Financial Performance - For the three months ended March 31, 2024, Montana Technologies Corporation reported a net loss of $11,552,823, compared to a net loss of $834,627 for the same period in 2023, representing an increase in loss of approximately 1,287%[23]. - Total operating expenses for the first quarter of 2024 were $2,762,059, up from $834,627 in the same quarter of 2023, indicating a significant increase in operational costs[23]. - The company experienced a net cash used in operating activities of $5,439,983 for the three months ended March 31, 2024, compared to $803,635 in the prior year, reflecting a substantial increase in cash outflow[25]. - The basic and diluted net loss attributable to common stockholders for Class A and Class B was $(0.28) in Q1 2024, compared to $(0.02) in Q1 2023, indicating a deterioration in per-share performance[23]. Cash and Liquidity - The company ended the quarter with $37.4 million in cash on the balance sheet, a significant increase from $375,796 at the end of the previous quarter[5][21]. - Cash provided by financing activities was $42,494,907 for the first quarter of 2024, a significant increase from $255,861 in the same period of 2023, highlighting strong financing efforts[25]. - The company ended the period with cash of $37,429,270, compared to $4,663,712 at the end of the same quarter in 2023, marking a substantial increase in liquidity[25]. Assets and Liabilities - The company reported total assets of $650.6 million as of March 31, 2024, up from $556,135 at the end of 2023[21]. - Current liabilities increased to $11.8 million from $6.4 million in the previous quarter, primarily due to accrued transaction fees and other expenses[21]. - Montana Technologies' accumulated deficit grew to $43.7 million as of March 31, 2024, compared to $17.2 million at the end of 2023[21]. - Montana Technologies Corporation reported a change in fair value of Earnout Shares liability of $(7,672,000) in Q1 2024, reflecting significant adjustments in financial liabilities[23]. Strategic Initiatives - Montana Technologies completed its Business Combination with Legacy Montana, exceeding the $50 million minimum cash condition through private investments, including $10 million from Carrier Global Corporation[5][7]. - Montana Technologies formed a joint venture with GE Vernova to commercialize AirJoule technology, enhancing HVAC and atmospheric water harvesting products[5][8]. - The joint venture with GE Vernova closed on March 4, 2024, with GE Vernova providing support for R&D and making an equity investment in Montana Technologies[10]. - The company has entered into a joint commercialization agreement with Carrier for the AirJoule technology in HVAC solutions across multiple regions, including the Americas and Europe[6][5]. - The AirJoule technology aims to address energy efficiency and water scarcity, positioning the company in two significant target markets[4][5]. - The company recognized non-cash investing and financing activities, including the acquisition of business from GE Vernova valued at $612,533,000, indicating strategic growth initiatives[25]. Management and Operations - The management team has been expanded with new appointments following the Business Combination, including Pat Eilers as Executive Chairman[14]. - Research and development expenses rose to $896,613 in Q1 2024, compared to $604,944 in Q1 2023, indicating a focus on innovation and product development[23]. - The weighted average Class A common stock outstanding increased to 36,916,955 in Q1 2024 from 32,599,213 in Q1 2023, reflecting an increase in shares outstanding[23].
Power & Digital Infrastructure Acquisition II (XPDB) - 2024 Q1 - Quarterly Results