Core Insights - Calumet, Inc. reported a net loss of $147.9 million for Q2 2025, compared to a loss of $39.1 million in Q2 2024, reflecting significant challenges in financial performance [3][26] - Adjusted EBITDA with Tax Attributes for Q2 2025 was $76.5 million, showing a slight increase from $74.8 million in the same quarter last year [3][29] - The company achieved approximately $42 million in year-over-year operating cost reductions through disciplined operational execution [3][4] Financial Performance - The total sales volume for Q2 2025 was 88,766 barrels per day, a decrease from 90,242 barrels per day in Q2 2024 [7] - The Specialty Products and Solutions segment reported Adjusted EBITDA of $66.8 million in Q2 2025, down from $72.7 million in Q2 2024, attributed to a planned turnaround [2][3] - The Performance Brands segment's Adjusted EBITDA was $13.5 million in Q2 2025, compared to $14.1 million in Q2 2024, reflecting strong margin performance despite the divestiture of the Royal Purple® Industrial business [2][3] Segment Analysis - The Montana/Renewables segment reported Adjusted EBITDA with Tax Attributes of $16.3 million in Q2 2025, up from $8.7 million in the prior year, benefiting from lower operating costs and record volumes [4][31] - The gross profit (loss) for the Specialty Products and Solutions segment was $(14.9) million in Q2 2025, compared to a profit of $39.1 million in Q2 2024 [3][26] - The Montana/Renewables segment's gross profit (loss) per barrel was $(20.78) in Q2 2025, compared to $(0.18) in Q2 2024, indicating significant challenges in profitability [3][21] Operational Highlights - The company completed a month-long turnaround at its Shreveport facility, which contributed to operational performance improvements [3] - Operating costs at Montana Renewables fell to $0.43 per gallon in Q2 2025, the lowest since the platform's launch, enhancing its competitive position [3][4] - The company is on track to achieve 120–150 million gallons of annualized SAF production by Q2 2026, supported by a favorable regulatory environment [3][4]

Core Insights - AirJoule Technologies Corporation has announced a project to deploy its AirJoule system in Hubbard, Texas, utilizing geothermal low-grade waste heat to produce distilled water from air [1][2] - The project aims to address water quality issues in Texas, where the state has allocated $2.5 billion for water infrastructure and proposed a constitutional amendment for an additional $1 billion annually for twenty years [2] - The AirJoule platform offers a scalable and energy-efficient solution for generating water, reducing reliance on groundwater and surface water resources [3] Project Details - The project is set to begin in Q4 2025 and is expected to be completed by the end of Q1 2026, pending successful testing and potability certification [5] - AirJoule Technologies plans to pursue certification to ensure the produced water meets all minimum drinking water standards, which is crucial for supporting municipal and industrial customers [4][5] Market Context - Texas is identified as a key early market for AirJoule, with increasing concerns over water quality and infrastructure [2] - The project is part of a broader strategy to commercialize the AirJoule platform across various industrial applications in water-scarce regions globally [5] Technological Validation - Independent testing has confirmed that the AirJoule system produces pure, PFAS-free distilled water, which is essential for addressing critical water challenges [4]

Core Points - AirJoule Technologies Corporation unveiled its new 42,000 square-foot manufacturing facility in Newark, Delaware, on July 30, 2025, marking a significant milestone in the commercialization of its water harvesting technology [1][12] - The facility is operational since late 2024 and employs 35 staff members, supporting a joint venture with GE Vernova to enhance the deployment of the AirJoule system [1][2] Company Overview - AirJoule Technologies specializes in water harvesting technology, specifically the AirJoule system, which produces pure distilled water from air while improving energy efficiency [4][7] - The company aims to address global water scarcity and enhance air conditioning efficiency, which currently accounts for 10% of global power consumption [4] Technology and Production - The AirJoule system utilizes advanced sorbents and a dual-vacuum chamber to extract water vapor from the air, with the first preproduction unit expected to generate 1,000 liters of water per day in 2025 [3] - Commercial sales are anticipated to begin in 2026, targeting sectors such as data centers, military, and manufacturing [3] Community and Economic Impact - The facility's location was chosen for Delaware's business-friendly environment and access to a skilled workforce, with support from local economic development organizations [5] - The project is expected to create jobs and contribute to the economic growth of New Castle County, as highlighted by local officials during the ceremony [6]

