AirJoule Technologies Corp.

AirJoule Technologies Corporation is an advanced technology company focused on developing and commercializing groundbreaking sorption technologies to address water and energy constraints. The company's core product, AirJoule, produces pure distilled water from air and dehumidified air, with applications in industrial settings, data centers, advanced manufacturing, military, and HVAC systems. The technology utilizes proprietary metal-organic frameworks (MOFs) and a pressure swing system to achieve high energy efficiency in water harvesting and dehumidification. The company operates through global collaborations, including a 50/50 joint venture with GE Vernova Inc. and commercial partnerships with Carrier Global Corporation and TenX Investment in Energy Enterprises & Management Co.

The company's business model involves manufacturing and selling full AirJoule systems for water harvesting and dehumidification, with additional recurring revenue expected from maintenance and service agreements. A Water Purchase Agreement (WPA) model is also being developed, allowing customers to purchase water on a volumetric basis to reduce upfront capital requirements. For HVAC applications, AirJoule plans to supply sorbent-coated contactors, manufactured through its joint venture with GE Vernova, to Carrier, which will integrate the technology into its air conditioning systems. The manufacturing facility in Newark, Delaware, is expected to support a portion of coated contactor volume requirements into 2028.

AirJoule's product line includes the AirJoule Core and AirJoule Prime systems. The AirJoule Core, designed for industrial dehumidification and distributed water generation, produces up to 250 liters of pure distilled water per day ¹ and offers up to 80% energy savings and up to 60% lower total cost of ownership compared to incumbent desiccant-based dehumidification systems ². The AirJoule Prime is designed for industrial-scale distilled water production using low-grade waste heat, with an expected output of 2,000 liters of pure water per day ³ at or below 130 Wh/L ⁴. Both systems are modular and can be mobile.

For the fiscal year ended December 31, 2025, AirJoule Technologies Corporation reported a net loss of $(9,040,198) ⁵, a significant change from the net income of $215,695,562 ⁶ in the prior year. Basic net loss per share for Class A common stock was $(0.15) ⁷, compared to basic net income per share of $4.15 ⁸ in 2024. Diluted net loss per share for Class A common stock was also $(0.15) ⁹, versus diluted net income per share of $4.03 ¹⁰ in 2024. The company's cash, cash equivalents, and restricted cash stood at $21,848,455 ¹¹ as of December 31, 2025, down from $28,021,748 ¹² at December 31, 2024. Total assets were $340,642,232 ¹³ at December 31, 2025, and total liabilities were $72,704,371 ¹⁴.

Comparing the fiscal year 2025 to 2024, general and administrative expenses increased by $3,445,647 ¹⁵ to $12,487,797 ¹⁶, primarily due to a $3.8 million ¹⁷ increase in stock-based compensation expense and a $1.6 million ¹⁸ increase in salaries and benefits. Research and development expenses decreased by $1,011,796 ¹⁹ to $1,008,592 ²⁰, mainly due to a $2.0 million ²¹ decrease in materials and services purchases and a $0.7 million ²² decrease in patent and royalty fees, partially offset by a $1.3 million ²³ decrease in cost reimbursement from AirJoule, LLC and a $0.4 million ²⁴ increase in stock-based and employee compensation. Sales and marketing expenses decreased to $79,326 ²⁵ from $150,927 ²⁶. A significant change was the absence of transaction costs incurred in connection with the business combination in 2025, which were $54,693,103 ²⁷ in 2024. The company recognized an equity loss from investment in AirJoule, LLC of $(39,271,360) ²⁸ in 2025, a substantial increase from $(5,321,367) ²⁹ in 2024.

During 2025, AirJoule Technologies Corporation manufactured and deployed AirJoule Core systems for field testing and customer demonstrations in Texas, Arizona, and Dubai. The company also advanced the productization and manufacturing scale-up of its Core and larger Prime system in preparation for commercial sales beginning in late 2026. Key operational developments included the formalization of the AirJoule Core and Prime products, achieving breakthrough efficiency levels of less than 160 Wh/L ³⁰ for pure distilled water production in its fifth-generation prototype, and commencing discussions with the Texas Commission on Environmental Quality for potable water certification. The company also signed a memorandum of understanding with Nexus Data Centers in June 2025 to integrate AirJoule technology into data center designs ³¹ and was selected as a winner of the Net Zero Innovation Hub for Data Centers competition in September 2025 ³². In October 2025, a Cooperative Research and Development Agreement (CRADA) was entered into with the US Army Engineer Research and Development Center ³³.

AirJoule Technologies Corporation anticipates significant growth opportunities by offering its AirJoule technology in global markets with high demand for water, dehumidified air, and cooling. The company estimates the combined total addressable market to be approximately $450 billion ³⁴. Commercial sales of AirJoule systems are expected to begin in late 2026.

