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AIRJOULE TECHNOLOGIES CORPORATIONCONDENSED CONSOLIDATED BALANCE SHEETS September 30, December 31, 2024 2023 (unaudited) Assets Current assets Cash, cash equivalents and restricted cash $30,687,544 $375,796 Due from related party 1,962,873 — Prepaid expenses and other current assets 947,080 126,971 Total current assets 33,597,497 502,767 Operating lease right-of-use asset 154,771 49,536 Property and equipment, net 15,426 3,832 Investment in AirJoule, LLC 340,556,277 — Other assets 69,482 — Total assets $374,393,453 $556,135 Liabilities and Stockholders’ equity Current liabilities Accounts payable $567,944 $2,518,763 Accrued transaction fees — 3,644,100 Other accrued expenses 1,617,298 244,440 Operating lease liability, current 27,783 22,237 True Up Shares liability 2,288,000 — Total current liabilities 4,501,025 6,429,540 Earnout Shares liability 16,570,000 — Subject Vesting Shares liability 4,270,000 — Operating lease liability, non-current 132,047 27,299 Deferred tax liability 83,219,044 — Total liabilities 108,692,116 6,456,839 Commitments and contingencies (Note 12) Stockholders’ equity (deficit) Preferred stock, $0.0001 par value; 25,000,000 authorized shares and 0 shares issued and outstanding as of September 30, 2024 and December 31, 2023 $— $— Class A Common stock, $0.0001 par value; 600,000,000 authorized shares and 51,083,523 and 32,731,583 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively 5,109 3,274 Class B Common stock, $0.0001 par value; 50,000,000 authorized shares and 4,759,642 shares issued and outstanding as of September 30, 2024 and December 31, 2023 476 476 Additional paid-in capital 52,861,808 11,263,647 Retained earnings (accumulated deficit) 212,833,944 (17,168,101)Total stockholders’ equity (deficit) 265,701,337 (5,900,704)Total liabilities and stockholders’ equity $374,393,453 $556,135 AIRJOULE TECHNOLOGIES CORPORATIONCONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) Three Months EndedSeptember 30, Nine Months EndedSeptember 30, 2024 2023 2024 2023 Cost and expenses: General and administrative $2,438,227 $3,570,892 $6,462,671 $5,602,081 Research and development (87,147) 814,749 1,809,814 2,518,836 Sales and marketing 23,639 167,890 136,205 306,466 Transaction costs incurred in connection with business combination — — 54,693,103 — Depreciation and amortization 2,136 1,086 4,437 3,256 Loss from operations (2,376,855) (4,554,617) (63,106,230) (8,430,639) Other income (expense): Interest income 374,051 6,264 616,677 9,815 Gain on contribution to AirJoule, LLC — — 333,500,000 — Equity loss from investment in AirJoule, LLC (2,336,554) — (2,943,724) — Change in fair value of Earnout Shares liability 31,759,000 — 37,151,000 — Change in fair value of True Up Shares liability (1,866,000) — (1,733,000) — Change in fair value of Subject Vesting Shares liability 8,188,000 — 7,522,000 — Gain on settlement of legal fees — — 2,207,445 — Other income 6,921 — 6,921 — Total other income, net 36,125,418 6,264 376,327,319 9,815 Income (loss) before income taxes 33,748,563 (4,548,353) 313,221,089 (8,420,824)Income tax benefit (expense) 1,268,295 — (83,219,044) — Net income (loss) $35,016,858 $(4,548,353) $230,002,045 $(8,420,824) Weighted average Class A common stock outstanding, basic 51,026,682 32,724,444 45,981,155 32,664,496 Basic net income (loss) per share, Class A common stock $0.63 $(0.12) $4.53 $(0.23) Weighted average Class A common stock outstanding, diluted 52,586,743 32,724,444 47,372,900 32,664,496 Diluted net income (loss), per share, Class A common stock $0.61 $(0.12) $4.41 $(0.23) Weighted average Class B common stock outstanding, basic and diluted 4,759,642 4,759,642 4,759,642 4,759,642 Basic net income (loss) per share, Class B common stock $0.63 $(0.12) $4.53 $(0.23) Diluted net income (loss) per share, Class B common stock $0.61 $(0.12) $4.41 $(0.23) AIRJOULE TECHNOLOGIES CORPORATIONCONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) For the Nine Months Ended September 30, 2024 2023 Cash flows from operating activities Net income (loss) $230,002,045 $(8,420,824)Adjustment to reconcile net income (loss) to cash used in operating activities: Depreciation and amortization 4,437 3,256 Deferred tax expense 83,219,044 — Amortization of operating lease right-of-use assets 21,512 15,818 Change in fair value of Earnout Shares liability (37,151,000) — Change in fair value of True Up Shares liability 1,733,000 — Change in fair value of Subject Vesting Shares liability (7,522,000) — Gain on contribution to AirJoule, LLC (333,500,000) — Equity loss from investment in AirJoule, LLC 2,943,724 — Non-cash transaction costs in connection with business combination 