Q3 2024 Company Update Presentation Transcript

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Q3

REPORT

2024

Company Update

Desert Control AS

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DESERT CONTROL IN BRIEF

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2|Q3 2024 Company Update

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!2!

Q3 2024

AGENDA

COMPANY UPDATE PRESENTATION

Highlights Financials Outlook a Q nd u e a s n t s io w n e s rs

3|Q3 2024 Company Update

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!5!

Q3 2024

HIGHLIGHTS

COMMERCIAL TECHNOLOGY TEAM

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4|Q3 2024 Company Update

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BERKELEY COUNTRY CLUB

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SOLID PILOT RESULTS STRENGTHEN VALIDATION AND SUPPORT

NEGOTIATIONS FOR LARGER CONTRACTS IN THE UNITED STATES

LANDSCAPING AGRICULTURE

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THE BUSINESS CASE FOR LNC IN AGRICULTURE

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7|Q3 2024 Company Update Based on results of 8% yield increase with 21% more Grade-A production (quality) while using 46% less water.

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9|Q3 2024 Company Update

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THE PILOT PROGRAM IS DRIVING SIGNIFICANT GROWTH OF THE OPPORTUNITY

PIPELINE IN THE UNITED STATES

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TECHNOLOGY DEVELOPMENT ON-TRACK TO UNLOCK NEW OPPORTUNITIES

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RESEARCH & DEVELOPMENT PROGRAMS AND PRIORITIES

INCREASE VALUE EXPAND MARKETS

!Integration with Biologicals and Holistic Soil Health Solutions !Expanding LNC Feasibility to Broader Varieties of Soils

!Mitigating Soil Salinity !Increasing Salinity Tolerance of Water Sources

!Reducing Fertilizer Leaching !Access New Market Channels Through Partnerships

14|Q3 2024 Company Update

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!"X!

Q3 2024

AGENDA

COMPANY UPDATE PRESENTATION

Highlights Financials Outlook a Q nd u e a s n t s io w n e s rs

15|Q3 2024 Company Update

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FINANCIAL HIGHLIGHTS

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CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

17|Q3 2024 Company Update

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CONSOLIDATED STATEMENT OF FINANCIAL POSITION

18|Q3 2024 Company Update

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CONSOLIDATED STATEMENT OF CASH FLOWS

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!34!

DISCONTINUED OPERATIONS (MIDDLE EAST)

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!3"!

DSRT SHAREHOLDERS

21|Q3 2024 Company Update

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!33!

Q3 2024

AGENDA

COMPANY UPDATE PRESENTATION

Highlights Financials Outlook a Q nd u e a s n t s io w n e s rs

22|Q3 2024 Company Update

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!32!

Outlook The Momentum Will Keep Growing

Under a Balanced Market Strategy

AND Q3 2024 GOLF & LANDSCAPE: CALIFORNIA NEXT-GENERATION LNC

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AGENDA

COMPANY UPDATE PRESENTATION

Highlights Financials Outlook a Q nd u e a s n t s i w on e s rs

24|Q3 2024 Company Update

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Cautionary Note

25|Q3 2024 Company Update

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Q&A session (Summarized written recap of the questions and answers from the Q&A session)

Q: Does applying LNC on a golf course affect the drainage capacity during heavy rainfalls?

A: What we observe when applying LNC in golf course environments is that these areas typically use products like surfactants or wetting agents. These products work by breaking the hydrophobicity of the surface layer, allowing water to penetrate more easily. When the surface is hydrophobic, water tends to bead up, similar to how it behaves on an impermeable surface.

When LNC is applied, we’ve seen that the need for such surfactants can be eliminated or significantly reduced. During heavy rainfalls, this results in a more spongy soil or turf surface that absorbs water and allows it to penetrate into deeper layers. At the same time, LNC increases the water-holding capacity in the sandy base beneath the softer thatch layer on top. This is essential for maintaining a hard, firm playing surface that doesn’t become soggy while also conserving significant amounts of water.

Q: Thank you, Ole. The next question is also related to golf courses. What is the most common positive or negative feedback, if any, from golfers playing on turf treated with LNC?

A: Running this company keeps me quite busy, so I haven’t had the chance to play golf or socialize extensively with golfers. That said, my personal dream would be to see our fellow countryman, Viktor Hovland, try out a course treated with LNC and become so impressed that he refuses to play on courses without it. His support could highlight the importance of sustainability in the golf industry, which is a cause we are passionate about and share with many of our clients. For example, Berkeley Country Club has shown a deep commitment to sustainability and is pioneering efforts for a sustainable future in golf, which we are very excited to support.

