Financial Data and Key Metrics Changes - The net income for the second quarter was $2.5 million, a decrease from $14.9 million in the first quarter, primarily due to non-cash gains associated with changes in fair value of earn-out liabilities [31] - The company ended the quarter with approximately $31 million in cash and zero debt, providing sufficient runway for commercialization efforts [20][32] Business Line Data and Key Metrics Changes - The introduction of the A250 product, which is designed for industrial dehumidification, is expected to reduce energy consumption by up to 80% compared to traditional systems [23][27] - The A1000 water generator is set for a 2026 launch, with the A250 serving as a stepping stone to optimize components and validate design requirements [22][24] Market Data and Key Metrics Changes - The industrial dehumidification market is estimated at $3 billion in annual sales, with expectations to capture meaningful market share through superior product offerings [27] - The data center market is highlighted as a significant opportunity, with projections of growth up to 30 gigawatts by 2030, necessitating innovative water and energy solutions [28] Company Strategy and Development Direction - The company aims to be a leading technology platform for water generation from air, focusing on sustainable solutions for water and energy constraints [5][6] - Strategic collaborations have been established, including partnerships with GE Vernova and projects with data centers to integrate waste heat to water technology [7][13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the commercialization path and the potential of their technologies to address water scarcity and energy demands [4][5] - The company is optimistic about the future, emphasizing the importance of partnerships and ongoing projects to drive growth [98] Other Important Information - The company completed a $15 million private placement anchored by GE Vernova, bringing in new institutional investors [20] - Two new directors with extensive experience were added to the board, enhancing governance and oversight [15] Q&A Session Summary Question: Opportunity of pairing AirDuel with gas turbines and reciprocal engines - Management explained that utilizing waste heat from these systems can significantly enhance efficiency and provide both water and power solutions [36] Question: Choice of location for the waste heat to water demo - The Hubbard project was chosen due to its unique geothermal well situation, allowing for effective demonstration of the technology [37] Question: Additional details on the MOU with the hyperscaler - Management indicated that the opportunities are near-term, with expectations to capitalize on them within a year [39] Question: Managing noise around tariffs and equipment sourcing - The company is evaluating multiple suppliers for components and has flexibility in sourcing, which mitigates tariff impacts [42] Question: Key value proposition of the A250 offering - The primary value proposition is energy savings for dehumidification applications, with significant operational cost reductions [47] Question: Ideal settings and customer targets for the A250 - The A250 is targeted at diverse applications, including battery manufacturing and pharmaceuticals, where energy efficiency is critical [49] Question: Timeline for customer testing and confidence in results - The A250 and A1000 are targeting mid-2026 for product launches, with customer testing expected to vary in duration based on risk tolerance [55] Question: Cost savings for data centers using the A1000 - The A1000 aims to provide a competitive levelized cost of water, addressing the growing water needs of data centers [60] Question: Certification and data gathering from the Hubbard project - The Hubbard project aims for certifications to demonstrate potable water utility capabilities, complementing the independent validation from ASU [70]

[PART I - FINANCIAL INFORMATION](index=4&type=section&id=Part%201%20-%20Financial%20Information) Presents the unaudited condensed consolidated financial statements and related disclosures for the reporting period [Item 1. Condensed Consolidated Financial Statements (Unaudited)](index=4&type=section&id=Item%201.%20Condensed%20Consolidated%20Financial%20Statements%20(Unaudited)) Presents unaudited consolidated financial statements and notes for Q2 2025 and FY 2024 [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets%20as%20of%20June%2030,%202025%20and%20December%2031,%202024%20(Unaudited)) Presents the company's financial position, including assets, liabilities, and equity Condensed Consolidated Balance Sheets (Selected Items) | Item | June 30, 2025 ($) | December 31, 2024 ($) | | :-------------------------------- | :------------ | :---------------- | | Cash, cash equivalents and restricted cash | $30,502,711 | $28,021,748 | | Total current assets | $32,016,616 | $31,455,631 | | Investment in AirJoule, LLC | $343,858,688 | $338,178,633 | | Total assets | $376,084,893 | $369,852,120 | | Total current liabilities | $2,526,679 | $4,018,747 | | Earnout Shares liability | $5,416,000 | $24,524,000 | | Subject Vesting Shares liability | $1,411,000 | $7,819,000 | | Total liabilities | $87,515,300 | $117,741,796 | | Total stockholders' equity | $288,569,593 | $252,110,324 | [Condensed Consolidated Statements of Operations](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations%20for%20the%20Three%20and%20Six%20Months%20Ended%20June%2030,%202025%20and%202024%20(Unaudited)) Details the company's financial performance, including revenues and expenses Condensed Consolidated Statements of Operations (Selected Items) | Item | Three Months Ended June 30, 2025 ($) | Three Months Ended June 30, 2024 ($) | Six Months Ended June 30, 2025 ($) | Six Months Ended June 30, 2024 ($) | | :------------------------------------ | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | General and administrative | $3,751,211 | $3,211,205 | $6,537,695 | $4,024,444 | | Research and development | $401,623 | $1,050,804 | $789,542 | $1,896,961 | | Loss from operations | $(4,162,917) | $(4,338,066) | $(7,353,117) | $(60,729,375) | | Gain on contribution to AirJoule, LLC | — | — | — | $333,500,000 | | Equity loss from investment in AirJoule, LLC | $(2,089,667) | $(580,788) | $(4,319,945) | $(607,170) | | Change in fair value of Earnout Shares liability | $6,276,000 | $13,064,000 | $19,108,000 | $5,392,000 | | Net income | $2,513,213 | $13,429,895 | $17,391,871 | $194,985,187 | | Basic net income per share, Class A common stock | $0.04 | $0.25 | $0.30 | $4.05 | | Diluted net income per share, Class A common stock | $0.04 | $0.24 | $0.30 | $3.92 | [Condensed Consolidated Statements of Changes in Members' and Stockholders' Equity (Deficit)](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Changes%20in%20Members'%20and%20Stockholders'%20Equity%20(Deficit)%20for%20the%20Three%20and%20Six%20Months%20Ended%20June%2030,%202025%20and%202024%20(Unaudited)) Outlines changes in the company's equity for the reporting periods Changes in Stockholders' Equity (Selected Items) - Six Months Ended June 30, 2025 | Item | Class A Common Stock (Shares) | Class A Common Stock (Amount ($)) | Additional Paid-In Capital ($) | Retained Earnings ($) | Total Stockholders' Equity ($) | | :-------------------------- | :---------------------------- | :---------------------------- | :------------------------- | :---------------- | :------------------------- | | Balance at December 31, 2024 | 55,928,661 | $5,593 | $53,577,270 | $198,527,461 | $252,110,324 | | Exercise of options | 296,065 | $29 | $99,688 | — | $99,717 | | Share-based compensation | — | — | $2,641,056 | — | $2,641,056 | | Issuance of True up Shares | 275,880 | $28 | $2,082,866 | — | $2,082,894 | | PIPE offering proceeds, net | 3,775,126 | $377 | $14,243,353 | — | $14,243,730 | | Net income | — | — | — | $17,391,871 | $17,391,871 | | Balance at June 30, 2025 | 60,439,593 | $6,044 | $72,644,217 | $215,919,332 | $288,569,593 | [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows%20for%20the%20Six%20Months%20Ended%20June%2030,%202025%20and%202024%20(Unaudited)) Summarizes cash flows from operating, investing, and financing activities Condensed Consolidated Statements of Cash Flows (Selected Items) | Cash Flow Activity | Six Months Ended June 30, 2025 ($) | Six Months Ended June 30, 2024 ($) | | :-------------------------------- | :----------------------------- | :----------------------------- | | Net cash used in operating activities | $(2,163,485) | $(17,576,561) | | Net cash used in investing activities | $(10,011,376) | $(10,006,554) | | Net cash provided by financing activities | $14,655,824 | $61,855,930 | | Net increase in cash, cash equivalents and restricted cash | $2,480,963 | $34,272,815 | | Cash, cash equivalents and restricted cash, end of the period | $30,502,711 | $34,648,611 | [Notes to the Unaudited Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20the%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) Provides detailed explanations and disclosures for financial statements [Note 1 — ORGANIZATION AND BUSINESS OPERATIONS](index=9&type=section&id=Note%201%20%E2%80%94%20ORGANIZATION%20AND%20BUSINESS%20OPERATIONS) Describes the company's organization, business operations, and strategic initiatives - AirJoule Technologies Corporation is an advanced technology company focused on developing groundbreaking sorption technologies to produce pure distilled water from air, aiming to mitigate global water and energy constraints[17](index=17&type=chunk) - The company's proprietary AirJoule platform is designed for commercial scale to provide distributed water generation for businesses and consumers, with particular value for industrial users (e.g., data centers, advanced manufacturing) and HVAC applications[17](index=17&type=chunk) - The company is focused on commercialization and scaling manufacturing through global collaborations, including with GE Vernova and Carrier Global Corporation[17](index=17&type=chunk) - On March 14, 2024, a Business Combination occurred where XPDB merged with Legacy Montana (now AirJoule Technologies LLC), accounted for as a reverse recapitalization with Legacy Montana as the accounting acquirer[18](index=18&type=chunk)[20](index=20&type=chunk) - A joint venture (AirJoule JV) was formed with GE Vernova on March 4, 2024, with each party holding a **50% interest**, and is accounted for using the equity method[22](index=22&type=chunk) [Note 2 — LIQUIDITY AND CAPITAL RESOURCES](index=11&type=section&id=Note%202%20%E2%80%94%20LIQUIDITY%20AND%20CAPITAL%20RESOURCES) Discusses liquidity, capital commitments, and future funding expectations - The company's primary sources of liquidity have been cash contributions from founders or equity capital raised from other investors[25](index=25&type=chunk) Liquidity Snapshot (June 30, 2025) | Item | Amount ($) | | :-------------------------------- | :----------- | | Retained earnings | $215.9 million | | Working capital | $29.5 million | | Cash, cash equivalents and restricted cash | $30.5 million | - On April 23, 2025, the company entered into subscription agreements for an April 2025 PIPE offering, issuing **3,775,126 shares** of Class A common stock at **$3.98 per share**, which closed on April 25, 2025[23](index=23&type=chunk) - On March 25, 2025, the company entered into a common stock purchase agreement with B. Riley Principal Capital II, LLC, granting the right to sell up to **$30,000,000** of newly issued common stock over a **36-month period**; sales had not yet commenced as of June 30, 2025[24](index=24&type=chunk) - The company's remaining commitment for capital contributions to the AirJoule JV is **$85.0 million** as of June 30, 2025, with an additional **$10.0 million** contributed during the six months ended June 30, 2025[27](index=27&type=chunk)[28](index=28&type=chunk) - Management expects future operating losses and negative operating cash flows to increase due to additional costs related to technology development and market/strategic relationships[26](index=26&type=chunk) [Note 3 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES](index=13&type=section&id=Note%203%20%E2%80%94%20SUMMARY%20OF%20SIGNIFICANT%20ACCOUNTING%20POLICIES) Outlines key accounting principles, estimates, and policies - The condensed consolidated financial statements are prepared in accordance with GAAP, assuming the company will continue as a going concern[31](index=31&type=chunk) - The company consolidates all wholly-owned subsidiaries and accounts for investments in entities where it has significant influence but not control (e.g., AirJoule JV) using the equity method[33](index=33&type=chunk)[34](index=34&type=chunk) - Significant estimates include fair values of liabilities associated with Earnout Shares, True Up Shares, Subject Vesting Shares, investment in AirJoule JV, and income taxes[38](index=38&type=chunk) - The company follows the asset and liability method for income taxes (ASC 740) and changed its tax status from a partnership to a corporation after the Business Combination[48](index=48&type=chunk) - Earnout Shares liability is classified as a liability and recognized at fair value each reporting period, with changes in fair value included in the condensed consolidated statements of operations, as settlement depends on factors beyond just the company's stock price[56](index=56&type=chunk) - The company is evaluating the impact of recently issued accounting standards, including ASU 2023-09 (Income Tax Disclosures) and ASU 2024-03 (Disaggregation of Income Statement Expenses), for future fiscal years[75](index=75&type=chunk)[76](index=76&type=chunk) [Note 4 — RECAPITALIZATION](index=25&type=section&id=Note%204%20%E2%80%94%20RECAPITALIZATION) Details the reverse recapitalization, equity issuance, and related liabilities - The Business Combination, consummated on March 14, 2024, involved XPDB merging with Legacy Montana, and was accounted for as a reverse recapitalization, with Legacy Montana treated as the accounting acquirer[80](index=80&type=chunk)[88](index=88&type=chunk) - Legacy Montana Equityholders received newly issued Class A and Class B common stock, and Legacy Montana options converted into options to purchase Class A common stock[81](index=81&type=chunk)[82](index=82&type=chunk) - Eligible former Legacy Montana Equityholders have the opportunity to receive additional Earnout Shares (capped at **$200.0 million**) upon the company achieving certain milestones related to new production capacity, with the ability to receive shares expiring on the **fifth anniversary** of the Closing[84](index=84&type=chunk)[146](index=146&type=chunk) - **1,380,736 Subject Vesting Shares** held by the sponsor of XPDB are subject to vesting conditions tied to Earnout Shares milestones and Class A common stock price thresholds (**$12.00** and **$14.00**)[85](index=85&type=chunk)[86](index=86&type=chunk)[153](index=153&type=chunk) - Up to **840,336 True Up Shares** were to be issued to an investor if the Class A common stock trading price fell below the purchase price within **one year** of closing; **275,880 shares** were issued on March 18, 2025, due to this triggering event[85](index=85&type=chunk)[87](index=87&type=chunk)[150](index=150&type=chunk) - During the six months ended June 30, 2024, the company expensed **$54.7 million** for transaction costs related to the Business Combination, including the recognition of a **$53.7 million** earnout shares liability, as these costs exceeded the proceeds received[90](index=90&type=chunk) [Note 5 — EQUITY METHOD INVESTMENT](index=31&type=section&id=Note%205%20%E2%80%94%20EQUITY%20METHOD%20INVESTMENT) Explains the investment in AirJoule, LLC and its accounting treatment - On March 4, 2024, Legacy Montana and GE Vernova formed a **50/50 joint venture**, AirJoule, LLC (the "AirJoule JV"), to incorporate GE Vernova's sorbent materials into AirJoule water capture technology and commercialize products in the Americas, Africa, and Australia[93](index=93&type=chunk)[94](index=94&type=chunk) - The company contributed **$10.0 million** in cash and a perpetual license in its intellectual property (with a carrying value of zero) to the AirJoule JV[95](index=95&type=chunk)[100](index=100&type=chunk) - A gain of **$333.5 million** was recognized for the six months ended June 30, 2024, representing the fair value of the contributed perpetual IP license[100](index=100&type=chunk) - The company's remaining commitment for capital contributions to the AirJoule JV is **$85.0 million** as of June 30, 2025[95](index=95&type=chunk) - AirJoule, LLC is accounted for under the equity method, and the company recognized an equity loss from investment in AirJoule, LLC of **$(4.3) million** for the six months ended June 30, 2025, compared to **$(0.6) million** for the same period in 2024[98](index=98&type=chunk)[103](index=103&type=chunk)[105](index=105&type=chunk) [Note 6 — OTHER ACCRUED EXPENSES](index=34&type=section&id=Note%206%20%E2%80%94%20OTHER%20ACCRUED%20EXPENSES) Presents a breakdown of various accrued liabilities Other Accrued Expenses | Item | As of June 30, 2025 ($) | As of December 31, 2024 ($) | | :---------------------- | :------------------ | :---------------------- | | Accrued royalty | $150,000 | $250,000 | | Accrued payroll | $825,461 | $1,125,846 | | Professional services | $729,268 | $205,790 | | Equity Line Obligation | $286,819 | — | | Accrued other | $205,658 | $138,682 | | Total other accrued expenses | $2,197,206 | $1,720,318 | [Note 7 — LEASES](index=34&type=section&id=Note%207%20%E2%80%94%20LEASES) Details lease agreements, expenses, and future payment obligations - A property lease agreement with the Chief Executive Officer was terminated upon the close of the Business Combination on March 14, 2024[107](index=107&type=chunk)[110](index=110&type=chunk) - The company's current operating lease is for **$3,175 per month**, with a remaining term of **45 months** and a discount rate of **4.69%**[108](index=108&type=chunk) Operating Lease Expense | Period | 2025 ($) | 2024 ($) | | :---------------------- | :--------- | :--------- | | Three Months Ended June 30 | $9,593 | $9,593 | | Six Months Ended June 30 | $19,186 | $12,791 | Future Minimum Rental Payments (June 30, 2025) | Year | Operating Lease Payments ($) | | :---------------- | :----------------------- | | Remainder of 2025 | $19,050 | | 2026 | $39,370 | | 2027 | $40,945 | | 2028 | $42,583 | | 2029 | $10,715 | | Total undiscounted lease payments | $152,663 | | Operating Lease Liability ($) | $139,999 | [Note 8 — RELATED PARTY TRANSACTIONS](index=36&type=section&id=Note%208%20%E2%80%94%20RELATED%20PARTY%20TRANSACTIONS) Discloses transactions and agreements with related parties - A consultancy agreement with a company affiliated with the Chief Executive Officer for **$20,000 monthly payments** was terminated on May 1, 2024[111](index=111&type=chunk) - An office services agreement with an affiliate for **$5,000 monthly payments** was terminated on May 1, 2024[112](index=112&type=chunk) - The company assumed and repaid **$540,000** related to office space and administrative services from sponsor affiliates and **$900,000** contributed by the sponsor to the XPDB trust account, both repaid in May 2024[113](index=113&type=chunk)[114](index=114&type=chunk) - Reimbursement of costs incurred from AirJoule, LLC for the six months ended June 30, 2025, included **$0.8 million** in general and administrative expenses and **$0.3 million** in research and development expenses[115](index=115&type=chunk) - TEP Montana, LLC, managed by the Executive Chairman, purchased equity interests that converted into Class A common stock[116](index=116&type=chunk) [Note 9 — STOCKHOLDERS' EQUITY](index=36&type=section&id=Note%209%20%E2%80%94%20STOCKHOLDERS'%20EQUITY) Provides information on capital structure, common stock, and warrants Warrants Outstanding (June 30, 2025) | Type of Warrant | Number Outstanding (Number) | | :---------------------- | :----------------- | | Public Warrants | 12,657,596 | | Private Placement Warrants | 8,900,000 | - Public Warrants are exercisable at **$11.50 per share** and may be redeemed by the company if the Class A common stock price equals or exceeds **$18.00** for **20 trading days** within a **30-trading day period**[119](index=119&type=chunk)[124](index=124&type=chunk) - Private Placement Warrants have identical terms to Public Warrants but are exercisable on a cashless basis and are non-redeemable[121](index=121&type=chunk) - The April 2025 PIPE offering resulted in the issuance of **3,775,126 newly issued shares** of Class A common stock at a purchase price of **$3.98 per share**, closing on April 25, 2025[127](index=127&type=chunk) - During the year ended December 31, 2024, subscription agreements brought in approximately **$61.8 million** in gross proceeds, leading to the issuance of **5,807,647 shares** of Class A common stock[125](index=125&type=chunk) [Note 10 — SHARE-BASED COMPENSATION](index=40&type=section&id=Note%2010%20%E2%80%94%20SHARE-BASED%20COMPENSATION) Details share-based compensation plans, expenses, and unrecognized costs Share-Based Compensation Expense | Expense Category | Three Months Ended June 30, 2025 ($) | Three Months Ended June 30, 2024 ($) | Six Months Ended June 30, 2025 ($) | Six Months Ended June 30, 2024 ($) | | :---------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | General and administrative | $1,405,671 | $146,959 | $2,370,303 | $146,959 | | Research and development | $29,532 | $3,560 | $49,293 | $3,560 | | Total share-based compensation | $1,435,203 | $150,519 | $2,419,596 | $150,519 | - As of June 30, 2025, **878,022 Legacy Montana options** are outstanding[133](index=133&type=chunk) - The 2024 Incentive Award Plan, effective March 14, 2024, had **4,887,182 shares** of common stock available for future issuance as of June 30, 