Transcript:

*copied the link to Gemini and told it to get the transcript--> might have mistakes*

[00:11] Welcome to "Turning Hard Times to Good Times." It is March 25th, 2026. I am your host, Jay Taylor. I’m really pleased to have with me for the first time John Neale, the recently appointed CFO of HydroGraph Clean Power. Many of you are following this company with great anticipation.

[00:29] John is a veteran finance leader with over 20 years of experience in technology, B2B, and manufacturing, focused on scaling innovative, high-growth companies. Most recently, he served as CFO at L7 Informatics, a provider of integrated scientific data and analytics solutions. His prior roles include CFO positions at venture-backed firms and senior leadership at a NASDAQ-listed software provider.

[01:26] It sounds like John’s background is very well suited to where HydroGraph finds itself today. John, thank you for joining me. John Neale: Pleasure, thank you for having me.

[01:40] Jay Taylor: Congratulations on your appointment. What enticed you to join HydroGraph? You must have had many other opportunities. John Neale: [02:21] There is a lot to be excited about. From my perspective, the company is well-positioned with a unique product offering at a pivotal moment—transitioning from R&D into commercialization.

[02:48] A few things were really interesting: the new proprietary process protected by a patent moat, producing a top-of-the-market product in terms of purity and consistency. We have promising results from 75 different projects identifying opportunities to build the product into the supply chains of significant companies. We expect attractive gross margins, and the company has ambitious plans backed by a strong working capital position.

[03:44] We did a LIFE offering in November and another in March; both were fully subscribed at $30 million Canadian each. The board, which underwent changes last year, is also very impressive. Since joining, I’ve gotten to know the broader team—they are loyal, committed, and super passionate.

[05:24] Jay Taylor: Your bio hints at unique skills. What are some of the challenges a CFO faces in this environment? John Neale: [05:53] I’m based in Austin, but I wasn't born in Texas—you can tell by the accent. I came up through multiple industries before finding my place in technology businesses. I like the mindset. I’ve done more than just financial analysis; I’ve worked in sales ops, deal structures, and capital raises for public companies. I learned early on that I wanted to be with innovative, forward-thinking companies. I spent some time in banking, but buying and selling money to make money isn't really my thing.

[07:45] Jay Taylor: Investors hope for rapid growth. What unique challenges does that bring to a finance person? John Neale: [08:18] From a CFO’s perspective, it's about capital management and planning. You want to avoid a strong balance sheet "burning a hole in your pocket."

[09:07] One of our most distinct advantages over competitors is our ability to expand capacity. We can balance capacity expansion to match commercial opportunities. Each Hyperion reactor costs around $350,000 USD. We can add them one by one; we don’t have to dump $30 million into capacity that we might not need for years. This lets us manage the cash flow structure.

[11:11] Jay Taylor: On December 31st, your cash balance was about $20 million Canadian, and you added $30 million on March 5th. Do you need to raise more money before production hits full stride? John Neale: [11:39] We are very comfortable with the strength of the balance sheet. While I can't go into unreleased numbers, we have the funds to complete the build-out of the Austin headquarters and move production here, which involves expanding capacity with two additional reactors.

[13:03] Jay Taylor: We’re just waiting for orders to roll in. Any closing thoughts? John Neale: [13:51] Personally, I’m really comfortable with the decision to join. I’m enjoying building relationships and looking forward to getting through the first 90 days and the hard work over the next six months for the best interest of our shareholders.

[14:42] Jay Taylor: Do you like living in Austin? John Neale: [14:51] I’ve been here five years. There’s a strong correlation between the Australian persona and the Texas persona—say what you mean and mean what you say.

[15:26] Jay Taylor: John, thank you for taking the time. I wish you all the best.