Portfolio Update: Splash Marks Major Milestones with New Vietnam Master Franchise and Hydrocycle Shipment to Romania

New Master Franchise in Vietnam, Hydrocycle's Romanian Order Ships 

Splash has entered the most commercially active stretch in its history. The Company has put its software platform, operating data, commercial expertise, and wastewater treatment capabilities to work generating revenue, and there is now concrete progress across both Splash and its subsidiary, Hydrocycle.

Recent updates for Splash:

• Splash has signed documents with a master franchise partner in Vietnam and is preparing to ship machines for its first three sites, along with three Hydrocycle water recycling systems. These initial transactions represent roughly $100K in commercial activity.

• Tasco, Vietnam's largest automotive group, has engaged Splash's CEO as an advisor on its plan to build a national carwash platform and continues to explore licensing Splash's software as the backbone of that platform.

• The new Chairman of Splash's Taicang joint venture partner has confirmed plans to commit additional resources and is evaluating a range of financial and operational options.

  
  

Recent updates for Hydrocycle:

• Hydrocycle has taken over all commercial and design activities previously handled by JV partner Zhongke's wastewater treatment business, making it the commercial successor to an operation that has designed and sold more than $40MM of wastewater treatment systems since 2018.

• Hydrocycle's first Romanian order, valued at $250K, is ready to ship.

• In France, Hydrocycle is finalizing the purchase contract for Anett's first installation. Expanded requirements have raised the first line value to ~$465K, with the complete two-line system valued near $900K. Anett anticipates needing systems across 42 sites by 2030 and intends to source most or all of them from Hydrocycle.

• The team has grown with several new hires, including Zhongke's former Chief Designer and an operations lead who brings two Stanford degrees and experience at Google and DoorDash. Hydrocycle has also expanded its engineering and service capabilities in Europe.

  
  

Taken together, the Vietnam franchise, Tasco discussions, Romania shipment, Anett contract, and Zhongke transition all point in the same direction: Splash's assets are creating meaningful commercial opportunities well beyond the original China rollout.

For further information or to set up time to speak with Splash's CEO, Rob Shesol, please contact Tony Coretto.