2025[134](index=134&type=chunk) - The 2024 Employee Stock Purchase Plan (ESPP) reserved **1,074,213 shares** of common stock, with the share reserve increasing by **559,286** on January 1, 2025[135](index=135&type=chunk)[136](index=136&type=chunk) Unrecognized Compensation Cost (June 30, 2025) | Award Type | Unrecognized Cost ($) | Weighted-Average Amortization Period (Years) | | :-------------------------- | :---------------- | :----------------------------------- | | Stock Options | $2.1 million | 2.93 years | | RSUs with Service-Only Conditions | $6.7 million | 2.68 years | | RSUs with Market-Based Conditions | $4.3 million | 2.50 years | [Note 11 — FAIR VALUE MEASUREMENTS](index=45&type=section&id=Note%2011%20%E2%80%94%20FAIR%20VALUE%20MEASUREMENTS) Explains methodologies and inputs for fair value measurements of liabilities Liabilities Measured at Fair Value (June 30, 2025) | Liability | Level 3 Fair Value ($) | | :-------------------------- | :----------------- | | Earnout Shares liability | $5,416,000 | | Subject Vesting Shares liability | $1,411,000 | | Total liabilities | $6,827,000 | - The Earnout Shares liability decreased to **$5.4 million** (representing **853,612 shares**) as of June 30, 2025, from **$24.5 million** (**2,115,227 shares**) as of December 31, 2024, primarily due to a decrease in stock price, changes in the timing of expected future cash flows, and an increase in volatility[149](index=149&type=chunk) - The estimated fair value of Earnout Shares is determined using a Monte Carlo simulation, incorporating expected EBITDA, stock price, and a **25% discount rate**[149](index=149&type=chunk) - The Subject Vesting Shares liability decreased to **$1.4 million** as of June 30, 2025, from **$7.8 million** as of December 31, 2024, with its fair value determined by a Monte Carlo simulation considering **$12.00** and **$14.00** vesting conditions and the Earnout Milestone Amount[154](index=154&type=chunk) - The True Up Shares liability's fair value was determined using a Monte Carlo simulation; **275,880 shares** were issued on March 18, 2025, following a triggering event where the Class A common stock price fell below **$8.50** for **15 consecutive trading days**[150](index=150&type=chunk)[151](index=151&type=chunk) - Nonrecurring fair value measurements, such as the Investment in AirJoule, LLC and Equity Line Obligation liability, are classified within **Level 3** of the fair value hierarchy due to the use of unobservable inputs[155](index=155&type=chunk) [Note 12 — COMMITMENTS AND CONTINGENCIES](index=49&type=section&id=Note%2012%20%E2%80%94%20COMMITMENTS%20AND%20CONTINGENCIES) Outlines legal matters, capital commitments, and contingent liabilities - The company is involved in various legal matters in the normal course of business, but management believes that any sustained losses would not have a material adverse effect on its financial position or results of operations[156](index=156&type=chunk) - As an early-stage business without current operations, product sales, or revenue, the company has historically been dependent on external capital to fund overhead and product development costs[157](index=157&type=chunk) - Under a patent license agreement, the company expensed minimum royalty amounts of **$75,000** for the three months ended June 30, 2025, and **$150,000** for the six months ended June 30, 2025[158](index=158&type=chunk) - The company has a **50/50 joint venture** with CATL US Inc., CAMT Climate Solutions Ltd. ("CAMT"), for exclusive commercialization of AirJoule technology in Europe and Asia[159](index=159&type=chunk)[212](index=212&type=chunk) - Legacy Montana and CATL US have each agreed to contribute **$6.0 million** to CAMT, but no action to establish a business plan or operating budget has occurred, and no amount was funded to CAMT as of June 30, 2025[160](index=160&type=chunk)[161](index=161&type=chunk)[213](index=213&type=chunk) [Note 13 — SEGMENT INFORMATION](index=50&type=section&id=Note%2013%20%E2%80%94%20SEGMENT%20INFORMATION) Presents financial information for operating segments and reconciliations - The company operates as a **single segment**, with the senior executive committee (CEO and CFO) identified as the chief operating decision maker, reviewing operating results for the company as a whole[35](index=35&type=chunk) Segment Net Income Reconciliation | Item | Three Months Ended June 30, 2025 ($) | Three Months Ended June 30, 2024 ($) | Six Months Ended June 30, 2025 ($) | Six Months Ended June 30, 2024 ($) | | :------------------------------------ | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Interest income | $283,733 | $216,480 | $526,758 | $242,626 | | Gain on contribution to AirJoule, LLC | — | — | — | $333,500,000 | | Net change in fair value of liabilities | $7,210,000 | $14,687,000 | $25,622,106 | $4,859,000 | | General and administrative | $3,751,211 | $3,211,205 | $6,537,695 | $4,024,444 | | Research and development | $401,623 | $1,050,804 | $789,542 | $1,896,961 | | Income tax benefit (expense) | $1,558,882 | $1,237,824 | $3,201,539 | $(84,487,339) | | Segment net income | $2,513,213 | $13,429,895 | $17,391,871 | $194,985,187 | Segment Assets Reconciliation | Item | June 30, 2025 ($) | December 31, 2024 ($) | | :---------------------- | :------------ | :---------------- | | Investment in AirJoule, LLC | $343,858,688 | $338,178,633 | | Other segment assets | $32,226,205 | $31,673,487 | | Segment assets | $376,084,893 | $369,852,120 | | Consolidated assets | $376,084,893 | $369,852,120 | [Note 14 — SUBSEQUENT EVENTS](index=50&type=section&id=Note%2014%20%E2%80%94%20SUBSEQUENT%20EVENTS) Discloses significant subsequent events - In July 2025, subsequent to the reporting period, the company contributed an additional **$2.75 million** in capital to the AirJoule JV[164](index=164&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's discussion and analysis of financial condition, operations, growth strategy, and liquidity [Company Overview](index=51&type=section&id=Company%20Overview) Provides an overview of AirJoule Technologies Corporation's business and mission - AirJoule Technologies Corporation is an advanced technology company dedicated to freeing the world from water and energy constraints by delivering groundbreaking sorption technologies that produce pure distilled water from air[168](index=168&type=chunk) - The proprietary AirJoule platform aims to mitigate water scarcity through distributed water generation for industrial users (e.g., data centers, advanced manufacturing) and HVAC applications, leveraging waste heat to produce low-cost pure distilled water and dehumidified air[168](index=168&type=chunk) - The company plans to manufacture initial AirJoule systems capable of producing over **1,000 liters per day** in 2025 for customer demonstrations, with commercial sales scaling expected in 2026[168](index=168&type=chunk) - Commercialization and manufacturing scaling are pursued through global collaborations, including with GE Vernova and Carrier Global Corporation[168](index=168&type=chunk) [Growth Strategy and Outlook](index=51&type=section&id=Growth%20Strategy%20and%20Outlook) Outlines strategic plans for market expansion and business development - The company anticipates significant growth opportunities by offering AirJoule in global