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

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

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

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

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

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

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

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]