AirJoule Technologies (AIRJ) investor relations material

Executive summary

• Achieved critical commercialization milestones, including field deployments, industry recognition, and strategic partnerships with GE Vernova, Carrier, Net Zero Innovation Hub, and defense organizations, validating advanced sorption technology for water and energy solutions.

• Advanced productization and manufacturing readiness for the A250 system, targeting industrial dehumidification, distributed water generation, and reliability improvements.

• Expanded defense sector collaborations, including anti-corrosion applications and tactical water supply for military use, with agreements for military storage facility deployment.

• Opened a state-of-the-art manufacturing and testing facility in Newark, Delaware, supporting transition to commercial-scale production and quality assurance.

• No revenue recognized as of September 30, 2025; initial product demonstrations planned for 2025, with commercial sales and deployments expected in 2026.

Financial highlights

• Net loss for Q3 2025 was $4.0 million, compared to net income of $2.5 million in Q2 2025 and $35.0 million in Q3 2024, mainly due to non-cash losses from earn-out liabilities and vesting shares.

• Operating expenses for Q3 2025 were $3.0 million, including $487,000 reimbursed by the JV; expenses were lower due to normalized professional fees and reduced share-based compensation.

• Ended Q3 2025 with $26.0 million in cash, cash equivalents, and restricted cash; JV ended with $37,000, and an additional $5 million was contributed to the JV after quarter-end.

• For the nine months ended September 30, 2025, net income was $13.4 million, down from $230.0 million in the prior year period, which included a $333.5 million gain on IP contribution.

• General and administrative expenses increased to $3.0 million in Q3 2025, mainly due to higher share-based compensation.

Outlook and guidance

• Sufficient cash and liquidity are expected to support operations and JV activities through commercialization into 2026, with additional capital potentially required for future growth.

• Full-year 2025 JV spend is projected at the higher end of $17–$18 million.

• Commercial deployments are targeted for 2026, with a focus on productization, cost reduction, and reliability, and initial revenues anticipated from system sales, WPAs, and defense applications.

• Management expects operating losses and negative cash flows to increase as commercialization and R&D efforts expand.

• Growing demand pipeline across data centers, food & beverage, semiconductors, residential, and military sectors.