Montana Technologies Corporation(AIRJ) - 2025 Q1 - Quarterly Results

First Quarter 2025 & Recent Highlights AirJoule Technologies achieved key Q1 2025 operational milestones, including strategic partnerships, global system deployment, facility expansion, and securing $23 million cash for commercialization through 2026 - Strategic project commenced with GE Vernova to integrate AirJoule® technology with GE's products, focusing on using low-grade waste heat to produce water[7] - Signed an agreement to sell an AirJoule® A250TM system to Arizona State University for research and performance evaluation, with delivery expected in September 2025[7] - Expanded international presence by deploying the first AirJoule® system in Dubai to showcase its capabilities to potential customers[7] - Expanded the Newark, DE manufacturing facility to 35,000 square feet, adding assembly space, environmental test chambers, and a full coating line[7] - Completed a $15 million private placement financing (PIPE) led by GE Vernova to accelerate the commercialization of A1000TM systems[7] - Ended the quarter with a strong cash position of $23 million, providing sufficient capital to support operations through expected commercial sales in 2026[7] Executive Commentary CEO Matt Jore highlighted AirJoule's significant traction in sustainable water solutions, accelerating Q1 initiatives, expanding global presence, and ensuring full funding for 2025 system deliveries - The company is gaining meaningful traction as industries seek innovative and sustainable water solutions[4] - Key initiatives with stakeholders like GE Vernova and Arizona State University were accelerated in the first quarter[4] - The company has a strong balance sheet and a fully funded path to commercialization[4] - The primary focus is on delivering the first preproduction systems for customer demonstrations in 2025[4] Financial Statements This section presents AirJoule Technologies' unaudited condensed consolidated financial statements for Q1 2025, including Balance Sheets, Statements of Operations, and Statements of Cash Flows Condensed Consolidated Balance Sheets Key Balance Sheet Data (unaudited) | Account | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash, cash equivalents and restricted cash | $23,000,515 | $28,021,748 | | Total current assets | $24,449,138 | $31,455,631 | | Total assets | $365,605,922 | $369,852,120 | | Total current liabilities | $1,657,087 | $4,018,747 | | Total liabilities | $95,423,210 | $117,741,796 | | Total stockholders' equity | $270,182,712 | $252,110,324 | Condensed Consolidated Statements of Operations Statements of Operations Highlights (unaudited, for the three months ended March 31) | Account | 2025 | 2024 | | :--- | :--- | :--- | | General and administrative expense | $2,786,484 | $813,239 | | Research and development expense | $387,919 | $846,157 | | Loss from operations | ($3,190,200) | ($56,391,309) | | Net income | $14,878,658 | $181,555,292 | | Basic net income per share, Class A | $0.27 | $4.33 | | Diluted net income per share, Class A | $0.26 | $4.18 | - The significant decrease in Loss from Operations and the variance in Net Income between Q1 2025 and Q1 2024 are primarily due to a $54.7 million transaction cost and a $333.5 million gain on contribution to AirJoule, LLC in 2024, which were related to the business combination and did not recur in 2025. Q1 2025 net income was positively impacted by a $12.8 million gain from the change in fair value of Earnout Shares liability[13] Condensed Consolidated Statements of Cash Flows Statements of Cash Flows Highlights (unaudited, for the three months ended March 31) | Account | 2025 | 2024 | | :--- | :--- | :--- | | Net cash provided by (used in) operating activities | $72,246 | ($6,425,437) | | Net cash used in investing activities | ($5,135,239) | ($10,000,000) | | Net cash provided by financing activities | $41,760 | $43,467,010 | | Net increase (decrease) in cash | ($5,021,233) | $27,041,573 | | Cash, cash equivalents and restricted cash, end of period | $23,000,515 | $27,417,369 | - Cash used in investing activities in Q1 2025 primarily consisted of a $5.0 million investment in AirJoule, LLC[14]