Q: Thank you, Ole. The next question is: As we enter 2024, you mentioned we could expect a steady increase in contract income throughout the year from both Saudi Desert Control and Mawadi Desert Control, with a larger uptick toward the end. However, after Q3, there hasn’t been much progress, and there are only 1.5 months left in 2024. Why has progress in the Middle East been so limited?

A: I would say it comes down to building a solid foundation. Many of you know that we’ve invested significant time in groundwork in the Middle East, and while it has taken longer than expected, there are important fundamental steps happening.

For example, focusing on building and investing in sales teams. One of our partners in the Middle East, a large family-driven company, has transitioned into a commercial enterprise. This meant they initially lacked a sales force, but they’ve since invested in building one.

Throughout the year, we haven’t seen substantial royalty revenues because the focus has been on smaller pilots and initiatives, similar to the pilot backlog I highlighted in today’s presentation. Our Saudi partner is essentially a startup, having started operations only at the end of last year. They’re at a stage comparable to where Desert Control was in 2017 or 2019, when we were just beginning to onboard our first employees.

While I’m eager and admittedly impatient to see revenue pick up more quickly, we’ve set minimum target requirements within the licensing agreements with our partners. These are expected to drive significant revenue increases in 2025. As I mentioned earlier in the year, the initial phase involves smaller pilot projects that may not yet be reflected in licensing royalties. Over time, as these pilots transition into commercial projects—like the recent implementation in the UAE this past quarter and the newly signed agreements in the pipeline—we’re seeing positive developments. We remain optimistic about the overall trajectory.

Q: Are Desert Control or its partners experiencing any difficulties with LNC units regarding stability, maintenance, or downtime?

Or are they proving to be stable partners in making the earth greener?

A: The units have performed stably in the projects conducted so far. Moving forward, as we apply upgrade kits to these units for our partners, we will further enhance their value and capabilities. I’m also looking forward to discussions with our partners about the volumes of units they may require to meet increased demand as we continue to progress.

Q: Thank you, Ole. Can the market expect that the structure of future contracts will include all phases and a share of saved water costs, similar to the model recently announced for Berkeley Golf Course?

A: As I mentioned, our strategy moving forward will focus on a balanced approach. This includes royalties from partners, sales of production units and hardware kits, and on the client side, a mix of contract structures. We’ll have full-scale projects paid upfront, staged projects with phased payments, and framework agreements committing to certain volumes over several years.

Additionally, we’ll have models like Berkeley's, which generate monthly recurring revenues through outcome-based business models. I believe the Berkeley model will be particularly attractive for a specific segment within the golf course industry. It might also be interesting in the future to explore how certain elements of this model could be adapted for other sectors. However, we’re not fully committing to this specific model for all segments. Instead, we’re taking a phased approach to bring these different models to market.

Q: The market seems to have a hard time understanding the commercial potential of the pilots in the U.S. Have you considered quantifying and visualizing what full-scale contracts could lead to in terms of figures in your quarterly presentations?

A: Providing such insights is definitely valuable for investors who are curious or uncertain. This question might have been submitted before we covered slide 10 in today’s presentation, where we actually did touch on this. I’d also like to remind the audience that, in the past, the only guidance we provided was around the number of pilots we were targeting to secure each quarter—typically five pilots per quarter. That was the focus of our reporting and what we’ve shared in the pipeline slide, which also visualizes where these pilots are.

As I mentioned today, we’re now reaching a stage where our pipeline has both matured and expanded to a volume that makes it difficult to provide meaningful insights using the same approach. Earlier this year, we announced that, starting in 2025, we’ll transition to a different type of information sharing. Rather than focusing solely on the number of pilots, we’ll start sharing more detailed information about pipeline development, the volumes it represents, and how it translates into revenue.

You’ll still see a Q4 report that summarizes the year, as we’ve done in today’s presentation. However, beginning with the Q1

2025 report, we’ll provide a much more granular view. This will include identifying areas with the highest potential, higher conversion rates, and how these elements contribute to revenue as we move forward.

Q: Thank you, Ole. Regarding the Berkeley Golf Course agreement, does Desert Control earn income solely from a share of the water savings, or is there also a payment generated when LNC is applied to the course?

