Financing and Investment - Montana Technologies completed a $12 million private placement financing, issuing approximately 1.2 million shares to support the commercialization of the AirJoule system[9]. - The investment in AirJoule, LLC is valued at approximately $342.89 million on the balance sheet[15]. - The company incurred transaction costs of $54,693,103 related to business combinations, indicating active merger and acquisition strategies[17]. Financial Performance - Net income for June 2024 reached $194,985,187, a significant increase from a net loss of $3,872,471 in June 2023[19]. - Total operating expenses for June 2024 were $60,729,375, compared to $3,876,022 in June 2023, indicating a substantial increase in operational costs[17]. - The company reported a gain of $333,500,000 from its contribution to AirJoule, LLC, which positively impacted net income[17]. - Cash flows from operating activities showed a net cash used of $17,576,561 in 2024, compared to $1,856,812 in 2023, reflecting increased operational expenditures[19]. - The company experienced a significant increase in cash, ending the period with $34,648,611, up from $3,523,090 in the previous year[19]. - The diluted net income per share for Class A common stock was $3.92, a notable increase from a loss of $0.10 in the previous year[17]. - Basic net income per share for Class B common stock was $4.05, compared to a loss of $0.10 in the previous year, reflecting improved profitability[17]. Operations and Development - The company ended the quarter with $35 million in cash, providing sufficient liquidity to support operations through expected commercialization in 2026[2]. - A new 30,000 square foot manufacturing facility is being built in Newark, Delaware, with an expected operational date in mid-2025, supported by a $1 million grant from the State of Delaware[8]. - The company expanded its business development and operations teams by hiring several key personnel, including a VP of Business Development and a VP of Operations[7]. - The company is focused on engaging prospective customers across various industries to leverage AirJoule's advanced dehumidification and water production capabilities[3]. - Research and development expenses totaled $1,896,961 for the year, up from $1,704,087 in 2023, highlighting ongoing investment in innovation[17]. Partnerships and Collaborations - The company signed a Memorandum of Understanding with TenX to deploy AirJoule units for water security projects in the UAE, focusing on critical infrastructure and community water needs[5]. - Montana Technologies is collaborating with Climate Impact Corporation to develop solar-powered hydrogen production modules using AirJoule technology[6]. Technology and Product Impact - AirJoule technology is expected to significantly reduce power consumption and operating expenses in HVAC systems when integrated with Carrier Corporation's products[4]. - Total current liabilities for the company are reported at $3.54 million, while total liabilities amount to $148.96 million[15]. - The weighted average Class A common stock outstanding increased to 43,357,928 from 32,633,380, indicating potential dilution from new equity issuance[17].
Power & Digital Infrastructure Acquisition II (XPDB) - 2024 Q2 - Quarterly Results