AirJoule Technologies (AIRJ) Q2 2026 earnings summary

Executive summary

• Achieved key commercialization milestones, including exclusive partnerships with Kubota for residential deployments in Texas and California, and system deployments and demonstration programs in the US and UAE, including a showcase with GE Vernova.

• Commissioned and began operating the first full-scale Prime system in Newark, Delaware, with additional Prime and Core systems under construction and planned for deployment in Europe.

• Expanded international presence with a Core system deployment and green license in the UAE, targeting sustainable urban development and water security.

• Strategic collaborations include a 50/50 JV with GE Vernova and recognition with the 2026 CleanTech Breakthrough Award for Water Tech Innovation.

• Focused on unlocking residential and data center development in water-scarce regions by providing on-site, pure distilled water independent of municipal sources.

Financial highlights

• Q2 2026 net operating expenses were $4.1 million, including $0.8–1.8 million in non-cash stock compensation, and net loss was $8.5 million, primarily due to non-cash losses from earn-out shares and vesting liabilities.

• Six-month net loss was $58.4 million, compared to net income of $17.4 million for the same period last year.

• Ended Q2 2026 with $41.4 million in cash; combined cash with JV totaled $43.0 million and no debt.

• Raised $14.2–14.6 million via registered direct offering in June 2026.

• Net cash used in operating activities for H1 2026 was $3.8 million; $12.5 million used in investing activities, mainly for JV contributions.

Outlook and guidance

• Combined 2026 cash spend guidance increased to $27–28 million, reflecting higher commercialization activity.

• Sufficient liquidity to fund operations, JV, and planned deployments into 2028, but additional capital may be needed for future growth.

• Commercial sales of AirJoule systems targeted for late 2026, with more meaningful commercial revenue expected in 2027 as deployments scale.

• Ongoing focus on disciplined capital management, optimizing Prime system, and evaluating strategic financing opportunities.