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 an advanced sorbent, specifically a proprietary metal-organic framework (MOF), in conjunction with a proprietary pressure swing system to achieve high energy efficiency in water harvesting and dehumidification. The company's business model involves manufacturing and selling full AirJoule systems, generating recurring revenue through maintenance and service agreements, and developing a Water Purchase Agreement (WPA) model where customers purchase water on a volumetric basis. For HVAC applications, the company plans to supply sorbent-coated contactors to Carrier Global Corporation.

The company operates through a 50/50 joint venture with GE Vernova Inc., named AirJoule, LLC (the "AirJoule JV"), which was formed in March 2024. This joint venture is responsible for incorporating GE Vernova's proprietary sorbent materials into AirJoule water capture technology systems and manufacturing these combined technology products for markets in the Americas, Africa, and Australia. AirJoule Technologies Corporation also has a joint venture with CATL, CAMT Climate Solutions, for commercialization in Asia and Europe, though this venture has not yet been funded or commenced operations. Other strategic partners include Carrier Global Corporation for HVAC integration, Pacific Northwest National Laboratory (PNNL) for technology licensing, and BASF for MOF material production.

For the fiscal year ended December 31, 2025, AirJoule Technologies Corporation reported a net loss of $(9,040,198) ¹. This compares to a net income of $215,695,562 ² for the year ended December 31, 2024. The diluted EPS for Class A common stock was $(0.15) ³ in 2025, compared to $4.03 ⁴ in 2024. The company's total assets as of December 31, 2025, were $340,642,232 ⁵, a decrease from $369,852,120 ⁶ as of December 31, 2024. Total liabilities were $72,704,371 ⁷ in 2025, down from $117,741,796 ⁸ in 2024. Cash, cash equivalents, and restricted cash stood at $21,848,455 ⁹ as of December 31, 2025, a decrease from $28,021,748 ¹⁰ at the end of 2024. The company does not report specific gross profit or operating income figures directly, but rather a "Loss from operations" of $(13,585,552) ¹¹ for 2025, an improvement from $(65,913,085) ¹² in 2024.

Year-over-year, the company experienced a significant shift from net income to net loss, primarily driven by a substantial gain on contribution to AirJoule, LLC of $333,500,000 ¹³ in 2024 that did not recur in 2025, and an increased equity loss from investment in AirJoule, LLC, which grew from $(5,321,367) ¹⁴ in 2024 to $(39,271,360) ¹⁵ in 2025. General and administrative expenses increased by $3,445,647 ¹⁶ to $12,487,797 ¹⁷ in 2025 from $9,042,150 ¹⁸ in 2024, mainly due to higher stock-based compensation and salaries. Research and development expenses decreased by $1,011,796 ¹⁹ to $1,008,592 ²⁰ in 2025 from $2,020,388 ²¹ in 2024. Sales and marketing expenses also decreased from $150,927 ²² in 2024 to $79,326 ²³ in 2025.

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 two distinct products, AirJoule Core and AirJoule Prime, and the commencement of discussions with the Texas Commission on Environmental Quality for potable water certification. The company also signed a memorandum of understanding with Nexus Data Centers and was selected as a winner of the Net Zero Innovation Hub for Data Centers competition. In October 2025, a Cooperative Research and Development Agreement (CRADA) was entered into with the US Army Engineer Research and Development Center (ERDC).

AirJoule Technologies Corporation anticipates significant growth opportunities by offering its AirJoule technology in global markets with high demand for water, dehumidified air, and cooling, estimating a combined total addressable market of approximately $450 billion ²⁴. The company aims to address energy and water efficiency challenges in data centers by utilizing low-grade waste heat to produce pure distilled water and reduce cooling costs. In advanced manufacturing, the technology is expected to provide cost-effective dehumidification and ultra-pure water. The military sector represents an opportunity to improve water security and reduce costs for forward-deployed personnel, even in arid environments. For HVAC applications, the AirJoule system is designed to reduce energy consumption by up to 50% ²⁵ and minimize the use of environmentally-harmful refrigerants.

To accelerate market penetration and scale manufacturing, the company plans to leverage strategic partnerships, which offer 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, capitalizing on their market insights and reputational strength. Commercial sales of AirJoule systems are expected to begin in late 2026.

The company's manufacturing facility in Newark, Delaware, which includes a coating line, is expected to support a portion of coated contactor volume requirements into 2028. As manufacturing output increases, the company may build a high-volume manufacturing line or partner with industry-leading suppliers. The AirJoule JV's Newark facility has the capacity to support expected volumes for 2026 and 2027.

The company expects to continue to incur operating losses and negative operating cash flows in future periods due to additional costs and expenses related to technology development, market development, and strategic relationships. Future capital requirements will depend on factors such as the timing and extent of spending for product launch, R&D efforts, new business initiatives, and the growth of the business. The company has a remaining commitment for capital contributions to the AirJoule JV of $77.3 million ²⁶ as of December 31, 2025. In January 2026, the company contributed an additional $5.0 million ²⁷ in capital contributions to the AirJoule JV. 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 numerous risks, including its status as a pre-revenue and early-stage company with a limited operating history, making future success difficult to predict. The company may be unable to successfully develop and commercialize its AirJoule technology, and demand for its products may not grow as anticipated. The business is subject to risks from changing technology, product innovation, manufacturing techniques, and operational flexibility, which could lead to a competitive disadvantage. Significant competition is expected from established companies with longer operating histories, customer incumbency advantages, and greater capital resources. The estimates and assumptions used to determine the total addressable market size may be inaccurate, affecting future growth rates. The company may need to defend against claims of intellectual property infringement, misappropriation, or violation, which could be costly and time-consuming. Cyber-attacks or failures in information technology and data security infrastructure could adversely affect business and operations. Increased scrutiny of environmental, social, and governance (ESG) matters could harm the business, financial condition, and results of operations, and negatively impact investor assessments. The business may be affected by force majeure events, including labor unrest, civil disorder, war, climate change, extreme weather, and public health crises. Operating in foreign countries exposes the company to risks related to economic, social, and political instability, currency exchange rate fluctuations, and changes in trade laws. The business requires numerous permits, licenses, and approvals, and failure to obtain or maintain them, or delays, could materially affect operations. Compliance with environmental, health, and safety laws and regulations, which are becoming more stringent, could lead to higher costs or operational restrictions. Trade wars, tariffs, or other trade barriers could increase costs and impact the ability to obtain key components. The company's past and potential future transactions with foreign-based partners and investors may be subject to review by the Committee on Foreign Investment in the United States (CFIUS), which could impose restrictions or force termination of transactions. Changes in tax laws or regulations, or non-compliance, could adversely affect the business.

Management's message to shareholders emphasizes the company's purpose to free the world from water and energy constraints through its groundbreaking sorption technologies, particularly the AirJoule platform. They highlight the transformational potential of MOFs, underscored by the Nobel Prize in Chemistry in October 2025, and the high energy efficiency of their proprietary pressure swing system. Management is focused on commercializing and scaling manufacturing of AirJoule systems through global collaborations, including the 50/50 joint venture with GE Vernova Inc. and commercial partnerships with Carrier Global Corporation and TenX Investment in Energy Enterprises & Management Co. They anticipate significant growth opportunities in global markets where demand for water, dehumidified air, and cooling are highest, estimating a combined total addressable market of approximately $450 billion ²⁸. Key strategic priorities include accelerating market penetration and scaling manufacturing capabilities by leveraging strategic partnerships, co-developing sector-specific solutions, and establishing the company as a leader in water-focused solutions to deliver long-term growth and value. The company expects to commence commercial sales of AirJoule systems in late 2026.