Net loss for the year ended December 31, 2025, increased to $21.0 million, up from $12.4 million in the prior year. Revenue totaled $0.2 million for 2025, a decrease from $0.4 million in 2024, primarily due to a $1.9 million reduction in equipment revenue. The decrease in equipment revenue was attributed to a change in accounting estimate for the OC San contract due to unexpected delays. Service revenues increased by approximately $1.7 million, driven by the completion of demonstrations and initial wastewater processing under the City of Orlando contract. Total operating expenses rose 58% to $18.8 million in 2025, compared to $11.9 million in 2024, mainly due to higher compensation, general and administrative, professional fees, and R&D expenses. Cash and cash equivalents significantly decreased to $3.2 million as of December 31, 2025, from $10.7 million at December 31, 2024. Working capital also declined substantially to $1.7 million from $11.8 million over the same period. The company is under new leadership with CEO Danny Bogar, focusing on disciplined execution, capital allocation, and advancing AirSCWO technology. Key business highlights include multiple AirSCWO system deployments and demonstrations for PFAS destruction and biosolids management, and new collaboration agreements.