AirJoule Technologies Corp. SEC 10-Q Report

AirJoule Technologies Corp., a company dedicated to the commercialization and scaling of its proprietary AirJoule system for producing pure distilled water from atmospheric water vapor, has released its Q3 2024 10-Q report. The report provides a comprehensive overview of the company's financial performance and operational advancements, reflecting significant strides in both areas.

Financial Highlights

• Operating Income: $(3.19) million, a notable improvement from the previous year's loss of $(56.39) million, primarily due to the absence of transaction costs related to the business combination.
• Net Income: $14.88 million, compared to $181.56 million in the prior year, which included a substantial gain from the contribution to AirJoule, LLC.
• Basic Net Income Per Share, Class A Common Stock: $0.27, indicating a decrease from $4.33 in the previous year due to the absence of extraordinary gains.
• Diluted Net Income Per Share, Class A Common Stock: $0.26, down from $4.18 in the prior year, reflecting the impact of a larger share base and the absence of one-time gains.

Business Highlights

• Business Operations: AirJoule Technologies Corporation is focused on the commercialization and scaling of its proprietary AirJoule system, which produces pure distilled water by harvesting atmospheric water vapor. The system is particularly valuable for industrial users, such as data centers and advanced manufacturing, due to its ability to utilize waste heat.
• Strategic Partnerships: The company has established global collaborations with GE Vernova and Carrier Global Corporation to enhance the deployment of AirJoule units worldwide, aiming to improve water security and reduce global emissions.
• Joint Venture Formation: In March 2024, AirJoule Technologies formed a joint venture with GE Vernova, named AirJoule JV, to incorporate GE Vernova’s proprietary sorbent materials into AirJoule systems. This joint venture focuses on manufacturing and marketing products in the Americas, Africa, and Australia.
• Product Development: The AirJoule system is designed to reduce energy consumption in HVAC applications, minimize or eliminate the use of environmentally harmful refrigerants, and generate cost efficiencies for air conditioning systems.
• Future Outlook: The company plans to continue its focus on the development and commercialization of its technology, with expected future operating losses and negative cash flows due to additional costs related to technology development and market expansion.
• Capital Contributions: AirJoule Technologies has committed to contributing up to an additional $90 million to the AirJoule JV, based on agreed business plans and annual operating budgets with GE Vernova.
• Operational Focus: The company is prioritizing project execution activities, including material purchases, services, and payroll, which fluctuate based on the timing and extent of new and existing projects.

SEC Filing: AirJoule Technologies Corp. [ AIRJ ] - 10-Q - May. 13, 2025