• AirJoule Technologies Announces First Quarter 2025 Results

    Source: Nasdaq GlobeNewswire / 12 May 2025 16:50:59   America/New_York

    RONAN, Mont., May 12, 2025 (GLOBE NEWSWIRE) -- AirJoule Technologies Corporation (NASDAQ: AIRJ) (“AirJoule Technologies” or the “Company”), the developer of the transformational AirJoule® system for separating pure water from air, today announced its first quarter 2025 results.

    First Quarter 2025 & Recent Highlights

    Key Milestones

    • GE Vernova Collaboration on Waste Heat: Commenced a strategic project with GE Vernova focused on the integration of AirJoule® technology into GE Vernova products with an emphasis on the utilization of low-grade waste heat to produce water. The project will examine AirJoule®’s capability to convert low-grade waste heat into pure distilled water with GE Vernova’s technology and product offerings and establish performance across a range of environmental conditions.
    • Arizona State University Agreement: Signed an agreement with Arizona State University (“ASU”), a global leader in the field of atmospheric water harvesting research, to sell one AirJoule® A250™ system to be used for research and evaluation purposes, with expected delivery in September 2025. ASU operates atmospheric water harvesting test sites in the Phoenix area and will independently evaluate AirJoule®’s performance across a range of real-world conditions, including arid climates and variable humidity levels.
    • Dubai Deployment: Deployed the first AirJoule® system in Dubai to showcase AirJoule® principles and capabilities for potential public and private sector customers. The AirJoule® system is operating in an outdoor garden located at one of Dubai government’s premier technology research facilities.
    • Facility Expansion: Expanded the manufacturing facility in Newark, DE to 35,000 square feet, which now includes manufacturing and assembly space, along with three environmental test chambers and a full coating line to produce sorbent-coated contactors.

    Balance Sheet and Liquidity

    • Private Placement Financing: Completed a $15 million private placement financing (the “PIPE”) led by GE Vernova, which also included new and existing investors. GE Vernova’s participation in the PIPE followed its initial investment in AirJoule Technologies of $5 million made in March 2024 in connection with the formation of a 50/50 joint venture with AirJoule Technologies. Net proceeds from the PIPE are being used to accelerate the commercialization of the AirJoule® A1000™ systems to meet strong customer interest.
    • Strong Cash Position: Ended the quarter with $23 million of cash and cash equivalents with sufficient capitalization to support the Company’s operations through expected commercial sales in 2026.

    Executive Commentary

    “AirJoule® is gaining meaningful traction as industries look for innovative ways to secure sustainable water,” said Matt Jore, Chief Executive Officer of AirJoule Technologies. “In the first quarter, we accelerated key initiatives with stakeholders like GE Vernova and Arizona State University, broadened our international presence, and expanded our manufacturing capabilities to support scaled production. With a strong balance sheet and a fully funded path to commercialization, we are well-positioned to meet rising demand for reliable, energy-efficient water solutions, and we are laser-focused on delivering our first preproduction systems for customer demonstrations in 2025.”

    Quarterly Report on Form 10-Q

    AirJoule Technologies’ condensed consolidated financial statements and related footnotes are available in its Quarterly Report on Form 10-Q for the period ended March 31, 2025, which is expected to be filed with the Securities and Exchange Commission (“SEC”) on May 13, 2025.

    Earnings Call Webcast

    AirJoule Technologies will host a conference call to discuss first quarter 2025 results at 8:30 AM ET on Tuesday, May 13, 2025. To access the live audio webcast of the conference call, please visit the AirJoule Technologies investor relations website at https://airjouletech.com/investors. To participate by phone, dial 877-407-6184 (domestic) or +1-201-389-0877 (international).

    An archived webcast will be available following the call.

    About AirJoule Technologies Corporation

    AirJoule Technologies Corporation (NASDAQ: AIRJ) is the developer of AirJoule®, a water harvesting technology that provides efficient and sustainable air dehumidification and pure water from air. Designed to reduce energy consumption and generate material cost efficiencies, AirJoule® is being commercialized through a joint venture with GE Vernova and in partnership with Carrier Global Corporation. For more information, visit  https://airjouletech.com.

