Financial Performance - As of September 30, 2025, the company has not generated any revenue from its operations[176] - The company reported a net loss of $4.01 million for Q3 2025, compared to a net income of $35.02 million in Q3 2024, a difference of $39.03 million[180] - General and administrative expenses for Q3 2025 were $2.96 million, up from $2.44 million in Q3 2024, reflecting a $0.52 million increase[181] - General and administrative expenses for the nine months ended September 30, 2025, were $9.5 million, an increase of $3.0 million from $6.5 million in the same period of 2024[182] - Research and development expenses for Q3 2025 were $(8,476), a decrease of $78,671 compared to $(87,147) in Q3 2024[180] - Research and development expenses for the nine months ended September 30, 2025 were $0.8 million, a decrease of $1.0 million compared to $1.8 million for the same period in 2024[185] - Sales and marketing expenses for the three months ended September 30, 2025 were $50,473, an increase from $23,639 for the same period in 2024[186] - Interest income for the nine months ended September 30, 2025 was $799,656, an increase from $616,677 for the same period in 2024[190] Cash Flow and Investments - Net cash used in operating activities for the nine months ended September 30, 2025 was $4.0 million, compared to $21.6 million for the same period in 2024[206] - Net cash used in investing activities for the nine months ended September 30, 2025 was $12.8 million, primarily due to contributions to the AirJoule JV[208] - Net cash provided by financing activities for the nine months ended September 30, 2025 was $14.8 million, primarily from the April 2025 PIPE Offering[209] - As of September 30, 2025, the company had $25.9 million in working capital, including $26.0 million in cash and cash equivalents[201] Joint Ventures and Partnerships - The company entered into a PIPE agreement on April 23, 2025, to issue 3,775,126 shares at $3.98 per share, raising approximately $15 million[173] - The company contributed an additional $12.8 million in capital contributions to the AirJoule JV during the nine months ended September 30, 2025[200] - The remaining commitment for capital contributions to the AirJoule JV is $82.3 million as of September 30, 2025[203] - A joint venture with CATL was established on October 27, 2021, with both parties owning 50% of CAMT, which has exclusive rights to commercialize AirJoule technology in Europe and Asia[212] - As of September 30, 2025, the company and CATL US have each agreed to contribute $6.0 million to CAMT, totaling $12.0 million, but no funding has occurred yet[213] - CAMT is managed by a four-member board, with specific voting rights and requirements for significant financial decisions, including unanimous votes for transactions exceeding $10.0 million[213] Market and Future Plans - The total addressable market for the company's technology is estimated to be approximately $450 billion[170] - The company plans to manufacture AirJoule systems capable of producing over 250 liters of water per day by 2025, with commercial sales expected to scale in 2026[169] - The company expects to leverage strategic partnerships to accelerate market penetration and scale manufacturing capabilities[172] Regulatory and Compliance - The company is classified as an emerging growth company under the JOBS Act, allowing it to delay compliance with new accounting standards until certain conditions are met[218] - The company will remain an emerging growth company until it meets specific revenue or securities thresholds, including total annual gross revenue of at least $1.235 billion[220] Other Financial Information - The company recognized a gain of $333.5 million on the contribution to AirJoule, LLC during the nine months ended September 30, 2024[191] - The company entered into a patent license agreement in October 2021, resulting in a reversal of $0.5 million in accrued royalties expense during Q3 2025[211]
Power & Digital Infrastructure Acquisition II (XPDB) - 2025 Q3 - Quarterly Report