Company Overview - AirJoule Technologies focuses on harnessing low-grade waste heat to produce distilled water and dehumidified air, addressing water scarcity and improving energy efficiency[12] - The company's AirJoule system separates water from air with greater energetics than competitors[13] - Target industries include data centers, manufacturing, and the military[15] Q1 2025 Highlights - GE Vernova is collaborating with AirJoule on waste heat to water integration[16] - A $15 million private placement was completed to accelerate commercialization[17, 20] - Arizona State University will purchase an AirJoule system for third-party testing[17] - The company deployed its first showcase unit to Dubai in collaboration with the UAE government and TenX Investments[19] Financial Performance - Net operating expenses were $32 million in Q1 2025, including a $05 million expense reduction from the AirJoule JV[28] - The company reported a net loss of $149 million in Q1 2025[24] - The company ended Q1 2025 with $230 million in cash[24, 28] - Pro forma ending cash balance, including the April 2025 PIPE investment, is $380 million[24]

Financial Data and Key Metrics Changes - Aerogel Technologies reported a net income of $14.9 million for Q1 2025, driven by non-cash gains related to changes in fair value of earn-out liabilities [24] - The company ended the quarter with approximately $24 million in cash, which increased to $38 million after a subsequent $15 million PIPE investment [26] Business Line Data and Key Metrics Changes - The AirDuel joint venture reported a loss of $2.2 million for Q1 2025, reflecting Aerogel's 50% ownership [23] - Aerogel's net operating expenses for the quarter were $3.2 million, including $500,000 reimbursed by the joint venture [24] Market Data and Key Metrics Changes - The company is focusing on the water scarcity market, particularly in arid regions like Arizona, where they are deploying an AirDuel system for research and validation [9][17] - The collaboration with Arizona State University aims to validate the performance of the AirDuel system in challenging environmental conditions [18] Company Strategy and Development Direction - The company is committed to addressing global water scarcity by harnessing waste heat to produce distilled water, positioning itself at the intersection of water generation and sustainability [5][7] - The expansion of the Newark manufacturing facility is aimed at supporting increased production capabilities for the AirDuel systems [10][20] Management's Comments on Operating Environment and Future Outlook - Management emphasized the growing global challenge of water scarcity and the significant opportunity presented by waste heat as a resource [5][6] - The company expects to be at the high end of its 2025 joint venture budget of $13 million to $15 million, which will accelerate product development [27] Other Important Information - GE Vernova has doubled its investment in the AirDuel joint venture, reflecting confidence in the technology and its market potential [12][14] - The company is working on achieving potable water standards with the Texas Commission on Environmental Quality for data center applications [20][49] Q&A Session Summary Question: Will the data from ASU differ from that collected by GE or Dubai? - Management indicated that having multiple strategic deployments globally will provide diverse data, with academic labs potentially offering more detailed testing [28][30] Question: What are the cost differences and build times between A250 and A1000 systems? - Specific costs were not disclosed, but the A250 is a core module of the A1000, which has greater throughput [31][32] Question: Will the $15 million investment primarily advance technology or expand demonstrations? - The investment will largely accelerate engineering efforts and product certifications while also supporting demonstration deployments [45][46] Question: What is the purpose of the Dubai demonstration? - The Dubai deployment serves as a showcase for technology performance and value delivery to customers [47][48] Question: What is the status of water certification in Texas? - The company is pursuing water certification with the Texas Environmental Agency to address water scarcity issues in the region [49]