A: The Berkeley Country Club agreement operates as a pure outcome-based business model. As detailed in today’s presentation, the revenue is generated through a share of the water savings achieved. Additionally, we’re exploring bridge models that combine an upfront payment with a monthly recurring revenue structure. It’s a very exciting area with more developments to come.

Q: Thank you, Ole. The next question: You have consistently expressed optimism about the future, yet the market doesn’t seem to share the same enthusiasm. The lack of shareholder value may impact the company’s attractiveness to investors. What steps does the company plan to take to address this gap and attract investors? Have you engaged with private, industrial, or institutional investors about larger investments?

A: There are significant complexities in being a very early-stage public startup company, especially before reaching the stage where you can consistently guide on EBITDA improvements and standard financial KPIs. I understand that shorter-term-focused investors may find the time it takes to convert our exciting opportunity pipeline into revenue to be frustrating—perhaps like watching grass grow. However, we enjoy watching grass grow, especially when we can do so with less water, fertilizer, and inputs while achieving higher yields.

Some of the challenges are also related to having a very fragmented shareholder base. While many shareholders are interested in being part of this journey, we don’t currently have large institutional investors holding a significant share to drive our business forward. This, combined with low trading volumes, leads to volatility. However, when comparing our performance with other companies listed on Euronext Growth, I believe we’ve performed well. We’ve been very transparent and consistent in communicating our development.

I’m encouraged by the positive feedback from many of our existing shareholders regarding our progress. I hope that by being even more granular in communicating the tangible value of our pipeline and by fostering stronger engagement, we can attract greater interest from investors who want to be part of our journey.

Q: The next question is related to golf. Have you been in contact with the Professional Golf Association to explore the possibility of securing a larger contract with them?

A: Our commercial lead, Kevin Neal, who oversees sales and business development for this segment, has exceptional experience in the industry, unparalleled credibility, and an extensive network. In addition to driving sales contracts alongside Marty, Evan, and the U.S. team, he is also focused on building relationships with industry associations, water authorities, and key stakeholders relevant to our work. This ensures we align with both current and future water conservation incentives and gain access to organizations that set standards for golf course and turf management practices.

We’re actively working on all these fronts. Additionally, with the introduction of outcome-based business models, which we plan to explore further, we’re very confident that we’ll achieve several full-course deployments on a larger scale by 2025.

Q: The next question is related to agriculture. Which date farm is in phase 2? Is Griffin Ranch moving forward? Does the potential value of a full-scale implementation still align with the $200 million estimated by Arctic’s analysis, given reduced costs? Could you provide a ballpark estimate of potential earnings?

A: I won’t dive into forecasting single projects here. As mentioned, starting with our Q1 reporting next year, we’ll provide a much more granular view of the pipeline and details on specific must-win battles. On the date farming side, we’ve had clients who have moved directly to phase 2, as noted previously. We’re also having very positive conversations with them about how to drive this forward.

Q: In 2021, you ran multiple pilot projects, including a 200-hectare VIP property and projects with sweet corn and trees. These were intended to lead to negotiations for commercial contracts. What is the current status?

A: These projects refer to initiatives in the Middle East, and several of them remain in the active opportunity stage and have been handed over to our partners. We have not abandoned these opportunities; they have provided an important reference foundation for other projects won in the UAE. For example, they have contributed to deployments such as those with Masdar

City and the larger real estate deployment completed in the past quarter.

Q: You have 22 agricultural pilots and 12 landscaping pilots in operation. Can you provide the split between the U.S., the

Kingdom of Saudi Arabia, and the United Arab Emirates?

A: To clarify, as noted in the slide’s headline, the 42 projects mentioned—22 agricultural and 12 landscaping—are U.S.-only.

These figures pertain exclusively to the U.S. pipeline, and any projects from the Middle East are in addition to what was presented here.

Q: Thank you, Ole. The next question: When do you expect to achieve operational results, and what is the potential for royalty payments over the next one to two years?

A: Regarding royalty payments, we anticipate steady growth from smaller-scale revenues. Additionally, the efforts to position

LNC as an integrated part of regulatory frameworks for water conservation requirements are expected to yield substantial results in the UAE. We believe these initiatives will likely be replicated across the region. Our partner in Saudi Arabia is also conducting significant stakeholder engagement, comparable to what we’ve seen in the UAE.

