations, and RSSCT testing for numerous other utilities to optimize media selection, reactivation protocols, and overall treatment performance for PFAS and other contaminants. Each of these engagements is building relationships that have the potential to convert into long-term thermal reactivation partnerships or feed directly into our water treatment services pipeline.

This data-first approach ensures that these utilities and engineering firms gain highly accurate and more effective media recommendations and receive full benefit from our unique industry expertise. We look forward to this area of our business becoming a key market differentiator and growth driver.

The next chapter is about conversion and scale: turning these early engagements into reoccurring service and product revenue, progressing the development of our first GAC rejuvenation facility, and expanding our water treatment solution offerings. Regulatory pressure around PFAS is only intensifying, and utilities are actively seeking affordable solutions.

BirchTech is now in position to meet that demand with a full suite of water purification technologies that complement our established air business and open a second significant revenue stream for the company. With that, I'd now like to turn the call over to Fiona Fitzmaurice, our Chief Financial Officer, to walk through some key financial details from the fourth quarter of 2025.

Fiona?

Thank you, Rick. I will constrain my section to a concise review of the financial results for the fourth quarter.

For a full breakdown of our financial results, please view our regulatory filings. Revenues totaled $3.8 million in the fourth quarter as compared to $5.6 million in the same year-ago quarter.

Product revenues increased 19.8% to $3.6 million as compared to $3 million in the same year-ago quarter. The change in revenues was primarily due to a one-time $2.5 million licensing payment from a large Southwest utility in Q4 2024.

Gross profit totaled $1.2 million, or 31% of total revenues, in the fourth quarter of 2025 as compared to $3.3 million, or 60% of total revenues, in the same year-ago quarter. The change in gross profit was a result of the one-time license fee recognized in Q4 of 2024.

This change was partially offset by an increase in product revenue during the fourth quarter of 2025 compared to the fourth quarter of 2024. The decrease in gross profit as a percentage of revenues was a result of the one-time license revenue generated in the fourth quarter of 2024 having higher margin.

SG&A expenses decreased 42% to $2 million in the fourth quarter of 2025 as compared to $3.4 million in the same year-ago quarter. The decrease in expenses was primarily due to lower legal fees in connection with patent litigation.

R&D expenses totaled $0.5 million in the fourth quarter of 2025 compared to nil in the same year-ago quarter. R&D expenses relate to research conducted to develop water treatment products utilizing new sorbent technologies.

Net loss for the fourth quarter of 2025 totaled $0.6 million, or 3 cents per basic and diluted share, as compared to $1.3 million, or 7 cents per basic and diluted share. Adjusted EBITDA, a non-GAAP measure, totaled -$1.1 million in the fourth quarter of 2025 compared to -$0.5 million in the fourth quarter of 2024.

Cash as of December 31st, 2025, totaled $2.2 million with no debt as compared to $3.5 million with no debt as of December 31st, 2024. Subsequent to the quarter end, the company completed a $16.6 million capital raise concurrent with its uplisting to the New York Stock Exchange American in February 2026, significantly strengthening our balance sheet.

I'd also like to briefly discuss the classification of our profit share liability in the amount of $7.9 million as a current liability on our balance sheet. This is a non-recourse liability that will not be repaid from cash on hand and is only to be paid from litigation proceeds, including the proceeds of our $78 million final judgment in our patent infringement case.

Interest on the judgment amount continues to accrue during this appeal period. Under GAAP accounting rules, the profit share liability is classified as a current liability as the company expects the proceeds from this judgment are likely to be received and the profit share from those proceeds repaid within the next 12 months.

Ironically, the positive news of us believing receipt of these funds is likely within the next 12 months causes the profit share to be classified as a current liability, while at the same time not allowing us to reflect in our current financial statements the expected revenue from the judgment. This completes my prepared comments.

Now, before we begin our question-and-answer session, I'd like to turn the call back to Rick for some closing remarks. Rick?

Thank you, Fiona. Folks, to sum up, 2025 was the year BirchTech proved out its next chapter.

We have since fortified our balance sheet with a $16.6 million raise in new capital, earned a senior exchange listing on the New York Stock Exchange, secured a $78 million judgment validating our IP, and turned our water business from a development-stage initiative into a revenue-generating platform with real customers and real orders. The execution plan for 2026 is focused: collect on our judgment, expand our roster of licensed utilities into reoccurring supply customers, and obtain off-take agreements to support our first carbon rejuvenation facility.

