Financial Performance - Net income for the six months ended June 30, 2025, was $17,391,871, a decrease from $194,985,187 in the same period of 2024[20] - Total other income for the six months ended June 30, 2025, was $21,543,449, compared to $1 in 2024, reflecting significant growth[19] - The company reported a loss from operations of $4,162,917 for the three months ended June 30, 2025, compared to a loss of $4,338,066 in 2024[19] - Basic net income per share for Class A common stock was $0.04 for the three months ended June 30, 2025, down from $0.25 in 2024[19] - Net cash used in operating activities for the six months ended June 30, 2025, was $(2,163,485), compared to $(17,576,561) in 2024, showing improvement[20] Assets and Equity - The total assets increased to $376.1 million as of June 30, 2025, compared to $369.9 million at the end of 2024[18] - The company reported a total stockholders' equity of $288.6 million as of June 30, 2025, up from $252.1 million at the end of 2024[18] Financing and Cash Position - The company completed a $15 million private placement financing on April 25, 2025, to accelerate the commercialization of the A250™ and A1000™ systems[8] - As of June 30, 2025, the company reported cash and cash equivalents of $30.5 million, providing sufficient runway for operations through commercialization[9] - Cash, cash equivalents, and restricted cash at the end of the period were $30,502,711, compared to $34,648,611 at the end of June 30, 2024[20] - Proceeds from the PIPE offering, net, amounted to $14,556,106 during the six months ended June 30, 2025[20] Research and Development - Research and development expenses for the three months ended June 30, 2025, were $401,623, down from $1,050,804 in 2024, indicating a 61.8% reduction[19] Business Operations and Collaborations - The A250™ system is expected to achieve up to 80% energy savings and 60% lower total cost of ownership compared to traditional dehumidification systems[7] - The manufacturing facility in Newark, DE was expanded to increase capacity for manufacturing and environmental testing of AirJoule® systems[7] - The company expects to deploy an A250™ system in Q4 2025 in Hubbard, Texas, utilizing geothermal heat for water production[7] - AirJoule Technologies plans to deliver an A250™ system to Arizona State University in Fall 2025 for research and evaluation purposes[7] - The company is collaborating with GE Vernova to integrate AirJoule® technology into their products, focusing on low-grade waste heat utilization[7] Governance - The company appointed two new board directors with expertise in data centers and financial oversight to strengthen its governance[5] Other Financial Information - The company incurred transaction costs of $54,693,103 in connection with business combinations in the previous year[19] - The company reported a change in fair value of Earnout Shares liability of $19,108,000 for the six months ended June 30, 2025[20]
Power & Digital Infrastructure Acquisition II (XPDB) - 2025 Q2 - Quarterly Results