Financial Data and Key Metrics Changes - The net income for the first quarter was $14.9 million, driven by non-cash gains related to changes in fair value of earn-out liabilities [24] - Net operating expenses were $3.2 million, which included approximately $500,000 in reimbursed administrative and engineering expenses from the joint venture [24] - The company ended the quarter with approximately $24 million in cash, which increased to $38 million after a subsequent $15 million PIPE investment [25][26] Business Line Data and Key Metrics Changes - The AirDuel joint venture reported a loss of $2.2 million for the first quarter, reflecting the company's 50% ownership [23] - A capital contribution of $5 million was made to the AirDuel JV to support ongoing commercialization efforts [24] Market Data and Key Metrics Changes - The company is focusing on water scarcity as a significant market opportunity, particularly in sectors like advanced manufacturing and data centers [4][5] - The deployment of the AirDuel system at Arizona State University is expected to validate performance and demonstrate capabilities in arid environments [15][17] Company Strategy and Development Direction - The company aims to harness waste heat to produce distilled water, addressing both water scarcity and environmental sustainability [6][10] - A strategic collaboration with GE Vernova has been established to enhance the commercialization of AirJewel technology [12][13] - The company is refining the design of its commercial AirDuel product, with deliveries expected to begin in 2026 [9] Management's Comments on Operating Environment and Future Outlook - Management emphasized the growing global challenge of water scarcity and the potential for AirJewel technology to provide solutions [4][38] - The company is optimistic about the future, with sufficient cash and liquidity to support operations and joint venture commercialization efforts [26][27] Other Important Information - The company has expanded its Newark manufacturing facility to support production and testing of AirDuel systems [20] - The A250 system will be delivered to Arizona State University in the fall, marking the beginning of AirDuel sales revenue [15][17] Q&A Session Summary Question: Is there any expectation that the data from ASU might differ from that being collected by GE or if there's a similar data collection in Dubai? - Management indicated that having multiple systems deployed globally will provide valuable data across different environmental conditions, with ASU expected to conduct detailed water testing [28][30] Question: Can you elaborate on the cost difference and time to build between the A250 and A1000 systems? - Specific costs were not disclosed, but the A250 is a core module of the A1000, which has a larger operational capacity [31][32] Question: Will the $15 million investment primarily be used for technology advancement or expanding demonstration efforts? - The investment will largely accelerate engineering efforts for product development and certification processes [47][48] Question: Will the Dubai demonstration also serve as an evaluation? - Yes, both the Dubai and ASU deployments are intended to demonstrate technology performance and collect operational data [49] Question: What is the significance of the Texas certification mentioned? - The Texas certification is crucial for addressing water scarcity in regions lacking established water infrastructure, with Aerogel providing a viable solution [51]