Core Insights - AirJoule Technologies Corporation is participating in two upcoming investor conferences, aiming to engage with investors and present its innovative water harvesting technology [1][2]. Group 1: Company Overview - AirJoule Technologies Corporation (NASDAQ: AIRJ) specializes in water harvesting technology, specifically the AirJoule system that extracts pure distilled water from air [3]. - The AirJoule system is designed to enhance energy efficiency and reduce costs, and it is being commercialized through a joint venture with GE Vernova and in partnership with Carrier Global Corporation [3]. Group 2: Investor Engagement - The company will present at the Canaccord Genuity 45th Annual Growth Conference on August 12, 2025, in Boston, MA, and at the H.C. Wainwright 27th Annual Global Investment Conference on September 8-9, 2025, in New York, NY [1]. - Management will conduct one-on-one meetings with investors during these conferences, providing opportunities for direct engagement [1].

Core Viewpoint - AirJoule Technologies Corporation has appointed Denise Sterling and Thomas Murphy to its Board of Directors, filling vacancies left by Paul Dabbar and Kyle Derham, as the company continues to advance its AirJoule system for water extraction from air [1][2][4]. Company Developments - Paul Dabbar was appointed as Deputy Secretary of Commerce, necessitating his departure from the AirJoule Board due to federal ethics rules [1]. - Kyle Derham resigned to pursue other business opportunities with the Rice Investment Group [1]. New Board Members' Expertise - Denise Sterling has extensive experience in finance, having served as CFO of Core Scientific and held senior roles at Oportun and Visa, bringing valuable financial oversight to the Board [2][4]. - Thomas Murphy has a strong background in audit and advisory services, previously leading the SEC Commercial Audit Practice at Crowe LLP, which will enhance the company's financial governance [3][4]. Company Background - AirJoule Technologies is focused on developing the AirJoule system, which aims to produce pure distilled water from air while reducing energy consumption and costs [5]. - The company is commercializing its technology through a joint venture with GE Vernova and in partnership with Carrier Global Corporation [5].

Core Viewpoint - AirJoule Technologies has signed a memorandum of understanding with a hyperscale data center developer to utilize its AirJoule technology for generating pure distilled water from ambient air using low-grade waste heat from data center operations [1][2]. Group 1: Collaboration and Goals - The collaboration aims to integrate AirJoule technology into data center designs to create a sustainable source of distilled and demineralized water, reducing reliance on local water resources and enhancing infrastructure resilience [2]. - Initial efforts will focus on engineering assessments and performance modeling, paving the way for future deployment of the technology [2]. Group 2: Industry Context and Environmental Impact - Data centers are significant consumers of electricity and water, with water usage potentially exceeding millions of gallons per year per facility, especially in water-stressed regions [3]. - The partnership addresses the environmental and operational risks associated with high water consumption in data centers, as operators seek technologies to improve water efficiency and reduce dependence on municipal supplies [3]. Group 3: Technology Overview - The patented AirJoule system employs proprietary sorbent materials and a dual-chamber pressure system to extract pure, PFAS-free distilled water from the atmosphere using low-grade heat [4]. - In data center environments, the system can convert waste heat from servers into a closed-loop system that produces valuable distilled water [4]. Group 4: Company Background - AirJoule Technologies Corporation is focused on developing efficient and sustainable air dehumidification and water harvesting technologies, with commercial efforts supported by partnerships with GE Vernova, Carrier Global Corporation, and BASF [5].