53,721,000 — Gain on settlement of legal fees (2,207,445) — Share-based compensation 738,470 52,000 Changes in operating assets and liabilities: Due from related party (1,962,873) — Prepaid expenses and other assets (445,732) (84,536)Other assets (69,482) — Operating lease liabilities (16,453) (15,818)Accounts payable (1,971,156) 1,440,818 Due to related party (1,440,000) — Accrued expenses, accrued transaction costs and other liabilities (7,658,315) 2,961,753 Net cash used in operating activities (21,561,224) (4,047,533) Cash flows from investing activities Purchases of property and equipment (16,031) (98,950)Investment in AirJoule, LLC (10,000,000) — Net cash used in investing activities (10,016,031) (98,950) Cash flows from financing activities Proceeds from the exercise of warrants 45,760 8,580 Proceeds from the exercise of options 93,243 — Proceeds from the issuance of common stock 61,750,000 — Issuance of preferred units — 255,861 Net cash provided by financing activities 61,889,003 264,441 Net increase (decrease) in cash, cash equivalents and restricted cash 30,311,748 (3,882,042)Cash, cash equivalents and restricted cash, beginning of period 375,796 5,211,486 Cash, cash equivalents and restricted cash, end of the period $30,687,544 $1,329,444 Supplemental non-cash investing and financing activities: Initial recognition of True Up Shares liability $555,000 $— Initial recognition of Subject Vesting Shares liability $11,792,000 $— Initial recognition of ROU asset and operating lease liability $172,649 $— Liabilities combined in recapitalization, net $8,680,477 $— Contribution to AirJoule, LLC of license to technology $333,500,000 $— Supplemental cash flow information: Taxes paid $— $— Contacts Investor Relations:Tom Divine – Vice President, Investor Relations and Financeinvestors@airjouletech.
RONAN, Mont., Nov.13, 2024 (GLOBE NEWSWIRE) -- AirJoule Technologies Corporation (NASDAQ: AIRJ) ("AirJoule Technologies” or the "Company”), the developer of the transformational AirJoule® technology for atmospheric water harvesting, today announced its third quarter results.3rd Quarter and Recent Highlights Changed the Company’s corporate name from Montana Technologies Corporation to AirJoule Technologies Corporation to better align with the brand name of the transformational AirJoule® technology The Company’s common stock and warrants will continue to trade on the Nasdaq Capital Market under the ticker symbols "AIRJ” and "AIRJW”, respectively Continued advancement towards commercialization of AirJoule® applications globally, with a near term focus on atmospheric water harvesting and industrial dehumidification United Arab Emirates: Announced agreement with TenX Investment ("TenX”) to explore a deployment of AirJoule® units in support of water security and sustainability projects in the United Arab EmiratesAustralia: Announced agreement with Climate Impact Corporation ("CIC”) to collaborate on solar-powered hydrogen production using AirJoule® technology in AustraliaUnited States: Announced agreement with Clairity Technology to explore ways to use standalone AirJoule® units to deliver dehumidified air for use in carbon dioxide direct air capture systemsUnited States: Collaborating with Tier 1 food and beverage manufacturers to analyze the integration of AirJoule®’s industrial dehumidification and water recapture capabilities into their operations Opened the Company’s first international office in the United Arab Emirates to spearhead business development and growth initiatives in the Gulf Cooperation Council regionCommenced transition of product development and assembly work to the new operations facility in Newark, DelawareEnded the quarter with $30.7 million of cash and cash equivalents with sufficient liquidity to support the Company’s operations through expected commercial sales in 2026 Executive Commentary "We are seeing significant demand for AirJoule® from customers for atmospheric water harvesting and industrial dehumidification applications, which is driving our near-term focus on these two markets,” said Matt Jore, CEO of AirJoule Technologies.
We garnered strong interest in AirJoule® from potential customers during our live demonstration at the Water, Energy, Technology, and Environment Exhibition conference in Dubai, which reflects the market demand for innovative water technologies.” Progress at Newark, Delaware Facility At the AirJoule joint venture with GE Vernova, the team has made significant progress towards completion of its operations facility in Newark, Delaware (the "Newark Facility”) which houses product engineering, the initial manufacturing line for MOF-coated contactors, and assembly operations for preproduction AirJoule® units.