A major growth area is the data center industry, where AirJoule aims to address energy and water efficiency challenges by using low-grade waste heat to produce pure distilled water and reduce cooling costs. The company signed a memorandum of understanding with Nexus Data Centers in June 2025 to integrate AirJoule technology into data center designs in Texas ³⁵. In September 2025, AirJoule was selected as a winner of the Net Zero Innovation Hub for Data Centers competition, a technology acceleration program backed by Google, Microsoft, Data4, Vertiv, Schneider Electric, and Danfoss ³⁶. The company commenced participation in this program in Fredericia, Denmark, in January 2026 and anticipates deploying an AirJoule system at the program's testbed facility in Denmark in 2026 ³⁷.

Another growth area is advanced manufacturing, where the technology can provide cost-effective dehumidification and ultra-pure water. The military sector also presents an opportunity, with AirJoule able to operate in various climate conditions to support troops. In October 2025, the company entered into a Cooperative Research and Development Agreement (CRADA) with the US Army Engineer Research and Development Center to integrate AirJoule's waste-heat-to-water platform with tactical waste heat recovery systems ³⁸. An agreement was also signed in 2025 with a U.S. defense contractor to evaluate energy-efficient dehumidification capabilities for anti-corrosion applications ³⁹. In the HVAC space, AirJoule's superior moisture removal capability can reduce power consumption and refrigerant use in air conditioning systems, with Carrier having an exclusive right to commercialize AirJoule for HVAC applications in the Americas for three years after commercialization ⁴⁰.

The company expects general and administrative expenses to increase in future periods commensurate with the expected growth of its business. Sales and marketing expenses are also expected to increase in future periods. The AirJoule JV's manufacturing facility in Newark, Delaware, has the capacity to support expected volumes of AirJoule systems for 2026 and 2027 ⁴¹. The company may expand manufacturing capacity or pursue contract manufacturing once it has visibility into customer demand and commitments.

AirJoule plans to leverage its strategic partnerships to accelerate market penetration and scale manufacturing capabilities. These partnerships provide access to R&D expertise, mature supply chains, established sales channels, and extensive service networks. The company intends to co-develop sector-specific solutions with partners. The company's remaining commitment for capital contributions to the AirJoule JV is $77.3 million ⁴² as of December 31, 2025, with an additional $5.0 million ⁴³ contributed in January 2026. The company expects to support its current business plan, including these capital contributions, for at least twelve months from the financial statement issuance date using existing cash resources and previously raised proceeds.

AirJoule Technologies Corporation faces several material risks, including its status as a pre-revenue and early-stage company with a limited operating history and a history of losses, having incurred a net loss of $(9.0) million ⁴⁴ in 2025. The company's ability to achieve profitability depends on successfully developing and commercializing its AirJoule technology, which is complex and may not meet anticipated productivity and energy efficiency levels. There is a risk that demand for its products may not grow as anticipated, and the company is highly dependent on revenue generated from a single product or a limited number of products. Project execution risks, such as cost overruns, failure to meet customer schedules, and supplier or partner non-performance, could adversely affect profitability and reputation. Water Purchase Agreements may include penalties for not delivering sufficient water on schedule, leading to liabilities and reduced cash flow. The company may lack sufficient funds to achieve its business objectives, with a remaining commitment for capital contributions to the AirJoule JV of $77.3 million ⁴⁵ as of December 31, 2025. Competition from established companies with greater resources and new market entrants poses a significant threat. The company relies on sole-source and limited-source suppliers for key components, such as its proprietary MTMOF1 from BASF, and disruptions in this supply chain could adversely affect operations. The binding term sheets with Carrier may not result in definitive agreements. Operating in foreign countries exposes the company to risks related to economic, social, and political instability, currency fluctuations, and differing legal and regulatory requirements. Compliance with environmental, health, and safety laws and regulations, which are becoming more stringent, could increase operating costs or restrict operations. Trade wars, tariffs, or other trade barriers could increase costs and impact the ability to obtain key components. The company's intellectual property, primarily protected through patents and trade secrets, may not provide adequate protection against competitors, and litigation related to intellectual property could be costly.

Management's message to shareholders emphasizes the company's purpose to free the world from water and energy constraints through its groundbreaking AirJoule sorption technologies. They highlight the platform's ability to produce pure distilled water from air and dehumidified air, which is particularly valuable for industrial users leveraging waste heat, and for HVAC applications to reduce energy consumption and refrigerant use. Management anticipates significant growth opportunities by offering AirJoule technology in global markets where demand for water, dehumidified air, and cooling is highest, estimating a combined total addressable market of approximately $450 billion ⁴⁶. Commercial sales of AirJoule systems are projected to commence in late 2026. The strategic priorities for the period ahead include accelerating market penetration and scaling manufacturing capabilities by leveraging strategic partnerships, such as the 50/50 joint venture with GE Vernova and commercial partnerships with Carrier and TenX Investment. Management also focuses on co-developing sector-specific solutions, capitalizing on partners' market insights and reputational strength to serve diverse customer needs, and establishing AirJoule as a leader in water-focused solutions to deliver long-term growth and value to shareholders.