Core Insights - AirJoule Technologies Corporation is set to join the Russell 3000 Index effective June 30, 2025, marking a significant milestone for the company [1][2][3] - The Russell 3000 Index includes the 3,000 largest US public companies by market capitalization, and membership provides automatic inclusion in the Russell 1000 and Russell 2000 Indexes [2][3] - The CEO of AirJoule Technologies expressed that this inclusion reflects the company's progress in addressing global water scarcity and energy efficiency challenges [3] Company Overview - AirJoule Technologies is a water harvesting technology company that has developed the AirJoule system, which produces pure distilled water from air [5] - The AirJoule system aims to reduce energy consumption and generate cost efficiencies, and it is being commercialized through a joint venture with GE Vernova and in partnership with Carrier Global Corporation [5] - As of June 2024, approximately $10.6 trillion in assets are benchmarked against the Russell US indexes, indicating the significance of the Russell 3000 Index in the investment landscape [3][6]

Core Viewpoint - United States Antimony Corporation (NYSE: UAMY) has released its Q1 results, which are considered interesting and noteworthy for investors looking for trades with a 2-3 year time horizon [1]. Group 1 - The company has been under coverage for a couple of months, indicating ongoing interest and analysis in its performance [1]. - The Q1 results provide valuable insights into the company's financial health and operational performance [1].

