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
----------- -----------
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
(END) Dow Jones Newswires
May 12, 2025 16:50 ET (20:50 GMT)