[First Quarter 2025 & Recent Highlights](index=1&type=section&id=First%20Quarter%202025%20%26%20Recent%20Highlights) AirJoule Technologies achieved key Q1 2025 operational milestones, including strategic partnerships, global system deployment, facility expansion, and securing **$23 million** cash for commercialization through 2026 - Strategic project commenced with GE Vernova to integrate AirJoule® technology with GE's products, focusing on using low-grade waste heat to produce water[7](index=7&type=chunk) - Signed an agreement to sell an AirJoule® A250TM system to Arizona State University for research and performance evaluation, with delivery expected in September 2025[7](index=7&type=chunk) - Expanded international presence by deploying the first AirJoule® system in Dubai to showcase its capabilities to potential customers[7](index=7&type=chunk) - Expanded the Newark, DE manufacturing facility to **35,000 square feet**, adding assembly space, environmental test chambers, and a full coating line[7](index=7&type=chunk) - Completed a **$15 million** private placement financing (PIPE) led by GE Vernova to accelerate the commercialization of A1000TM systems[7](index=7&type=chunk) - Ended the quarter with a strong cash position of **$23 million**, providing sufficient capital to support operations through expected commercial sales in 2026[7](index=7&type=chunk) [Executive Commentary](index=1&type=section&id=Executive%20Commentary) CEO Matt Jore highlighted AirJoule's significant traction in sustainable water solutions, accelerating Q1 initiatives, expanding global presence, and ensuring full funding for 2025 system deliveries - The company is gaining meaningful traction as industries seek innovative and sustainable water solutions[4](index=4&type=chunk) - Key initiatives with stakeholders like GE Vernova and Arizona State University were accelerated in the first quarter[4](index=4&type=chunk) - The company has a strong balance sheet and a fully funded path to commercialization[4](index=4&type=chunk) - The primary focus is on delivering the first preproduction systems for customer demonstrations in 2025[4](index=4&type=chunk) [Financial Statements](index=4&type=section&id=Financial%20Statements) This section presents AirJoule Technologies' unaudited condensed consolidated financial statements for Q1 2025, including Balance Sheets, Statements of Operations, and Statements of Cash Flows [Condensed Consolidated Balance Sheets](index=4&type=section&id=AIRJOULE%20TECHNOLOGIES%20CORPORATION%20CONDENSED%20CONSOLIDATED%20BALANCE%20SHEETS) Key Balance Sheet Data (unaudited) | Account | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash, cash equivalents and restricted cash | $23,000,515 | $28,021,748 | | Total current assets | $24,449,138 | $31,455,631 | | **Total assets** | **$365,605,922** | **$369,852,120** | | Total current liabilities | $1,657,087 | $4,018,747 | | **Total liabilities** | **$95,423,210** | **$117,741,796** | | **Total stockholders' equity** | **$270,182,712** | **$252,110,324** | [Condensed Consolidated Statements of Operations](index=5&type=section&id=AIRJOULE%20TECHNOLOGIES%20CORPORATION%20CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20OPERATIONS%20(UNAUDITED)) Statements of Operations Highlights (unaudited, for the three months ended March 31) | Account | 2025 | 2024 | | :--- | :--- | :--- | | General and administrative expense | $2,786,484 | $813,239 | | Research and development expense | $387,919 | $846,157 | | Loss from operations | ($3,190,200) | ($56,391,309) | | **Net income** | **$14,878,658** | **$181,555,292** | | **Basic net income per share, Class A** | **$0.27** | **$4.33** | | **Diluted net income per share, Class A** | **$0.26** | **$4.18** | - The significant decrease in Loss from Operations and the variance in Net Income between Q1 2025 and Q1 2024 are primarily due to a **$54.7 million** transaction cost and a **$333.5 million** gain on contribution to AirJoule, LLC in 2024, which were related to the business combination and did not recur in 2025. Q1 2025 net income was positively impacted by a **$12.8 million** gain from the change in fair value of Earnout Shares liability[13](index=13&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=6&type=section&id=AIRJOULE%20TECHNOLOGIES%20CORPORATION%20CONDESNED%20CONSOLIDATED%20STATEMENTS%20OF%20CASH%20FLOWS%20(UNAUDITED)) Statements of Cash Flows Highlights (unaudited, for the three months ended March 31) | Account | 2025 | 2024 | | :--- | :--- | :--- | | Net cash provided by (used in) operating activities | $72,246 | ($6,425,437) | | Net cash used in investing activities | ($5,135,239) | ($10,000,000) | | Net cash provided by financing activities | $41,760 | $43,467,010 | | **Net increase (decrease) in cash** | **($5,021,233)** | **$27,041,573** | | **Cash, cash equivalents and restricted cash, end of period** | **$23,000,515** | **$27,417,369** | - Cash used in investing activities in Q1 2025 primarily consisted of a **$5.0 million** investment in AirJoule, LLC[14](index=14&type=chunk)

Core Insights - AirJoule Technologies Corporation reported its first quarter 2025 results, highlighting significant advancements in its AirJoule® water harvesting technology and collaborations with key stakeholders [1][2]. Group 1: Key Milestones - The company is gaining traction as industries seek sustainable water solutions, with plans to deliver preproduction systems for customer demonstrations in 2025 [2]. - Collaborations with GE Vernova and Arizona State University have been established to enhance the technology's capabilities and evaluate its performance in real-world conditions [5]. - The first AirJoule® system has been deployed in Dubai to demonstrate its capabilities to potential customers [5]. Group 2: Financial Overview - As of March 31, 2025, the company reported cash and cash equivalents of $23 million, down from $28 million at the end of 2024 [9][10]. - The total assets decreased slightly to $365.6 million from $369.9 million [10]. - The company incurred a net income of $14.9 million for the first quarter, compared to $181.6 million in the same period of the previous year [11][12]. Group 3: Balance Sheet and Liquidity - Current liabilities decreased to $1.7 million from $4 million, indicating improved liquidity management [10]. - The company completed a $15 million private placement financing to support the commercialization of its AirJoule® A1000™ systems [5]. - The strong cash position is expected to support operations through anticipated commercial sales in 2026 [5]. Group 4: Executive Commentary - The CEO emphasized the company's focus on meeting rising demand for energy-efficient water solutions and the importance of partnerships in achieving commercialization goals [2].

