AirJoule Technologies Announces First Quarter 2025 Results

RONAN, Mont., May 12, 2025 (GLOBE NEWSWIRE) -- AirJoule Technologies Corporation $(AIRJ)$ ("AirJoule Technologies" or the "Company"), the developer of the transformational AirJoule$(R)$ 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(R) technology into 
      GE Vernova products with an emphasis on the utilization of low-grade 
      waste heat to produce water. The project will examine AirJoule(R)'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(R) A250$(TM)$ 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(R)'s 
      performance across a range of real-world conditions, including arid 
      climates and variable humidity levels. 
 
   -- Dubai Deployment: Deployed the first AirJoule(R) system in Dubai to 
      showcase AirJoule(R) principles and capabilities for potential public and 
      private sector customers. The AirJoule(R) 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(R) A1000(TM) 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(R) 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(R) , 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(R) 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 
                                           -----------   ----------- 

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