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President & CEO Brady Murphy explained that the economics for desalination are improving as operator disposal costs rise while technology costs decrease. He highlighted supportive regulatory momentum from Texas House Bill 49 and the EPA. Regarding offshore, Murphy noted that trends toward higher-pressure wells play to TETRA's strengths with its heavy bromine-based fluids. SVP & CFO Elijio Serrano added that customers are showing acceptance of a license model for desalination, which would reduce TETRA's capital requirements.

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CEO Brady Murphy indicated a full $270M FID is unlikely in Q4, with a staged approach being more probable to manage capital. He noted that anticipated demand from deepwater projects and Eos Energy consumes most of the planned capacity, reducing the need for external offtake agreements. Murphy then detailed the proprietary three-stage desalinization process, which combines TETRA's pre- and post-treatment with two different membrane technologies for various water types.

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CEO Jillian Evanko outlined three nuclear opportunities: 1) smaller, consistent retrofit work on existing plants, 2) compression for more embryonic SMR designs, and 3) the largest near-term opportunity in helium circulation and liquefaction for advanced nuclear concepts. She clarified that the water business is not focused on oilfield applications but rather on oxidation, oxygenation, and PFAS treatment.

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CEO Jillian Evanko expressed satisfaction with the RSL segment's performance but cautioned that recent high gross margins may not be sustainable. She described the company as being in the 'early innings' of penetrating the installed base, especially with legacy Chart assets. While noting positive growth in service agreements, she highlighted the current 39% quarterly customer uptake as a significant opportunity for future growth.

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CEO Jillian Evanko expressed high satisfaction with the RSL segment, attributing its record margins to implementing Howden's best practices and commercial synergies. She stated they are in the 'early innings' of the opportunity, with future growth driven by digital offerings, expanding Long-Term Service Agreements (LTSAs), and pricing optimization. She sees a meaningful path to continue growing the segment's revenue and margin.

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CCO Nathan Kroeker reported 'very positive' customer sentiment and noted a significant increase in the size of projects in the pipeline from both utilities and developers. CEO Joe Mastrangelo confirmed that Eos is actively engaged in processes with every major utility, and they represent a key part of the opportunity pipeline, reflecting growing interest in their long-duration storage solution.

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CEO Joseph Mastrangelo reported that initial results from Z3 installations are positive, though more work is ongoing with customers. He confirmed a significant increase in customer visits to their facilities, stating that seeing the automated line provides confidence in Eos's ability to scale, which was a factor in the City Utilities order. He emphasized that the technology's performance, particularly its high round-trip efficiency at longer durations, is a key draw for customers.

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CEO Tom Deitrich explained that partnerships with GE Vernova, Schneider, and others are currently in customer pilot stages and not yet generating revenue, but are aimed at helping customers adopt new technology faster. Regarding the LUMA project, he described it as a full Grid Edge Intelligence platform deployment that is just getting started. He noted that most of the revenue is expected in the years ahead, likely over a 3-to-4-year rollout, rather than providing a significant pop in 2025.

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CEO K.R. Sridhar explained that as the Korean market shifts to private development, direct financing is crucial. He confirmed that securing a "blue chip financier" like Korea Development Bank is a new and significant development, attributing it to the bank's growing comfort with Bloom's technology performance.

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CFO Christopher Guinta confirmed the analyst's calculation was directionally correct, stating that while definitional free cash flow would be negative due to gross CapEx, the cash flow after accounting for project financing, debt service, and taxes is expected to be positive in 2025. CEO Wesley Edens added that the data center project is progressing with active tenant conversations and that the market for off-grid 'island power' has grown exponentially, making the project's economic model compelling.

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