Core Viewpoint - AirJoule Technologies Corporation is set to report its first quarter 2025 results on May 12, 2025, with a conference call scheduled for May 13, 2025, to discuss the results [1]. Company Overview - AirJoule Technologies Corporation (NASDAQ: AIRJ) specializes in water harvesting technology and has developed the AirJoule® system, which produces pure distilled water from air [3]. - The AirJoule® system aims to reduce energy consumption and create material cost efficiencies [3]. - The commercialization of the AirJoule® system is being pursued through a joint venture with GE Vernova and in partnership with Carrier Global Corporation [3].

Core Insights - Natural Grocers has established a strong presence in Montana since 2012, with multiple store openings in cities like Billings, Helena, Missoula, and Kalispell [1][2] Company Commitment - The company emphasizes its commitment to the local community and its employees, providing over 120 jobs in Montana and focusing on their physical, emotional, and financial well-being through various programs [4][6] - Natural Grocers adheres to its Five Founding Principles, which include a commitment to community and crew, ensuring affordable prices and high-quality natural and organic products [2][6] Customer Engagement - The company offers a free customer rewards program called {N}power, which provides exclusive discounts and rewards points for members [3][8] - Special promotions for {N}power members include a free reusable shopping bag and a $5 off coupon during specific promotional dates [8][10] Product Standards - Natural Grocers maintains strict quality guidelines for its products, ensuring they are free from artificial ingredients and only sell USDA-certified organic produce and pasture-raised dairy [6]

Core Viewpoint - AirJoule Technologies Corporation has announced a $15 million private placement to accelerate the commercialization of its AirJoule® system, which separates pure water from air using low-grade waste heat [1][2][3] Group 1: Investment and Financial Details - GE Vernova and other investors will purchase newly issued shares for approximately $15 million, with the transaction expected to close on April 25, 2025 [2] - The net proceeds from the PIPE will be utilized to expedite the commercialization of AirJoule® A1000™ units, which are projected to produce 1,000 to 3,000 liters of pure water daily [3] - GE Vernova previously invested $5 million in March 2024 as part of a joint venture with AirJoule Technologies [2] Group 2: Technology and Market Potential - The AirJoule® system operates at less than 160 watt-hours per liter, making it highly efficient for water production from air [4][5] - The technology targets industrial applications, including data centers and power generation, by converting low-grade waste heat into distilled water [4][5] - The collaboration between AirJoule Technologies and GE Vernova aims to enhance the performance of the AirJoule® system and explore its integration into GE Vernova products [5][6] Group 3: Strategic Partnerships and Future Outlook - The partnership with GE Vernova emphasizes a shared vision to address global challenges related to energy and water [6] - AirJoule Technologies is focused on commercializing its technology through joint ventures and partnerships with major companies like Carrier Global Corporation and BASF [12] - The ongoing technical collaboration aims to refine key components and optimize system performance for broader market deployment [3][6]

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Core Insights - AirJoule Technologies has entered into a binding agreement with Arizona State University (ASU) to supply an AirJoule® A250TM unit, which can produce 250 liters of pure distilled water per day from ambient air [1][3] - The AirJoule® system is significantly more efficient than conventional moisture removal methods, being over 4 times more efficient than refrigerant-based systems and over 8 times more efficient than desiccant systems when utilizing low-grade waste heat [2][6] - The collaboration with ASU aims to validate the performance of the AirJoule® technology in arid conditions, particularly in Phoenix, where relative humidity levels often fall below 20% [3][4] Company Overview - AirJoule Technologies Corporation (NASDAQ:AIRJ) specializes in developing the AirJoule® technology, which focuses on efficient air dehumidification and water harvesting [8] - The company is commercializing its technology through a joint venture with GE Vernova and in partnership with Carrier Global Corporation [8] Research and Development - The AirJoule® A250TM unit will be tested in various locations around Phoenix to assess its performance under real-world conditions, contributing to academic research on atmospheric water harvesting [3][7] - Dr. Paul Westerhoff, a leading researcher at ASU, emphasizes the importance of this collaboration in developing viable water generation systems for arid regions [5][7]