Financial Performance - 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]. - General and administrative expenses rose to $9.50 million for the nine months ended September 30, 2025, up from $6.46 million in 2024, representing an increase of approximately 47.5%[31]. - 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]. - Cash, cash equivalents, and restricted cash decreased to $26.01 million at the end of September 2025, down from $30.69 million at the end of September 2024[32]. - 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]. - Research and development expenses for the nine months ended September 30, 2025, were $781,066, a decrease from $1.81 million in 2024[31]. - The weighted average Class A common stock outstanding increased to 58,598,923 for the nine months ended September 30, 2025, compared to 45,981,155 in 2024[31]. - The company reported total liabilities of $86.38 million as of September 30, 2025, down from $117.74 million on December 31, 2024[30]. - The net cash used in operating activities for the nine months ended September 30, 2025, was $4.04 million, compared to $21.56 million in the same period of 2024[32]. - 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]. Business Development - AirJoule Technologies reported a strong balance sheet with $26.0 million in cash, cash equivalents, and restricted cash, providing substantial financial flexibility for commercialization efforts[18]. - 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 is advancing the productization of its A250 system for commercial-scale deployment, focusing on reliability and maximizing water productivity ahead of 2026[13]. - The company is engaged in commercial discussions for multi-unit AirJoule systems, utilizing a Water Purchase Agreement model to create recurring revenue streams[11][12]. - A field demonstration in Hubbard, TX, is generating data that validates AirJoule's performance and accelerates commercial adoption across industrial applications[3]. - AirJoule's partnership with the Net Zero Innovation Hub for Data Centers positions the company at the forefront of sustainable infrastructure for next-generation data centers[4]. - The collaboration with the U.S. Army Engineer Research and Development Center aims to validate AirJoule's technology for military applications, potentially informing procurement decisions by the Department of Defense[6][7]. - AirJoule's water production process incorporates three purification steps, yielding distilled water that meets EPA and FDA standards, providing a competitive advantage in the market[10]. - The company is expanding its manufacturing capabilities with a new facility in Newark, Delaware, to support productization and commercial-scale production[14]. - AirJoule expects to generate initial revenues across multiple pathways, including data centers, industrial, and defense applications, as customer discussions progress[19][20].
Montana Technologies Corporation(AIRJ) - 2025 Q3 - Quarterly Results