We foresee that stage one to stage two deployments will continue to generate revenue alongside the commercial projects we've seen in landscaping programs and developments in the UAE. What’s particularly exciting about the Middle East is the nature of these massive, mega-opportunities, which are fluid in their timelines and development. Both of our partners are in discussions regarding significant government-driven and private sector opportunities. Once these opportunities move forward, they represent enormous potential.

For those following on social media, you may have seen that large landscaping contractors are enthusiastic about LNC and are collaborating with Desert Control’s partners in the region to explore these opportunities. We frequently hear positive feedback from discussions with large government entities, highlighting how LNC’s value proposition aligns closely with national priorities in the region.

While I’m very optimistic about the potential, I want to temper expectations by emphasizing that these developments won’t happen overnight. I believe we’ll see more meaningful contracts toward the end of this year and into the new year, which will further develop the market. My approach is to underpromise and overdeliver, but I’m optimistic about the region’s potential and the growing capabilities of our partners.

Q: Thanks for the reply Ole. The next question: With the influx of government support for renewable companies, have you applied for or do you expect to receive any form of government or other support?

A: Yes, we do. These opportunities take time to develop and go through the necessary qualifications, but we are seeing positive developments. In California, for instance, we have identified several programs that we believe we are a strong match for, based on the positive feedback we’ve received. Many of these programs, however, are structured so that it’s not the technology provider, such as Desert Control, that applies directly. Instead, the client qualifies for the support and can include a Desert

Control project as part of the initiatives they propose for funding.

Additionally, in the Middle East, our partners are working to integrate LNC into similar frameworks. This could lead to several outcomes, such as incentives to help clients offset the costs of these investments, strong recommendations for using LNC, or, in the best-case scenario, making the implementation of technologies like ours mandatory for conducting irrigated activities.

Q: Thank you, Ole. We have many questions this time, so we’ll try to address them all. Are the new production units something you plan to sell to partners? If so, what is the potential revenue from these sales?

A: Definitely. We aim to support our partners by selling production units and components to drive the business forward. As I mentioned, once we finalize the design of the new production unit, one of our priorities will be to provide upgrade kits to maximize the value of the existing fleet and enhance the return on the capital expenditure already deployed.

The next-generation production system offers significantly higher production capacity, lighter and more flexible units, lower operational costs, and fewer operators required per unit. These features make it very attractive to our partners. Additionally, these new units, compared to the previous full-cluster design, will be available at a significantly lower cost.

These improvements will benefit our partners, and we do expect hardware revenues to become a distinct line item in our revenue streams moving forward.

Q: I understand that clients do not pay upfront for investments but instead pay a fee over time. How much capital does Desert

Control need to invest upfront into a project? Does this upfront investment limit growth by burdening working capital? And does

Desert Control need to raise equity capital to implement projects, potentially diluting shareholders?

A: That’s a multifaceted question, so let me break it down for clarity. The outcome-based business model, where we receive a cut of the value we create, is something we are piloting for the first time with Berkeley Country Club. We are exploring this model with at least a handful of golf courses in different shapes and formats. For example, it may include a combination model where there is an upfront payment that’s not the full sales value of buying and implementing it outright. This approach incentivizes the client to pay part of the costs upfront while linking the remaining payments to the outcomes achieved.

It’s important to note that this model is currently limited to a specific market segment. There might be opportunities to adapt elements of it for other sectors, but our general model in the agricultural market still relies on upfront payments. These can also be structured as staged deployments, where clients pay as they implement in phases, which is helpful for farmers with limited access to capital at individual locations.

Regarding whether Desert Control can handle a large share of outcome-based contracts, it depends on the scale. For example, taking on five or six contracts in the landscaping segment under this model would involve some upfront capital expenditure.

However, the revenue generated from those clients in year one could fund the next group of five to six clients in year two, creating a self-funding model for this segment.

Currently, we have a prototype unit and a team capable of delivering for a set of clients. If the market demonstrates readiness for larger-scale adoption, we can scale up by adding more units and people. Naturally, this would require additional investment, but these would be exciting growth opportunities to further expand the business.

Q: Thank you, Ole. Last quarter, you guided for contracts in golf and larger strategic contracts in the Middle East by the end of the year. Given that this was a new golf course, does this guidance still hold?