    Forward-Looking Statements

    The information in this press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of present or historical fact included in this press release, regarding AirJoule Technologies and its future financial and operational performance, as well as its strategy, future operations, estimated financial position, estimated revenues, and losses, projected costs, prospects, plans and objectives of management are forward looking statements. When used in this press release, including any oral statements made in connection therewith, the words “could,” “may,” “will,” “should,” “anticipate,” “believe,” “intend,” “estimate,” “expect,” “project,” the negative of such terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on management’s current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. Except as otherwise required by applicable law, AirJoule Technologies expressly disclaims any duty to update any forward-looking statements, all of which are expressly qualified by the statements herein, to reflect events or circumstances after the date of this press release.

    AirJoule Technologies cautions you that these forward-looking statements are subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond AirJoule Technologies’ control. These risks include, but are not limited to, our status as an early stage Company with limited operating history, which may make it difficult to evaluate the prospects for our future viability; our initial dependence on revenue generated from a single product; significant barriers we face to deploy our technology; the dependence of our commercialization strategy on our relationships with BASF, Carrier, GE Vernova, and other third parties history of losses, and the other risks and uncertainties described in our SEC filings including the “Risk Factors” section of our most recent Annual Report on Form 10-K and any subsequently filed Quarterly Reports on Form 10-Q. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. Should one or more of the risks or uncertainties described in this press release occur, or should underlying assumptions prove incorrect, actual results and plans could differ materially from those expressed in any forward-looking statements. AirJoule Technologies’ SEC Filings are available publicly on the SEC’s website at www.sec.gov, and readers are urged to carefully review and consider the various disclosures made in such filings.

          
    AIRJOULE TECHNOLOGIES CORPORATION
    CONDENSED CONSOLIDATED BALANCE SHEETS
          
     March 31, December 31,
     2025 2024
     (unaudited)   
    Assets     
    Current assets     
    Cash, cash equivalents and restricted cash$23,000,515  $28,021,748 
    Due from related party 501,844   2,820,129 
    Prepaid expenses and other current assets 946,779   613,754 
    Total current assets 24,449,138   31,455,631 
    Operating lease right-of-use asset 139,162   147,001 
    Property and equipment, net 14,785   16,373 
    Investment in AirJoule, LLC 340,948,355   338,178,633 
    Other assets 54,482   54,482 
    Total assets$365,605,922  $369,852,120 
    Liabilities and stockholders’ equity     
    Current liabilities     
    Accounts payable$326,510  $79,202 
    Other accrued expenses 1,298,453   1,720,318 
    Operating lease liability, current 32,124   30,227 
    True Up Shares liability —   2,189,000 
    Total current liabilities 1,657,087   4,018,747 
    Earnout Shares liability 11,692,000   24,524,000 
    Subject Vesting Shares liability 2,345,000   7,819,000 
    Operating lease liability, non-current 115,734   124,002 
    Deferred tax liability 79,613,389   81,256,047 
    Total liabilities 95,423,210   117,741,796 
    Commitments and contingencies (Note 12)     
    Stockholders’ equity     
    Preferred stock, $0.0001 par value; 25,000,000 authorized shares and 0 shares issued
    and outstanding as of March 31, 2025 and December 31, 2024    		$—  $— 
    Class A common stock, $0.0001 par value; 600,000,000 authorized shares and
    56,352,120 and 55,928,661 shares issued and outstanding as of March 31, 2025
    and December 31, 2024, respectively    		 5,636   5,593 
    Additional paid-in capital 56,770,957   53,577,270 
    Retained earnings 213,406,119   198,527,461 
    Total stockholders’ equity 270,182,712   252,110,324 
    Total liabilities and stockholders’ equity$365,605,922  $369,852,120 
            



    AIRJOULE TECHNOLOGIES CORPORATION
    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
       