markets with high demand for water, dehumidified air, and cooling, estimating a combined total addressable market of approximately **$450 billion**[169](index=169&type=chunk) - Target industries include data centers (addressing energy/water efficiency), advanced manufacturing (cost-effective dehumidification), military (support in water-scarce environments), and HVAC (reducing energy consumption and refrigerant use)[170](index=170&type=chunk) - The strategy involves leveraging strategic partnerships to accelerate market penetration and scale manufacturing capabilities, gaining access to R&D expertise, supply chains, sales channels, and service networks[171](index=171&type=chunk) [Recent Developments](index=53&type=section&id=Recent%20Developments) Highlights significant recent corporate events and financial transactions - On April 23, 2025, the company entered into subscription agreements for an April 2025 PIPE offering, issuing **3,775,126 shares** of Class A common stock at **$3.98 per share**, which closed on April 25, 2025[172](index=172&type=chunk) - On March 25, 2025, the company entered into a committed equity facility with B. Riley Principal Capital II, LLC, allowing the right, but not obligation, to sell up to **$30,000,000** of common stock over **36 months**; sales had not yet commenced as of June 30, 2025[173](index=173&type=chunk) - On April 25, 2025, the company entered into the Amended LLC Agreement, and subsequently contributed an additional **$2.75 million** in capital to the AirJoule JV in July 2025[174](index=174&type=chunk) [Components of Our Results of Operations](index=53&type=section&id=Components%20of%20Our%20Results%20of%20Operations) Explains key revenue and expense categories impacting financial performance - The company anticipates earning revenue from the sale of key components for AirJoule systems but had not earned any revenue from operations as of June 30, 2025[175](index=175&type=chunk) - Operating expenses are classified into General and administrative, Research and development, Sales and marketing, Transaction costs incurred in connection with business combination, and Depreciation and amortization[176](index=176&type=chunk)[177](index=177&type=chunk) [Results of Operations](index=55&type=section&id=Results%20of%20Operations) Analyzes financial performance, including net income and operating expense changes Net Income Comparison | Period | 2025 ($) | 2024 ($) | Change ($) | | :------------------------------- | :----------- | :----------- | :----------- | | Three Months Ended June 30 | $2,513,213 | $13,429,895 | $(10,916,682) | | Six Months Ended June 30 | $17,391,871 | $194,985,187 | $(177,593,316) | Operating Expenses Comparison (Six Months Ended June 30) | Expense Category | 2025 ($) | 2024 ($) | Change ($) | | :-------------------------- | :----------- | :----------- | :----------- | | General and administrative | $6,537,695 | $4,024,444 | $2,513,251 | | Research and development | $789,542 | $1,896,961 | $(1,107,419) | - The **$2.5 million increase** in general and administrative expenses for the six months ended June 30, 2025, was primarily due to a **$2.4 million increase** in share-based compensation and a **$1.3 million increase** in salaries and benefits, partially offset by decreases in audit/legal fees and reimbursements from AirJoule, LLC[181](index=181&type=chunk)[182](index=182&type=chunk) - The **$1.1 million decrease** in research and development expenses for the six months ended June 30, 2025, was mainly driven by a **$1.1 million reduction** in purchasing R&D materials, patent fees, and consulting services, partially offset by increased share-based compensation and salaries[183](index=183&type=chunk)[184](index=184&type=chunk) - A significant non-recurring gain of **$333.5 million** on the contribution to AirJoule, LLC was recognized in the six months ended June 30, 2024, with no such gain in 2025[179](index=179&type=chunk)[189](index=189&type=chunk) - Equity loss from investment in AirJoule, LLC increased to **$(4.3) million** for the six months ended June 30, 2025, from **$(0.6) million** in the prior year[179](index=179&type=chunk)[192](index=192&type=chunk) - The change in fair value of Earnout Shares liability resulted in a gain of **$19.1 million** for the six months ended June 30, 2025, compared to **$5.4 million** in 2024, primarily due to a decrease in stock price, changes in expected cash flow timing, and increased volatility[179](index=179&type=chunk)[193](index=193&type=chunk) - Income tax benefit was **$3.2 million** for the six months ended June 30, 2025, compared to an expense of **$(84.5) million** in 2024, with the prior year reflecting a deferred tax expense from the IP license contribution[179](index=179&type=chunk)[196](index=196&type=chunk) [Liquidity and Capital Resources](index=59&type=section&id=Liquidity%20and%20Capital%20Resources) Discusses cash position, funding sources, and capital commitments - The company's primary sources of liquidity are cash from founder contributions and equity capital raised from other investors[201](index=201&type=chunk) Liquidity Snapshot (June 30, 2025) | Item | Amount ($) | | :-------------------------------- | :----------- | | Retained earnings | $215.9 million | | Working capital | $29.5 million | | Cash, cash equivalents and restricted cash | $30.5 million | - Net proceeds from the April 2025 PIPE Offering amounted to **$14.5 million**[209](index=209&type=chunk) - The company has a committed equity facility to sell up to **$30,000,000** of common stock over **36 months**, though sales had not commenced as of June 30, 2025[198](index=198&type=chunk)[199](index=199&type=chunk) - The remaining capital commitment to the AirJoule JV is **$85.0 million** as of June 30, 2025, with **$10.0 million** contributed during the six months ended June 30, 2025[200](index=200&type=chunk)[203](index=203&type=chunk) Cash Flows (Six Months Ended June 30) | Activity | 2025 ($) | 2024 ($) | | :-------------------------------- | :------------- | :------------- | | Net cash used in operating activities | $(2,163,485) | $(17,576,561) | | Net cash provided by financing activities | $14,655,824 | $61,855,930 | [Contractual Obligations and Commitments](index=61&type=section&id=Contractual%20Obligations%20and%20Commitments) Details future payment obligations under various agreements - The company has minimum royalty obligations under a patent license agreement, with **$75,000** expensed for the three months ended June 30, 2025, and **$150,000** for the six months ended June 30, 2025[211](index=211&type=chunk) - The company has a **50/50 joint venture** with CATL US Inc., CAMT Climate Solutions Ltd. ("CAMT"), for exclusive commercialization of AirJoule technology in Europe and Asia[212](index=212&type=chunk)[214](index=214&type=chunk) - Each partner in CAMT agreed to contribute **$6.0 million**, but no funds or assets have been contributed to the joint venture as of June 30, 2025, as a business plan and operating budget have not yet been set[213](index=213&type=chunk) [Critical Accounting Estimates](index=65&type=section&id=Critical%20Accounting%20Estimates) Identifies key accounting estimates requiring significant management judgment - There have been no material changes to the critical accounting policies as disclosed in the