A: Yes, as I mentioned, we anticipated securing our first full-scale deployment contract in the golf course segment before the end of the year, and we’ve achieved that now. There may be additional news before the year’s end, but this was the key milestone we’ve been working toward, and it reinforces the strong confidence we expressed last quarter about closing the year with at least one full commitment in the golf segment.

Regarding larger-scale contracts in the Middle East, we’ve already secured a contract for an additional 1.8 million liters of LNC.

While this isn’t necessarily a mega contract, it is with a mega organization that has substantial potential to expand further into much larger deployments in the future.

Q: Do you have any updates on the pilot project with the World Food Program that you mentioned earlier?

A: Yes, we’ve taken a conservative approach with this project, which is why we didn’t include it in our Q3 report. We want to ensure the contract is fully signed, with all details finalized, including the subcontracting structure and operational plans. The project is in a very challenging part of the world, which adds to its value for the United Nations and the World Food Program in executing such a program in the Middle East.

Once the contract is signed—which we expect will happen soon—we’ll share more information. I’m very proud and excited that the WFP has identified Desert Control and LNC as a potential impact technology. It could play a critical role as a drought mitigation solution to prevent the devastating impacts of famine and hunger caused by such events. While we have high hopes for the project’s outcomes, it’s important to remember that working with governments and large NGOs involves long processes.

These projects require robust structures to be ready for large-scale deployment in their initiatives.

Q: In the Q2 report, you mentioned additional partnerships, such as Syngenta, coming up in the pipeline. Can you elaborate on this?

A: We will announce significant partnerships as they develop. It’s truly an honor and humbling to see large organizations expressing interest in exploring partnerships with us. However, we must acknowledge that we are not a large corporate entity with hundreds of people to drive such initiatives. Ensuring we don’t stretch resources too thin is critical. Our focus is building success and traction with the partnerships we’re initiating.

It’s also important to work with these partners to identify not just soil health or innovation value, but also how these collaborations can translate into shared opportunities with clear economic benefits. Partnerships must have aligned interests that create increased value for both parties in a commercial setting. We’re cautious about moving too quickly into additional partnerships before we establish a clear pathway for generating economic value from those already underway.

That said, I’m very honored and humbled by the recognition we’ve received and the interest from these leading organizations.

Q: Thank you, Ole. Next question: What is the status of the United Nations program and the peer-reviewed research article?

A: We’ve already touched on the United Nations program. Regarding the peer-reviewed article, it is still not through the peer review process. This is part of a five-year program, where the final report will serve as the foundation for the actual publication.

However, we are making efforts to get a publication out earlier.

Peer-reviewed publications typically require multiple years of data sets to be completed and validated, so we’re still working through that process. It’s not yet in the pipeline for publication, but it remains a work in progress.

Q: Next question: What is the conversion rate of projects from phase one to phases two and three so far??

A: This was addressed earlier in today’s presentation on the pipeline slide, where we showed the number of stage two projects.

Of the 42 projects, we currently have four agricultural projects in stage two and two landscaping projects. Additionally, Berkeley has committed directly to stage three, and Limoneira has its first section of commercial deployment already in stage three.

Q: Thank you, Ole. Next question: Is there any news from the University of Arizona, or is the midterm report still a work in progress?

A: As mentioned in a previous question, this is still a work in progress.

Q: Which regulatory hurdles remain before LNC can be supported with grants in the U.S.? The United States Department of

Agriculture (USDA) announced $7.7 billion in assistance for fiscal year 2025 to help agricultural and forestry producers adopt conservation practices. Will LNC be relevant here?

A: As mentioned earlier, there is definitely an opportunity for LNC to fit into several of these programs, even at the current stage.

It’s important to note that, in many cases, programs like those from the USDA are designed for growers, farmers, or landowners to apply for directly, not for technology providers like Desert Control. The applicants would document their use of technologies like LNC as part of their application.

Many of these programs approve projects on a case-by-case basis. However, we are also exploring opportunities for LNC to become a pre-approved technology within certain programs that either recommend or mandate specific conservation technologies. These longer-term initiatives are on our radar for the U.S., and similar efforts are being actively pursued by our partners in the Middle East.

Q: Thank you, Ole. The next question: Will Australia be part of your plans for 2025 and 2026?

A: Australia is a huge market with many sandy areas, particularly in the western region, and increasing water costs, making it a very interesting future opportunity. It is part of our expansion strategy, but we want to ensure we approach the market in a robust and well-prepared manner. Finding the right go-to-market strategy and partners will be essential for success.

