Financial Performance - AirJoule Technologies reported a net income of $215.7 million for the year ended December 31, 2024, compared to a net loss of $11.4 million in 2023[20]. - Net income for the year ended December 31, 2024, was $215,695,562, a significant improvement from a net loss of $(11,379,116) in 2023[22]. - The company achieved a loss from operations of $65.9 million in 2024, compared to a loss of $11.4 million in 2023[20]. - Cash used in operating activities was $(24,261,446) for 2024, compared to $(5,100,989) in 2023, indicating increased operational cash outflow[22]. - The company experienced a deferred tax expense of $81,256,047, which was not present in the previous year, impacting net income[22]. Investments and Financing - The company completed a $50 million private investment in public equity (PIPE) financing in March 2024, followed by an additional $12 million in June 2024, ending the year with $28 million in cash and cash equivalents[11]. - The company has a committed equity facility allowing it to sell up to $30 million of newly issued shares over 36 months, providing financial flexibility for future growth[9]. - Proceeds from the issuance of common stock amounted to $61,750,000, contributing significantly to financing activities[22]. - The company invested $10,000,000 in AirJoule, LLC during the year, reflecting ongoing strategic investments[22]. Assets and Cash Position - The total assets of AirJoule Technologies as of December 31, 2024, were $369.9 million, a significant increase from $556,135 in 2023[18]. - The company reported a net cash increase of $27,645,952 in cash, cash equivalents, and restricted cash, up from a decrease of $(4,835,690) in the previous year[22]. - Total cash, cash equivalents, and restricted cash at the end of the period reached $28,021,748, a substantial increase from $375,796 at the beginning of the period[22]. Strategic Partnerships and Development - In 2024, the company formed a 50/50 joint venture with GE Vernova, which included 24 full-time employees focused on engineering and product development activities[6]. - The company is focused on commercializing its technology through partnerships with Carrier Global Corporation and GE Vernova, targeting energy efficiency and water security markets[14]. - The company has entered into advanced discussions with multiple data center operators and industrial facilities for potential proof of concept deployments of the AirJoule system[4][5]. - AirJoule Technologies opened its first international office in the United Arab Emirates to drive business development in the Gulf Cooperation Council region[11]. Technology and Efficiency - The AirJoule system demonstrated the ability to produce pure distilled water from air with an energy requirement of less than 160 Wh/L, making it up to 4x more efficient than refrigerant-based systems and up to 8x more efficient than desiccant-based systems[2][4]. - The company recognized a contribution to AirJoule, LLC of technology license valued at $333,500,000, indicating a strategic move in technology collaboration[22]. - Share-based compensation increased to $1,323,936 in 2024 from $52,000 in 2023, reflecting a shift in compensation strategy[22]. - The initial recognition of True Up Shares liability was $555,000, and Subject Vesting Shares liability was $11,792,000, indicating new financial obligations[22].
Power & Digital Infrastructure Acquisition II (XPDB) - 2024 Q4 - Annual Results