We entered the year from a position of strength: well-capitalized, listed on a senior exchange, and operating two complementary business lines that reinforce each other. The opportunity ahead is substantial, and I'm confident that this team that we have will deliver on it.

I look forward to reporting on our continued progress throughout the year. With that, operator, please open the line for questions.

Thank you. We will now be conducting a question-and-answer session.

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One moment, please, while we poll for questions. Thank you.

good afternoon, Rick, and congratulations on all the progress.

Thank you, Rob.

Questions on the air business product revenue. Could you give us a sense of what the sort of run rate is on that business as you see it and maybe how it ramps throughout '26 with the customers that you've licensed to this point?

Sure. On the product supply side, we had a increase, as you can see, in the last quarter of 2025.

I expect to see increases as we go through 2026. The only unknown on that is when the actual contracts that are held by the companies that we just licensed will come up for renewal.

As they come up for renewal, we're in a preferred position to vie for that business through RFPs. I'll be advising the industry as we go along, but I do expect to see growth in that side of the business.

I can't put a number on it, but I will expect to be able to do so in the coming month or two. I do figure that we will be in excess of $20 million on the air side for 2026.

Great. Then on the remaining utilities that are potentially infringing or are infringing, how many are left to settle that you haven't either got a trial on or settled with yet?

What's sort of the remaining amount of potential there?

Sure. Rob, there are a couple of very large defendants in the Iowa case that have significant product supply potential.

We are now, as working through that case. I would expect that we can get to some decision with those in the first half of 2026.

They have a significant amount of opportunity should we be able to convert them to clients rather than have them remain as defendants. As far as a specific number, I would expect that the outstanding infringers at this point hold somewhere in the $10 million a year range of supply-side business should we secure it.

Okay. Great.

Then just maybe moving to the water-side business. Good progress there.

Maybe just a sense of the pipeline of the rejuvenation customers and maybe can you walk through how that pipeline develops and what are sort of the steps that it goes through to turn into offtake agreements?

Yeah. Where we are right now is working through the collaborations with engineering firms.

We've been doing a lot of testing and analytical work with their clients, and also we've been in discussions with a number of different end users, water utilities that would be interested in us either building a rejuvenation center for them on-site or in a regional location nearby where we would be able to provide our rejuvenation services to them. We're still in the negotiation side of that.

We have yet to sign any actual offtake agreements, but we're in some great discussions right now and continuing to move forward to present that option to a number of different new utilities as well. What's significant is we've basically become the lead, the tip of the spear for a lot of these engineering firms with regards to the analytical work that's necessary to be able to go back to their clients and provide some real tight assessment as to what their situation is and what can be done to get ahead of the PFAS problem.

We are a very firm part of the solution, of the process, and we think that that will lead to longer-term work for us, not just the analytical work. What we're shooting for, of course, is to have the offtake agreements signed where we can do a collaborative effort of building out the regional facilities that we feel they're going to need.

The offtake agreements are the next step to answer your question in the rejuvenation side of our business, now that we've proved that we can do it and we're doing the analytical work on a one-on-one basis. The next step will be to get the offtake agreements in place that will allow us to move forward with the construction of these facilities.

Then the last question's on the new ion-exchange product line. Give some color on the market opportunity.

Is that market sort of the similar customer base or would this be a utility kind of customer base or just maybe help me understand the customer base that you're going after there?

Actually, it's a totally different market. We're very excited about it.

We've had great results with this new product that we've helped to bring to market, and it is a multi-hundred millions of dollars opportunity. We're focused on the power plant side of it at this point, but we expect to be able to expand as well.

We've yet to talk about the water treatment services side of our business, and I think that will show substantial growth this year in real revenues adding to that first million-plus of business that we've booked to date. We're now looking to hire specialists to represent us in the field on that particular product line, but I've also been looking at and adding others to our team to move our general water treatment materials into the market.

I really think that that's one of our faster-growing aspects in 2026 in terms of adding real revenue to the company.

Great. Thank you.

I'll turn it over.

Thank you.

Folks, thank you again to each of you for joining us on today's earnings conference call. Our IR firm, MZ Group, will be available to assist with any questions that you might have.

We look forward to continuing to update you on our progress as we strive to deliver value to my fellow shareholders and execute upon our vision of becoming a leader in the specialty activated carbon space, delivering cleaner air and water to improve our environment.