While Australia is definitely on our roadmap, I wouldn’t classify it as a 2025 priority. We still have a strong foundation to build on in the U.S. and the Middle East, and it’s important not to overextend our efforts. Our focus remains on achieving success and building momentum in our current markets before expanding further. That said, there are preliminary steps that we will likely begin much earlier to prepare for entry into the Australian market.

Q: Thank you, Ole. Next question: You have a great number of incoming clients and significant partnerships coming up. How are you planning to handle this growth?

A: We’re not overcapitalized to immediately expand our teams and organization dramatically, so we need to maintain a well- balanced approach. One advantage of our business model is that it’s relatively capital-light compared to many others. Unlike industries that require years to build factories and secure permits, we can quickly bring production capacity online—typically within months of making a decision.

This flexibility allows us to time capital expenditures based on certainty in conversion rates and signed contracts. It’s also a key advantage recognized by our partners in the Middle East. Once capacity is deployed, we’ll need to ramp up with people, teams, and the necessary support structures.

At some point, we’ll face a decision: should we continue with a slow, gradual approach to financing growth through operations, or should we pursue growth investments to scale more rapidly? Given the size of the market, there’s a strong case for fueling growth investments when we reach the appropriate stage to build capacity and a substantial organization at scale.

Q: The United Arab Emirates government has a national strategy to combat desertification. Are your partners involved in their initiatives?

A: Yes, they are involved at multiple levels. This includes follow-up initiatives from COP28, which was hosted in the UAE, as well as the upcoming desertification COP event in Riyadh, Saudi Arabia. Both of our partners are actively engaged in these efforts. I’m also looking forward to supporting them and personally meeting with key influencers and stakeholders at these events. So, yes, our partners are very much engaged in these initiatives.

Q: The awareness and attention for LNC is growing. So are the number of pilots, partnerships, and contracts. It appears to be a rather urgent need for a dedicated IR resource. Is that on the agenda for the company?

A: As Desert Control continues to grow and gain attention, we are aware of the increasing need to enhance investor relations and communication. While we currently manage this through our existing team, we are evaluating the potential need for a dedicated IR resource to ensure we can effectively address the growing interest and engagement from investors. It is something that is on our radar as we continue scaling and expanding our operations.

Q: Was it overly ambitious to aim for larger contracts as early as 2021, considering the time it took to produce and implement

LNC at that stage?

A: In 2021, we were not aiming for larger contracts. At that time, we had only developed the initial MVP of our production units and were in the process of building the first-generation clusters. Our focus was on positioning for pilots and small-scale deliveries with clients and projects that had the potential to evolve into large-scale implementations over time. This approach was deliberate, as processes for developing and scaling novel agtech innovations inherently require time, particularly when dealing with validation cycles and building trust in new technologies. This early groundwork has been critical in creating opportunities for the larger-scale projects we are working toward today.

Q: Is the 2 billion liters of LNC only for the USA? Can you comment on the UAE/Saudi pipeline?

A: The 2 billion liters of Liquid Natural Clay (LNC) mentioned pertain only to the United States, and refers to the potential demand of all current engagements and advanced prospects (total acreage of all these clients combined at 100% conversion). In the Middle East, particularly in the UAE and Saudi Arabia, we are actively developing our pipeline through strategic partnerships.

Q: Please elaborate on Total Available Acreage vs Total Serviceable Acreage.

A: The 2 billion liters of potential demand reflects acreage that is both available and serviceable by LNC technology. However, the economic feasibility and timing for large-scale deployments will vary depending on the type of crop and specific conditions.

For high-value crops, such as permanent crops or specialty produce, the investment in LNC can often be justified even in regions where water costs are relatively low as discussed in with the date farm example. This is particularly true when multi-season yield validation demonstrates significant economic benefits, including improved yield, reduced input costs, and better soil health. In contrast, lower-value broad-acre crops, like fodder or staple grains, may require higher water costs or additional incentives to fully realize the economic potential for large-scale deployment.

The balance between available acreage and serviceable acreage is not just about technical feasibility but also about aligning the economics of LNC with the unique needs and priorities of each crop type, regional water costs, and market dynamics. Our focus remains on targeting entry applications where LNC provides the strongest financial and environmental impact, ensuring sustainable growth while building a foundation for broader adoption over time.