Part I [Item 1. Condensed Consolidated Financial Statements (Unaudited)](index=4&type=section&id=Item%201.%20Condensed%20Consolidated%20Financial%20Statements%20(Unaudited)) This section presents AirJoule Technologies' unaudited condensed consolidated financial statements, detailing financial position and JV accounting [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of March 31, 2025, total assets were **$365.6 million**, a slight decrease from **$369.9 million** at year-end 2024, while total liabilities significantly decreased to **$95.4 million** from **$117.7 million**, leading to an increase in total stockholders' equity from **$252.1 million** to **$270.2 million** Condensed Consolidated Balance Sheet Data (in thousands) | Account | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Assets** | | | | Cash, cash equivalents and restricted cash | $23,001 | $28,022 | | Total current assets | $24,449 | $31,456 | | Investment in AirJoule, LLC | $340,948 | $338,179 | | **Total assets** | **$365,606** | **$369,852** | | **Liabilities & Stockholders' Equity** | | | | Total current liabilities | $1,657 | $4,019 | | Earnout Shares liability | $11,692 | $24,524 | | Subject Vesting Shares liability | $2,345 | $7,819 | | **Total liabilities** | **$95,423** | **$117,742** | | **Total stockholders' equity** | **$270,183** | **$252,110** | [Condensed Consolidated Statements of Operations](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) For the three months ended March 31, 2025, the company reported a net income of **$14.9 million**, or **$0.26** per diluted share, compared to a net income of **$181.6 million**, or **$4.18** per diluted share, for the same period in 2024, with 2024 significantly impacted by a one-time **$333.5 million** gain on IP contribution and **$54.7 million** in transaction costs Condensed Consolidated Statements of Operations Data (in thousands) | Account | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | General and administrative | $2,786 | $813 | | Research and development | $388 | $846 | | Transaction costs incurred in connection with business combination | $0 | $54,693 | | **Loss from operations** | **($3,190)** | **($56,391)** | | Gain on contribution to AirJoule, LLC | $0 | $333,500 | | Change in fair value of Earnout, True Up, & Subject Vesting Shares liabilities | $18,412 | ($9,828) | | Equity loss from investment in AirJoule, LLC | ($2,230) | ($26) | | Income tax benefit (expense) | $1,643 | ($85,725) | | **Net income** | **$14,879** | **$181,555** | | **Diluted net income per share** | **$0.26** | **$4.18** | [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Operating cash flow significantly improved in Q1 2025, providing **$72.2 million** compared to **$6.4 million** used in Q1 2024, resulting in a net cash decrease of **$5.0 million** Summary of Cash Flows (in thousands) | Activity | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | Net cash provided by (used in) operating activities | $72 | ($6,425) | | Net cash used in investing activities | ($5,135) | ($10,000) | | Net cash provided by financing activities | $42 | $43,467 | | **Net increase (decrease) in cash** | **($5,021)** | **$27,042** | | **Cash at end of period** | **$23,001** | **$27,417** | [Notes to the Unaudited Condensed Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20the%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) Notes detail the company's formation, GE Vernova JV, liquidity, and fair value accounting for share liabilities, including a subsequent **$15 million** PIPE financing - The company was formed via a reverse recapitalization with Power & Digital Infrastructure Acquisition II Corp (XPDB), which closed on March 14, 2024, with Legacy Montana treated as the accounting acquirer[19](index=19&type=chunk)[21](index=21&type=chunk) - A 50/50 joint venture, AirJoule, LLC, was formed with GE Vernova in March 2024, resulting in a **$333.5 million** gain on IP contribution, with a commitment to contribute up to an additional **$90.0 million** to the JV[23](index=23&type=chunk)[92](index=92&type=chunk)[99](index=99&type=chunk) - The company entered into a **$30 million** Committed Equity Facility with B. Riley on March 25, 2025, providing a future source of liquidity, with no sales occurring as of March 31, 2025[24](index=24&type=chunk) - Earnout Shares, True Up Shares, and Subject Vesting Shares liabilities are measured at fair value using Level 3 inputs (Monte Carlo simulation), with their combined fair value decreasing from **$34.5 million** to **$14.0 million** during the quarter[58](index=58&type=chunk)[65](index=65&type=chunk)[146](index=146&type=chunk) - Subsequent to quarter end, on April 23, 2025, the company entered into agreements for a PIPE financing to sell **3,775,126** shares of Class A common stock for aggregate proceeds of approximately **$15 million**[169](index=169&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition And Results of Operations](index=51&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20And%20Results%20of%20Operations) Management discusses AirJoule's water-harvesting technology commercialization, Q1 2025 financial results, liquidity, and critical accounting estimates [Company Overview and Growth Strategy](index=51&type=section&id=Company%20Overview%20and%20Growth%20Strategy) AirJoule Technologies focuses on commercializing its AirJoule system, targeting a **$450 billion** market across various industries by leveraging strategic partnerships - The company's core product, AirJoule, is a climate solution technology that separates water from air to produce pure distilled water[174](index=174&type=chunk) - The growth strategy focuses on leveraging global collaborations with GE Vernova and Carrier to scale manufacturing and commercialization[174](index=174&type=chunk)[177](index=177&type=chunk) - Key target markets include data centers, advanced manufacturing, military, and HVAC applications, with an estimated combined total addressable market of **$450 billion**[175](index=175&type=chunk)[176](index=176&type=chunk) [Results of Operations](index=54&type=section&id=Results%20of%20Operations) Loss from operations decreased significantly in Q1 2025 due to the absence of prior year's one-time costs, while total other income declined due to non-recurring gains - General and administrative expenses increased by **$2.0 million** in Q1 2025 compared to Q1 2024, primarily due to higher legal, audit, and accounting service fees[184](index=184&type=chunk) - Research and development expenses decreased by **$0.5 million**, largely due to the reimbursement of costs from the AirJoule, LLC joint venture[185](index=185&type=chunk) - Q1 2024 results included **$54.7 million** in transaction costs related to the business combination, which were not present in Q1 2025[183](index=183&type=chunk)[187](index=187&type=chunk) - The significant