re: Spec Play - HGRAF

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The start was a pretty quick procedural formality, routine motions, nothing immediately material that I saw in the formal business.

Q&A opened and management seemed to indicate we would hear more about

NASDAQ uplisting timeline soon

Indicated DoW/ARL disclosure coming later this year

Seemed to confirm revenue is coming shortly

Directed just about everything else (Austin, Belleville, contracts, acetylene partner) to future press releases.

Tone was matter of fact, restrictions seemed to be procedural compliance rather than damage control. No bad news I saw, no thesis-breaking language, no softening of expectations on any front.

Legal checkpoint complete. The press release cadence is where the actual information delivery happens, and that pipeline appears intact.

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Any recent updates you can speak to with respect to production of those units?

"So everyone is aware we commissioned two additional units. Those units are functioning. They will be moved to Austin shortly as we have communicated publicly, and additional units will be planned. We will release the timeline for those going into production."

general information you'd like to share.

"Sure, I think this is a pivotal year for Hydrograph. Everyone's aware we are seeking a NASDAQ up list. We will be releasing more information on the large scale Houston production facility or Houston region production facility. As the year moves forward, we will be releasing more information on our relationship with the Department of War, specifically with the Army Research Lab. As everyone is aware, this is the year that we've been communicating for quite a long time that revenue will kick in. Look forward to more press releases regarding our commercial developments."

The companies that you've partnered with, and whether they're still in testing. If there's anything that's been generally disclosed that you can comment on.

"So nothing has fallen off the timeline for materials companies, as everyone is aware, is really a multiyear process. We initiated this new strategy when I took over in March of twenty four. A lot of these projects are now coming to completion. Because we are working with a new material, often new processes again. This is not new information for anyone on this call. There is a longer development cycle. But it's really going to be this year and twenty seven that things will really take off. Meaning we will get to the negotiation of various supply contracts."

There's a question with respect to whether the plan is to still have the acetylene directly piped to the new production facility.

"That remains the goal. That is something we have communicated for quite a long time. As everyone can imagine, this is a very large scale project that is in the works, and we will have an update for everyone very soon."

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