AirJoule Technologies (AIRJ) investor relations material

Executive summary

• Achieved all 2025 objectives, including technology validation, product development, strategic partnerships, commercial pipeline development, and capitalization, with successful field deployments in Texas, Arizona, California, and Dubai.

• Expanded partnerships with GE Vernova, NetZero Innovation Hub, U.S. Army ERDC, and TenX Investment, and launched pilot deployments in key markets.

• Developed a structured customer engagement process and strengthened the balance sheet with $15M PIPE and $23M public offering, ensuring operational runway through 2027.

• AirJoule's distributed water generation technology addresses urgent water resilience needs, especially in regions facing drought, infrastructure fragility, and geopolitical risks.

• 2026 will transition from foundation building to securing long-term customer commitments and commercial pipeline development across multiple verticals and geographies.

Financial highlights

• FY 2025 net operating expenses were $13.6 million, up from $11.2 million in 2024, mainly due to increased non-cash stock-based compensation.

• Net loss for 2025 was $9 million, with a $39.3 million loss from JV investment offset by a $25 million non-cash gain from earnout liabilities; compared to net income of $215.7 million in 2024 due to one-time gains.

• JV cash outflows totaled $18 million, with $17.8 million in capital contributions received.

• Ended 2025 with $21.8 million in cash; a January 2026 equity offering raised an additional $22 million, resulting in a pro forma cash position of approximately $44 million and no debt.

• Booked first revenue of $110,000 in Q4 2025 from AirJoule Core system sales, including a sale to Arizona State University; similar small revenues expected in 2026 as pilot deployments continue.

Outlook and guidance

• Sufficient liquidity to fund operations and planned deployments through 2027, with expected 2026 cash spend of $25 million.

• 2026 JV operating expenses budgeted at $17–19 million; corporate operating expenses expected at $15 million, including $8 million non-cash stock-based compensation.

• First commercial product launches (Core system) targeted for late Q4 2026 after third-party certifications, with Prime system showcase and additional deployments planned.

• Customer deployments expected in Europe, Middle East, and with strategic customers in manufacturing and residential sectors.

• Targeting 30–35% gross margins at scale post-contract manufacturing, with initial focus on customer validation and pipeline build-out.