decrease in 'Total other income' is due to a **$333.5 million** gain on contribution to AirJoule, LLC in Q1 2024, which did not recur, while Q1 2025 other income was mainly from a **$12.8 million** gain on the change in fair value of the Earnout Shares liability[183](index=183&type=chunk)[190](index=190&type=chunk)[193](index=193&type=chunk) [Liquidity and Capital Resources](index=57&type=section&id=Liquidity%20and%20Capital%20Resources) The company's liquidity relies on equity financing, with **$23.0 million** cash as of March 31, 2025, and future capital needs including up to **$90.0 million** for the AirJoule JV, supported by a **$30 million** committed equity facility - As of March 31, 2025, the company had **$23.0 million** in cash, cash equivalents, and restricted cash[199](index=199&type=chunk) - A committed equity facility was established on March 25, 2025, allowing the company to sell up to **$30 million** of common stock over 36 months[197](index=197&type=chunk) - The company has agreed to contribute up to an additional **$90.0 million** in capital to the AirJoule JV, subject to an agreed-upon business plan[201](index=201&type=chunk) [Critical Accounting Estimates](index=60&type=section&id=Critical%20Accounting%20Estimates) Management identifies several critical accounting estimates, including share-based compensation, derivative liabilities, and equity method investments, all requiring significant judgment - Key critical accounting estimates include: Share-Based Compensation, Earnout Shares Liability, Derivative Financial Instruments, Business Combinations, Equity Method Investment, Warrants, and Income Taxes[214](index=214&type=chunk)[215](index=215&type=chunk)[219](index=219&type=chunk) - The fair value of Earnout Shares, True Up Shares, and Subject Vesting Shares liabilities are determined using Monte Carlo simulations, which are Level 3 measurements requiring significant judgment on inputs like future EBITDA and stock price volatility[220](index=220&type=chunk)[222](index=222&type=chunk)[223](index=223&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=68&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This section is marked as 'Not applicable', indicating the company does not have material exposure to market risks requiring disclosure under this item - The company has stated that this item is not applicable[244](index=244&type=chunk) [Item 4. Controls and Procedures](index=68&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and procedures were effective as of March 31, 2025, with no significant changes in internal control over financial reporting during the quarter - Management concluded that as of March 31, 2025, the company's disclosure controls and procedures were effective[245](index=245&type=chunk) - No significant changes to internal control over financial reporting occurred during the quarter ended March 31, 2025[246](index=246&type=chunk) Part II [Item 1. Legal Proceedings](index=69&type=section&id=Item%201.%20Legal%20Proceedings) The company is not currently a party to any legal proceedings expected to have a material adverse effect on its business, financial condition, or operations - The company reports no material legal proceedings[249](index=249&type=chunk) [Item 1A. Risk Factors](index=69&type=section&id=Item%201a.%20Risk%20Factors) This section refers the reader to the detailed risk factors disclosed in the company's Annual Report on Form 10-K for the year ended December 31, 2024, indicating no material changes to those risks - The company refers to its Annual Report on Form 10-K for the year ended December 31, 2024, for a discussion of risk factors[250](index=250&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=69&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) No unregistered sales of capital stock occurred during the three months ended March 31, 2025, though an Equity Line was established for future sales - No unregistered sales of equity securities were made during the quarter[251](index=251&type=chunk) - On March 25, 2025, the company entered into an Equity Line Purchase Agreement to sell up to **4,250,000** shares of Class A common stock, but no sales had occurred as of March 31, 2025[252](index=252&type=chunk) [Item 3. Defaults Upon Senior Securities](index=69&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) The company reports that there were no defaults upon senior securities during the period - None reported[253](index=253&type=chunk) [Item 4. Mine Safety Disclosures](index=69&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This section is not applicable to the company's business operations - Not applicable[254](index=254&type=chunk) [Item 5. Other Information](index=69&type=section&id=Item%205.%20Other%20Information) During the quarter ended March 31, 2025, no director or officer of the company adopted or terminated a Rule 10b5-1 trading agreement or a non-Rule 10b5-1 trading agreement - No director or officer adopted or terminated a Rule 10b5-1 trading plan during the quarter[255](index=255&type=chunk) [Item 6. Exhibits](index=70&type=section&id=Item%206.%20Exhibits) This section lists all exhibits filed as part of the quarterly report, including the merger agreement, corporate governance documents, warrant agreements, and various certifications by the CEO and CFO - The report includes exhibits such as the merger agreement, certificate of incorporation, bylaws, warrant agreements, and CEO/CFO certifications[257](index=257&type=chunk)

Core Viewpoint - AirJoule Technologies Corporation (AIRJ) has received a Zacks Rank 1 (Strong Buy) upgrade, indicating a positive outlook driven by rising earnings estimates, which are crucial for stock price movements [1][4][6]. Earnings Estimates and Revisions - The Zacks Consensus Estimate for AirJoule Technologies Corporation indicates an expected earnings per share of -$0.25 for the fiscal year ending December 2025, reflecting an 85.7% change from the previous year's reported number [9]. - Over the past three months, analysts have increased their earnings estimates for the company by 10.7% [9]. Zacks Rating System - The Zacks rating system is based on changes in earnings estimates, which are strongly correlated with near-term stock price movements, making it a valuable tool for investors [3][7]. - The system classifies stocks into five groups, with Zacks Rank 1 stocks historically generating an average annual return of +25% since 1988 [8]. Market Implications - The upgrade to Zacks Rank 1 positions AirJoule Technologies Corporation in the top 5% of Zacks-covered stocks, suggesting potential for significant price appreciation in the near term [11]. - The correlation between earnings estimate revisions and stock price movements indicates that institutional investors may respond positively to the improved earnings outlook, leading to increased buying pressure [5][6].