Financial Performance - AirJoule Technologies reported a net income of $14.88 million for Q1 2025, compared to $181.56 million in Q1 2024, with a basic net income per share of $0.27[13] - Net income for Q1 2025 was $14,878,658, a significant decrease from $181,555,292 in Q1 2024[14] - Net cash provided by operating activities was $72,246, compared to a cash outflow of $6,425,437 in the same period last year[14] - The company had a net decrease in cash, cash equivalents, and restricted cash of $(5,021,233) in Q1 2025[14] Cash and Cash Equivalents - The company ended Q1 2025 with $23 million in cash and cash equivalents, down from $28 million at the end of 2024[12] - Cash and cash equivalents at the end of Q1 2025 totaled $23,000,515, down from $27,417,369 at the end of Q1 2024[14] Expenses - General and administrative expenses increased significantly to $2.79 million in Q1 2025 from $0.81 million in Q1 2024[13] - Research and development expenses decreased to $0.39 million in Q1 2025 from $0.85 million in Q1 2024[13] - The company recognized a share-based compensation expense of $984,393 in Q1 2025[14] Investments and Financing - AirJoule Technologies completed a $15 million private placement financing to accelerate the commercialization of its A1000 systems[7] - Investment in AirJoule, LLC for Q1 2025 was $5,000,000, a decrease from $10,000,000 in Q1 2024[14] - Proceeds from the exercise of options amounted to $41,760, compared to $56,250 in the previous year[14] Assets and Liabilities - Total assets as of March 31, 2025, were reported at $365.61 million, a slight decrease from $369.85 million at the end of 2024[12] - The company reported a change in fair value of Earnout Shares liability of $(12,832,000) in Q1 2025[14] Strategic Initiatives - A strategic collaboration with GE Vernova was initiated to integrate AirJoule technology into GE products, focusing on utilizing low-grade waste heat[7] - An agreement was signed with Arizona State University to deliver an AirJoule A250 system for research purposes, expected in September 2025[7] - The first AirJoule system was deployed in Dubai to demonstrate its capabilities to potential customers[7] Manufacturing and Production - The company expanded its manufacturing facility to 35,000 square feet, enhancing its production capabilities[7] Cash Flow Activities - The total cash used in investing activities was $5,135,239, compared to $10,000,000 in Q1 2024[14] - Supplemental non-cash investing activities included the issuance of True Up Shares valued at $2,082,894[14]
Power & Digital Infrastructure Acquisition II (XPDB) - 2025 Q1 - Quarterly Results