Financial Position - AirJoule Technologies reported a strong cash position of $26.0 million at the end of Q3 2025, providing substantial financial flexibility for commercialization efforts[18]. - Total assets increased to $372.73 million as of September 30, 2025, compared to $369.85 million on December 31, 2024, reflecting a growth of approximately 0.5%[30]. - Cash, cash equivalents, and restricted cash decreased to $26.01 million at the end of September 2025 from $30.69 million at the end of September 2024, a decline of approximately 15.5%[32]. - Total liabilities decreased to $86.38 million as of September 30, 2025, from $117.74 million on December 31, 2024, a reduction of approximately 26.6%[30]. Revenue and Income - Net income for the nine months ended September 30, 2025, was $13.38 million, a significant decrease from $230.00 million in the same period of 2024[32]. - The company reported a loss from operations of $10.36 million for the nine months ended September 30, 2025, compared to a loss of $63.11 million in the same period of 2024[31]. - The company reported a basic net loss per share of $0.07 for the three months ended September 30, 2025, compared to a net income of $0.63 per share in the same period of 2024[31]. - Cash flows from operating activities resulted in a net cash used of $4.04 million for the nine months ended September 30, 2025, compared to $21.56 million in 2024[32]. Expenses - General and administrative expenses rose to $9.50 million for the nine months ended September 30, 2025, compared to $6.46 million in 2024, representing an increase of approximately 47.5%[31]. - Research and development expenses for the nine months ended September 30, 2025, were $781,066, down from $1.81 million in 2024, indicating a decrease of approximately 57.3%[31]. - The company incurred a change in fair value of Earnout Shares liability amounting to a loss of $17.38 million for the nine months ended September 30, 2025[32]. Commercialization Efforts - The company made a $2.75 million capital contribution to its joint venture with GE Vernova, which is crucial for productization and commercialization activities[17]. - AirJoule's A250 system is being productized for commercial-scale deployment, focusing on reliability and maximizing water productivity ahead of 2026[13]. - A field demonstration in Hubbard, TX, is generating significant data to validate AirJoule's performance in real-world conditions, enhancing commercial adoption[3]. - AirJoule is engaged in commercial discussions for multi-unit system deployments, utilizing a Water Purchase Agreement model to accelerate customer adoption[11]. - The company anticipates initial revenues from multiple market segments, including data centers and defense applications, as commercialization efforts progress[19]. Strategic Partnerships and Collaborations - The partnership with the Net Zero Innovation Hub for Data Centers positions AirJoule at the forefront of sustainable infrastructure, with capabilities to be showcased in 2026[4]. - AirJoule's strategic partnerships with industry leaders like GE Vernova and Carrier are expected to enhance market penetration and product development[20]. - The company is expanding its defense sector footprint through collaborations with the U.S. Army Engineer Research and Development Center and a defense contractor for anti-corrosion applications[8]. Product and Technology - AirJoule's water production process incorporates three purification steps, yielding distilled water that meets EPA and FDA standards, providing a competitive advantage[10].
Power & Digital Infrastructure Acquisition II (XPDB) - 2025 Q3 - Quarterly Results