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].

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].