     Three Months Ended
    March 31,
     2025 2024
    Cost and expenses:     
    General and administrative$2,786,484  $813,239 
    Research and development 387,919   846,157 
    Sales and marketing 14,209   37,725 
    Transaction costs incurred in connection with business combination —   54,693,103 
    Depreciation and amortization 1,588   1,085 
    Loss from operations (3,190,200)  (56,391,309)
    Other income (expense):     
    Interest income 243,024   26,146 
    Gain on contribution to AirJoule, LLC —   333,500,000 
    Equity loss from investment in AirJoule, LLC (2,230,278)  (26,382)
    Change in fair value of Earnout Shares liability 12,832,000   (7,672,000)
    Change in fair value of True Up Shares liability 106,106   269,000 
    Change in fair value of Subject Vesting Shares liability 5,474,000   (2,425,000)
    Other income 1,348   — 
    Total other income, net 16,426,200   323,671,764 
    Income before income taxes 13,236,000   267,280,455 
    Income tax benefit (expense) 1,642,658   (85,725,163)
    Net income$14,878,658  $181,555,292 
          
    Weighted average Class A common stock outstanding, basic 56,047,662   37,155,326 
    Basic net income per share, Class A common stock$0.27  $4.33 
          
    Weighted average Class A common stock outstanding, diluted 57,111,807   38,631,753 
    Diluted net income, per share, Class A common stock$0.26  $4.18 
          
    Weighted average Class B common stock outstanding, basic and diluted —   4,759,642 
    Basic net income per share, Class B common stock$—  $4.33 
    Diluted net income per share, Class B common stock$—  $4.18 
            


    AIRJOULE TECHNOLOGIES CORPORATION
    CONDESNED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
       
     Three Months Ended March 31,
     2025 2024
    Cash flows from operating activities     
    Net income$14,878,658  $181,555,292 
    Adjustment to reconcile net income to cash provided by (used in) operating activities:     
    Depreciation and amortization 1,588   1,085 
    Deferred tax expense (benefit) (1,642,658)  85,725,163 
    Amortization of operating lease right-of-use assets 7,839   52,068 
    Change in fair value of Earnout Shares liability (12,832,000)  7,672,000 
    Change in fair value of True Up Shares liability (106,106)  (269,000)
    Change in fair value of Subject Vesting Shares liability (5,474,000)  2,425,000 
    Gain on contribution to AirJoule, LLC —   (333,500,000)
    Equity loss from investment in AirJoule, LLC 2,230,278   26,382 
    Non-cash transaction costs in connection with business combination —   53,721,000 
    Share-based compensation 984,393   — 
    Changes in operating assets and liabilities:     
    Due from related party 2,402,969   — 
    Prepaid expenses and other current assets 145,461   15,010 
    Operating lease liabilities (6,371)  (51,346)
    Accounts payable 247,308   (2,675,093)
    Accrued expenses, accrued transaction costs and other liabilities (765,113)  (1,122,998)
    Net cash provided by (used in) operating activities 72,246   (6,425,437)
    Cash flows from investing activities     
    Deferred offering costs paid (135,239)  — 
    Investment in AirJoule, LLC (5,000,000)  (10,000,000)
    Net cash used in investing activities (5,135,239)  (10,000,000)
    Cash flows from financing activities     
    Proceeds from the exercise of warrants —   45,760 
    Proceeds from the exercise of options 41,760   56,250 
    Proceeds from the issuance of common stock —   43,365,000 
    Net cash provided by financing activities 41,760   43,467,010 
    Net increase (decrease) in cash, cash equivalents and restricted cash (5,021,233)  27,041,573 
    Cash, cash equivalents and restricted cash, beginning of period 28,021,748   375,796 
    Cash, cash equivalents and restricted cash, end of the period$23,000,515  $27,417,369 
    Supplemental non-cash investing and financing activities:     
    Issuance of True Up Shares$2,082,894  $— 
    Deferred offering costs included in accrued expenses and other current liabilities$343,247  $— 
    Initial recognition of True Up Shares liability$—  $555,000 
    Initial recognition of Subject Vesting Shares liability$—  $11,792,000 
    Initial recognition of ROU asset and operating lease liability$—  $172,649 
    Liabilities combined in recapitalization, net$—  $8,680,477 
    Contribution to AirJoule, LLC of license to technology$—  $333,500,000 
    Supplemental cash flow information:     
    Taxes paid$—  $— 
            

    Contacts

    Investor Relations & Media:
    Tom Divine – Vice President, Investor Relations and Finance
    investors@airjouletech.com


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