Financial Performance - Net income for September 2024 was $35,016,858, compared to a net loss of $4,548,353 in September 2023, representing a significant turnaround[13]. - Total revenue for the year 2024 reached $230,002,045, a substantial increase from a loss of $8,420,824 in the previous year[14]. - The company reported a loss from operations of $63,106,230 in 2024, down from $8,430,639 in 2023, reflecting improved operational efficiency[13]. - Basic net income per share for Class A common stock was $0.63 in 2024, a recovery from a loss of $0.12 in 2023[13]. - The company experienced a total other income of $36,125,418 in 2024, a notable increase from $6,264 in 2023, reflecting enhanced financial performance[13]. Assets and Liabilities - The company reported total current assets of $33.6 million as of September 30, 2024, compared to $502,767 at the end of 2023[11]. - Total liabilities increased to $108.7 million as of September 30, 2024, from $6.5 million at the end of 2023[11]. - The cash balance at the end of the period increased to $30,687,544 in 2024, up from $1,329,444 in 2023, indicating improved liquidity[14]. Cash Flow and Financing - Cash flows from operating activities showed a net cash used of $21,561,224 in 2024, compared to $4,047,533 in 2023, highlighting increased operational expenditures[14]. - The company raised $61,750,000 from the issuance of common stock in 2024, contributing to a net cash provided by financing activities of $61,889,003[14]. Research and Development - Research and development expenses decreased to $1,809,814 in 2024 from $2,518,836 in 2023, indicating a focus on cost management[13]. Business Development and Operations - AirJoule Technologies ended Q3 2024 with $30.7 million in cash and cash equivalents, providing sufficient liquidity to support operations through expected commercial sales in 2026[2]. - The Newark, Delaware facility is expected to have its initial manufacturing line and assembly operations operational by mid-2025, transitioning product development from Polson, MT[5]. - AirJoule Technologies anticipates delivering its first commercial-scale preproduction units by mid-2025, with expectations of superior water production and energy efficiency[3]. - The company signed MOUs with TenX Investment, Climate Impact Corporation, and Clairity Technology to advance atmospheric water harvesting and industrial dehumidification applications[3]. - AirJoule Technologies opened its first international office in the UAE to enhance business development in the Gulf Cooperation Council region[2]. - The company has a strong interest in its technology demonstrated at the Water, Energy, Technology, and Environment Exhibition in Dubai, indicating market demand for innovative water solutions[4]. Stock Information - AirJoule Technologies' stock and warrants continue to trade on the Nasdaq under the ticker symbols "AIRJ" and "AIRJW" respectively[2]. Equity Adjustments - The change in fair value of Earnout Shares liability was reported at $31,759,000 in 2024, compared to no previous value, suggesting significant adjustments in equity[13].
Montana Technologies Corporation(AIRJ) - 2024 Q3 - Quarterly Results