Q: When does Desert Control plan to be cash flow positive from operations?

A: Desert Control does not currently provide specific guidance on financial metrics like EBITDA or the timeline for achieving cash flow positive operations. However, as shared in our presentation, we are making significant progress and anticipate a strong

2025.

In 2024, we have already doubled LNC volume deployed, revenue, and total pipeline value year-to-date compared to 2023, and we are well on track to more than doubling these figures again in 2025. For the coming year, we anticipate continued growth in royalty revenues from the Middle East and revenue from sales of units and hardware to partners. In the U.S., our focus will be on upfront LNC revenues from pilots and projects, as well as establishing monthly recurring revenues through outcome-based business models. This includes our target of having several complete golf courses fully deployed and generating revenue in 2025.

These developments, combined with an increasing number of stage 2 agricultural deployments, will further build the foundation for large-scale agricultural projects, which are expected to contribute meaningfully to cash flow in 2026. For now, our focus remains on further strengthening the foundation of our technology, extending the value and reach through our R&D programs, and continue building momentum across agriculture, landscaping, U.S. and Middle East to drive sustainable growth.

Q: How often will soil need to be treated with LNC to maintain its effectiveness?

A: LNC-treated soil may require a top-up treatment after 3-5 years to maintain its effectiveness. The exact timing depends on the type of soil, the crop, and the land management practices in place.

For soils that are frequently and heavily tilled, the interval may be shorter, as tilling can disrupt the soil structure and reduce the long-term benefits of LNC. Conversely, for permanent crops, undisturbed soil, and areas utilizing regenerative agriculture practices, the treatment may last longer. In turf and landscaping applications, such as golf courses, a top-up is often needed after about three years. This is due to aerification and topdressing practices, where significant amounts of untreated fresh sand are introduced into the turf, necessitating a light top-up to maintain performance.

Q: Will soil treated with LNC require yearly treatment?

A: No, soil treated with LNC does not require yearly treatment. Frequency of top-ups etc. are covered in the previous question.

Q: How will you fund the working capital required for the MRR model?

A: The working capital required for the MRR (Monthly Recurring Revenue) model is carefully managed to align with our phased approach to scaling. For initial deployments, we rely on existing resources and production capacity to support these projects. As the model gains traction and demonstrates success, revenue generated from the initial MRR contracts will help fund subsequent deployments.

The focus for the MRR model is on high-value opportunities, such as golf courses and other sectors where water costs and savings justify the investment, to optimize working capital use while building momentum for broader adoption. Additionally, we remain open to exploring capital opportunities to accelerate growth, particularly as our pipeline matures and larger volumes of committed contracts come into place.

Q: How will Desert Control finance the scaling of new projects in 2025 and beyond?

A: Desert Control’s approach to financing the scaling of new projects in 2025 and beyond is rooted in aligning growth with operational and financial sustainability. We anticipate developing revenue from multiple streams, including royalties from the

Middle East, sales of units and hardware to partners, upfront payments from pilots and projects, and monthly recurring revenues

(MRR) from outcome-based business models.

For larger-scale scaling to deliver on actual opportunities that will require significant investment in production capacity and operation capabilities, we may explore additional capital opportunities. These could include strategic investments, partnerships, or growth capital raises that are aligned with the maturity of our pipeline and the increasing volume of committed contracts.

Our phased approach ensures that scaling is tied to tangible market opportunities, allowing us to balance investments with demonstrated demand and market readiness.

Q: Are there discussions with major players about investments in Desert Control?

A: Desert Control engages in market-standard investor relations activities, maintaining dialogues with various stakeholders as part of customary practices. Our unique technology is highly relevant for many including the ESG space, the agtech industry, etc, which naturally attracts interest from various sectors. While we cannot comment on specific discussions, we remain focused on building strong relationships and exploring opportunities that align with our mission and long-term strategy.

Q: Given the current market valuation, are you concerned about the company being acquired at a bargain price?

A: As a publicly listed company, Desert Control is committed to acting in the best interests of the company and its shareholders.

Our Board of Directors regularly reviews strategic options to ensure that any potential actions align with our mission and deliver long-term value. While we cannot comment on hypothetical scenarios, our focus remains on executing our strategic plan, scaling our operations, and creating sustainable growth. We are dedicated to building a strong and resilient company that addresses critical challenges in agriculture and environmental conservation.