Quarterly Report on Form 10-Q for the three months ended March 31, 2025[215](index=215&type=chunk) [Recent Accounting Pronouncements](index=65&type=section&id=Recent%20Accounting%20Pronouncements) Refers to new accounting standards and their potential impact - A discussion of recently issued accounting standards applicable to the company is provided in Note 3 - Summary of Significant Accounting Policies[216](index=216&type=chunk) [Off Balance Sheet Arrangements](index=65&type=section&id=Off%20Balance%20Sheet%20Arrangements) Confirms absence of off-balance sheet financial arrangements - The company did not have any off-balance sheet arrangements as of June 30, 2025[217](index=217&type=chunk) [Emerging Growth Company Status](index=65&type=section&id=Emerging%20Growth%20Company%20Status) Explains emerging growth company status and its implications - The company is an emerging growth company (EGC) under the JOBS Act, which allows it to delay adopting new or revised accounting standards and rely on reduced reporting requirements[218](index=218&type=chunk)[219](index=219&type=chunk) - The EGC status will expire at the earliest of: the **fifth anniversary** of XPDB's IPO, achieving **$1.235 billion** in annual gross revenue, being deemed a 'large accelerated filer' (**$700.0 million** in non-affiliate securities), or issuing over **$1.0 billion** in non-convertible debt during the previous **three years**[220](index=220&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=66&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) Confirms no applicable quantitative or qualitative disclosures about market risk - Not applicable[222](index=222&type=chunk) [Item 4. Controls and Procedures](index=66&type=section&id=Item%204.%20Controls%20and%20Procedures) Details management's evaluation of disclosure controls and changes in internal control over financial reporting - Management, including the principal executive officer and principal financial officer, concluded that the company's disclosure controls and procedures were **effective** at a reasonable assurance level as of June 30, 2025[223](index=223&type=chunk) - There were no significant changes in internal control over financial reporting during the three months ended June 30, 2025, that materially affected, or are reasonably likely to materially affect, internal control over financial reporting[224](index=224&type=chunk) [PART II - OTHER INFORMATION](index=67&type=section&id=Part%20II%20-%20Other%20Information) Provides additional information including legal proceedings, risk factors, equity sales, and other disclosures [Item 1. Legal Proceedings](index=67&type=section&id=Item%201.%20Legal%20Proceedings) Details legal matters, with no expected material adverse effect on financial position or operations - The company is involved in various legal matters arising in the normal course of business[227](index=227&type=chunk) - Management believes that any losses sustained from current legal proceedings would not have a material adverse effect on the company's business, operating results, financial condition, or cash flows[227](index=227&type=chunk) [Item 1A. Risk Factors](index=67&type=section&id=Item%201A.%20Risk%20Factors) Refers to the Annual Report on Form 10-K for a comprehensive discussion of business risks - Readers are referred to Part I, Item 1A, Risk Factors in the Annual Report on Form 10-K for the year ended December 31, 2024, for a discussion of risks and uncertainties that could adversely affect the company's operations and financial results[228](index=228&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=67&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) Discloses recent unregistered equity sales, including PIPE offering and committed equity facility - On April 23, 2025, the company entered into the April 2025 PIPE Subscription Agreements, issuing **3,775,126 newly issued shares** of Class A common stock at **$3.98 per share**, with proceeds expected to be used for future capital expenditures[229](index=229&type=chunk) - On March 25, 2025, the company entered into an Equity Line Purchase Agreement, allowing it to sell up to **4,250,000 shares** of Class A common stock to the Equity Line Investor; sales had not commenced as of June 30, 2025[230](index=230&type=chunk) - Both the PIPE offering and the Equity Line Purchase Agreement securities were issued and sold in reliance on Section 4(a)(2) of the Securities Act[229](index=229&type=chunk)[230](index=230&type=chunk) [Item 3. Defaults Upon Senior Securities](index=67&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) Confirms no defaults upon senior securities - None[231](index=231&type=chunk) [Item 4. Mine Safety Disclosures](index=67&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) States mine safety disclosures are not applicable - Not applicable[232](index=232&type=chunk) [Item 5. Other Information](index=67&type=section&id=Item%205.%20Other%20Information) Provides additional information on Rule 10b5-1 trading and executive severance plan - No director or officer adopted or terminated a "Rule 10b5-1 trading agreement" or "non-Rule 10b5-1 trading agreement" during the quarter ended June 30, 2025[233](index=233&type=chunk) - On August 12, 2025, the Compensation Committee adopted the Amended and Restated Executive Severance Plan, which amends the Original Plan in its entirety[234](index=234&type=chunk) - Under the Amended Plan, named executive officers (Matthew B. Jore, Stephen S. Pang, Patrick C. Eilers) are eligible for enhanced severance payments and benefits in the event of a "CIC Qualifying Termination" (termination without cause or for good reason during a change in control period)[235](index=235&type=chunk) - Severance benefits for a CIC Qualifying Termination include a lump-sum payment of **18-24 months** of base salary, **18-24 months** of COBRA premium contributions, and **150-200%** of the target annual cash performance bonus[235](index=235&type=chunk) [Item 6. Exhibits](index=70&type=section&id=Item%206.%20Exhibits) Lists all documents filed as exhibits, including agreements and regulatory filings - The exhibits include merger agreements, organizational documents (Certificate of Incorporation, Bylaws), warrant agreements, common stock purchase agreements, registration rights agreements, subscription agreements, the Amended and Restated Limited Liability Company Agreement of AirJoule, LLC, and compensation plans (Amended and Restated Non-Employee Director Compensation Program, Amended and Restated Executive Severance Plan)[240](index=240&type=chunk) [SIGNATURES](index=71&type=section&id=Signatures) Contains the official certifications for the quarterly report filing [Signatures](index=71&type=section&id=Signatures) Contains official signatures certifying the quarterly report filing - The report was duly caused to be signed on behalf of AirJoule Technologies Corporation by Stephen S. Pang, Chief Financial Officer, on August 14, 2025[243](index=243&type=chunk)[244](index=244&type=chunk)

THE POWER OF WATER FROM AIR AirJoule Technologies Corporation Q2 2025 Earnings Presentation August 14, 2025 Nasdaq: AIRJ https://airjouletech.com DISCLAIMERS Forward Looking Statements The information in this presentation 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 presentation, regardin ...

[Company Overview](index=1&type=section&id=Company%20Overview) AirJoule Technologies Corporation (NASDAQ: AIRJ) is a leading technology platform dedicated to extracting water from the air, as highlighted in its Q2 2025 results [Introduction](index=1&type=section&id=Introduction) AirJoule Technologies Corporation (NASDAQ: AIRJ) reported its second-quarter 2025 results, affirming its position as a leading water-from-air technology platform - AirJoule Technologies Corporation (NASDAQ: AIRJ) announced its **second-quarter 2025 results**[1](index=1&type=chunk)[2](index=2&type=chunk) - The company is positioned as a leading technology platform dedicated to extracting water resources from the air[2](index=2&type=chunk) [About AirJoule Technologies Corporation](index=3&type=section&id=About%20AirJoule%20Technologies%20Corporation) AirJoule Technologies aims to free the world from water and energy constraints through its breakthrough adsorption technology, in collaboration with GE Vernova and Carrier Global Corporation - AirJoule Technologies aims to free the world from water and energy constraints by leveraging breakthrough adsorption technology through its joint venture with GE Vernova and collaboration with Carrier Global Corporation[13](index=13&type=chunk) [Second Quarter 2025 & Recent Highlights](index=1&type=section&id=Second%20Quarter%202025%20%26%20Recent%20Highlights) The company achieved significant milestones in product expansion, strategic collaborations, and operational enhancements during Q2 2025 and recently [A250 TM Product Expands AirJoule ® Technology Platform](index=1&type=section&id=A250%20TM%20Product%20Expands%20AirJoule%20%C2%AE%20Technology%20Platform) AirJoule introduced the A250™ system for industrial dehumidification, offering significant energy savings, and is commercializing the A1000™ water generator for industrial-scale distilled water production - The A250™ system will be commercialized for the industrial dehumidification market, offering up to **80% energy savings** and **60% reduction in total cost of ownership** compared to existing systems[7](index=7&type=chunk) - The company is also commercializing the A1000™ water generator, designed to produce industrial-scale distilled water on-site using low-grade waste heat with unprecedented efficiency[7](index=7&type=chunk) [Strategic Collaborations to Advance AirJoule ® Commercialization](index=1&type=section&id=Strategic%20Collaborations%20to%20Advance%20AirJoule%20%C2%AE%20Commercialization) AirJoule advanced commercialization through partnerships with data center developers, GE Vernova, the City of Hubbard, and ASU, alongside ongoing field deployments in Dubai - Signed an MOU with a hyperscale data center developer to collaborate on generating pure distilled water from ambient air using low-grade waste heat from data center operations[7](index=7&type=chunk) - Initiated a strategic project with GE Vernova to explore integrating AirJoule® technology into GE Vernova products, focusing on water production from low-grade waste heat[7](index=7&type=chunk) - Announced collaboration with the City of Hubbard, Texas, to recover heat from geothermal wells and use it to produce pure distilled water from the air, with **A250™ system deployment anticipated in Q4 2025**[7](index=7&type=chunk) - Anticipated delivery of an A250™ system to Arizona State University (ASU) in **Fall 2025** for research and evaluation purposes[7](index=7&type=chunk) - Ongoing field deployment of the AirJoule® platform at a government research institution in Dubai, showcasing its capabilities to potential public and private sector clients in the Middle East[7](index=7&type=chunk) [Appointed Two Board Directors with Expertise in Data Centers and Financial Oversight](index=1&type=section&id=Appointed%20Two%20Board%20Directors%20with%20Expertise%20in%20Data%20Centers%20and%20Financial%20Oversight) The company strengthened governance by appointing two new board directors with expertise in data centers and financial oversight, and expanded its manufacturing facility to enhance production capabilities - Appointed Denise Sterling to the Board of Directors, bringing CFO experience in data center development and operations, and consumer credit financial services[7](index=7&type=chunk) - Appointed Thomas Murphy to the Board of Directors, who will serve as Chair of the company's Audit Committee, with leadership experience in audit and consulting practices[7](index=7&type=chunk) - Expanded the manufacturing facility in Newark, Delaware, to enhance manufacturing and environmental testing capabilities for AirJoule® systems, with a ribbon-cutting ceremony held on **July 30, 2025**[7](index=7&type=chunk) [Balance Sheet and Liquidity](index=3&type=section&id=Balance%20Sheet%20and%20Liquidity) AirJoule strengthened its financial position through a private placement financing and maintained a strong cash balance to support operations through commercialization [Private Placement Financing](index=3&type=section&id=Private%20Placement%20Financing) The company completed a **$15 million** private placement financing led by GE Vernova in April 2025, with net proceeds allocated to accelerate the commercialization of A250™ and A1000™ systems - The company completed a **$15 million** private placement financing (PIPE) led by GE Vernova on **April 25, 2025**, with net proceeds designated to accelerate the commercialization of AirJoule® A250™ and A1000™ systems[8](index=8&type=chunk) [Strong Cash Position](index=3&type=section&id=Strong%20Cash%20Position) AirJoule reported **$30.5 million** in cash and cash equivalents at quarter-end, providing sufficient liquidity to support operations through commercialization Cash and Cash Equivalents | Metric | June 30, 2025 (USD) | December 31, 2024 (USD) | | :--- | :--- | :--- | | Cash, cash equivalents, and restricted cash | $30,502,711 | $28,021,748 | - The company held **$30.5 million** in cash and cash equivalents at quarter-end, providing sufficient liquidity to support operations through commercialization[9](index=9&type=chunk) [Executive Commentary](index=3&type=section&id=Executive%20Commentary) CEO Matt Jore highlighted significant progress in demonstrating the AirJoule® platform's capabilities and expressed confidence in the team, technology, and capitalization for a successful 2026 commercial launch [Executive Commentary](index=3&type=section&id=Executive%20Commentary) CEO Matt Jore emphasized the company's progress in leveraging low-grade waste heat for pure distilled water production and readiness of its manufacturing facility for industrial dehumidification equipment assembly - CEO Matt Jore stated that the company made meaningful progress in Q2 demonstrating the AirJoule® platform's ability to produce pure distilled water from low-grade waste heat, which is expected to be a significant driver of future commercial sales[10](index=10&type=chunk) - The company held a ribbon-cutting ceremony for its state-of-the-art manufacturing facility, which is ready to begin assembling equipment for the industrial dehumidification market[10](index=10&type=chunk) - The company possesses the team, technology, and capitalization to achieve a successful commercial launch in **2026**[10](index=10&type=chunk) [Condensed Consolidated Financial Statements](index=5&type=section&id=Condensed%20Consolidated%20Financial%20Statements) This section presents the condensed consolidated balance sheets, statements of operations, and cash flows, highlighting key financial performance and position changes [CONDENSED CONSOLIDATED BALANCE SHEETS](index=5&type=section&id=CONDENSED%20CONSOLIDATED%20BALANCE%20SHEETS) Total assets increased to **$376.1 million** as of June 30, 2025, driven by higher cash and investment in AirJoule, LLC, while total liabilities significantly decreased due to reduced Earnout and Subject Vesting Shares liabilities Condensed Consolidated Balance Sheet Highlights | Metric | June 30, 2025 (USD) | December 31, 2024 (USD) | Change (USD) | | :--- | :--- | :--- | :--- | | Total assets | $376,084,893 | $369,852,120 | +$6,232,773 | | Cash, cash equivalents, and restricted cash | $30,502,711 | $28,021,748 | +$2,480,963 | | Investment in AirJoule, LLC | $343,858,688 | $338,178,633 | +$5,680,055 | | Total liabilities | $87,515,300 | $117,741,796 | -$30,226,496 | | Earnout Shares liability | $5,416,000 | $24,524,000 | -$19,108,000 | | Subject Vesting Shares liability | $1,411,000 | $7,819,000 | -$6,408,000 | | Total stockholders' equity | $288,569,593 | $252,110,324 | +$36,459,269 | [CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)](index=6&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20OPERATIONS%20%28UNAUDITED%29) Net income for the three months ended June 30, 2025, decreased to **$2.5 million** from **$13.4 million** year-over-year, primarily due to changes in fair value of liabilities and equity loss from investment Condensed Consolidated Statements of Operations Highlights (Three Months Ended June 30) | Metric | 2025 (USD) | 2024 (USD) | Change (USD) | | :--- | :--- | :--- | :--- | | Operating loss | $(4,162,917) | $(4,338,066) | +$175,149 | | Other income, net | $5,117,248 | $16,530,137 | -$11,412,889 | | Net income | $2,513,213 | $13,429,895 | -$10,916,682 | | Net income per share, Class A common stock - basic | $0.04 | $0.25 | -$0.21 | | Net income per share, Class A common stock - diluted | $0.04 | $0.24 | -$0.20 | Condensed Consolidated Statements of Operations Highlights (Six Months Ended June 30) | Metric | 2025 (USD) | 2024 (USD) | Change (USD) | | :--- | :--- | :--- | :--- | | Operating loss | $(7,353,117) | $(60,729,375) | +$53,376,258 | | Other income, net | $21,543,449 | $340,201,901 | -$318,658,452 | | Net income | $17,391,871 | $194,985,187 | -$177,593,316 | | Net income per share, Class A common stock - basic | $0.30 | $4.05 | -$3.75 | | Net income per share, Class A common stock - diluted | $0.30 | $3.92 | -$3.62 | - The significant decrease in net income for the first half of **2025** was primarily due to the **$333.5 million** "Contribution to AirJoule, LLC" gain recognized in **2024**, which did not recur in **2025**[19](index=19&type=chunk) [CONDESNED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)](index=7&type=section&id=CONDESNED%20CONSOLIDATED%20STATEMENTS%20OF%20CASH%20FLOWS%20%28UNAUDITED%29) Cash used in operating activities decreased to **$2.2 million** for the six months ended June 30, 2025, while financing activities provided **$14.7 million**, primarily from a PIPE issuance Condensed Consolidated Statements of Cash Flows Highlights (Six Months Ended June 30) | Metric | 2025 (USD) | 2024 (USD) | Change (USD) | | :--- | :--- | :--- | :--- | | Net cash used in operating activities | $(2,163,485) | $(17,576,561) | +$15,413,076 | | Net cash used in investing activities | $(10,011,376) | $(10,006,554) | -$4,822 | | Net cash provided by financing activities | $14,655,824 | $61,855,930 | -$47,200,106 | | Net increase in cash, cash equivalents, and restricted cash | $2,480,963 | $34,272,815 | -$31,791,852 | | Cash, cash equivalents, and restricted cash at end of period | $30,502,711 | $34,648,611 | -$4,145,900 | - Net cash provided by financing activities in **2025** primarily stemmed from a **$14.5 million** PIPE issuance, whereas **2024** included **$61.75 million** from the issuance of common stock under subscription agreements[20](index=20&type=chunk) [Additional Information](index=3&type=section&id=Additional%20Information) This section provides details on the upcoming quarterly report, earnings call, forward-looking statements, and investor contacts [Quarterly Report on Form 10-Q](index=3&type=section&id=Quarterly%20Report%20on%20Form%2010-Q) AirJoule Technologies anticipates filing its Q2 2025 Form 10-Q with the SEC on August 14, 2025, and will host an earnings call on the same day to discuss results - AirJoule Technologies anticipates filing its Quarterly Report on Form 10-Q for the period ended **June 30, 2025**, with the U.S. Securities and Exchange Commission (SEC) on **August 14, 2025**[11](index=11&type=chunk) - The company will host a conference call to discuss its **second-quarter 2025 results** on **Thursday, August 14, 2025**, at **8:30 a.m. Eastern Time**[12](index=12&type=chunk) [Forward-Looking Statements](index=3&type=section&id=Forward-Looking%20Statements) This press release contains forward-looking statements regarding AirJoule Technologies' future performance and strategy, subject to risks including early-stage operations, product reliance, and deployment challenges - This press release contains "forward-looking statements" regarding AirJoule Technologies' future financial and operating performance, strategy, future operations, anticipated financial position, anticipated revenues and losses, projected costs, prospects, plans, and management objectives[14](index=14&type=chunk) - 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[14](index=14&type=chunk) - These forward-looking statements are subject to numerous risks and uncertainties, many of which are difficult to predict and many of which are beyond AirJoule Technologies' control, including the company's limited operating history as an early-stage company, initial reliance on a single product for revenue, significant barriers to deploying its technology, and commercialization strategy's reliance on relationships with BASF, Carrier, GE Vernova, and other third parties[15](index=15&type=chunk) [Contacts](index=7&type=section&id=Contacts) For investor relations and media inquiries, contact Tom Divine, Vice President of Investor Relations and Finance - Investor Relations and Media Contact: Tom Divine – Vice President, Investor Relations and Finance, Email: investors@airjouletech.com[21](index=21&type=chunk)

Core Insights - AirJoule Technologies Corporation reported its second quarter 2025 results, highlighting significant advancements in its technology platform and commercialization efforts [1][2][9]. Product Development - The A250™ product is set to expand the AirJoule technology platform, targeting the industrial dehumidification market with up to 80% energy savings and 60% lower total cost of ownership compared to existing systems [5]. - The A1000™ water generator is also being commercialized for on-site production of distilled water using low-grade waste heat [5]. Strategic Collaborations - A memorandum of understanding was signed with a hyperscale data center developer to generate distilled water from ambient air using waste heat from data center operations [5]. - A strategic project with GE Vernova is underway to integrate AirJoule technology into their products, focusing on utilizing low-grade waste heat for water production [5]. - A project with the City of Hubbard, Texas aims to recover heat from a geothermal well to produce distilled water, with an A250™ system expected to be deployed in Q4 2025 [5]. Financial Position - The company completed a $15 million private placement financing led by GE Vernova, with proceeds aimed at accelerating the commercialization of the A250™ and A1000™ systems [7]. - As of June 30, 2025, AirJoule Technologies reported cash and cash equivalents of $30.5 million, providing sufficient runway for operations through commercialization [8]. Management and Governance - Two new board directors were appointed, bringing expertise in data centers and financial oversight, which is expected to enhance the company's strategic direction [4]. Operational Expansion - The manufacturing facility in Newark, DE has been expanded to increase capacity for manufacturing and environmental testing of AirJoule systems, with a formal ribbon-cutting ceremony held on July 30, 2025 [14].

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].