Airjoule Technologies Corp.

Company Overview

Business Model: AirJoule Technologies Corporation is an advanced technology company focused on developing and commercializing groundbreaking sorption technologies to address global water and energy constraints. Its core platform, AirJoule, produces pure distilled water from air and dehumidified air. The company targets industrial users, including data centers and advanced manufacturing, by leveraging low-grade waste heat to produce low-cost distilled water and dehumidified air. In HVAC applications, the technology aims to reduce energy consumption, minimize refrigerant use, and generate cost efficiencies. The 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 for volumetric water sales. For HVAC, the company expects to supply sorbent-coated contactors to partners like Carrier Global Corporation.

Market Position: AirJoule Technologies Corporation positions itself as an early leader in the emerging atmospheric water harvesting sector. Its proprietary pressure swing system, combined with advanced metal-organic framework (MOF) sorbents, offers superior energy efficiency, being up to 4x more efficient than refrigerant-based systems (400-700 Wh/L) and up to 8x more efficient than desiccant-based systems (more than 1,300 Wh/L) in separating water from air. The technology produces pure, PFAS-free distilled water that meets FDA bottled water standards. The company aims to capture significant growth in the estimated $450 billion combined total addressable market across water, dehumidified air, and cooling applications.

Recent Strategic Developments:

• Corporate Rebranding: In November 2024, Montana Technologies Corporation changed its name to AirJoule Technologies Corporation to better align with its business operations and proprietary technology.
• Product Deployment & Scale-Up: During 2025, AirJoule Core systems were manufactured and deployed for field testing and customer demonstrations in Texas, Arizona, and Dubai. The company advanced productization and manufacturing scale-up for its Core and larger Prime systems, with commercial sales anticipated to begin in late 2026.
• GE Vernova Joint Venture: On January 25, 2024, the company formed AirJoule, LLC (the "AirJoule JV") as a 50/50 joint venture with GE Vernova. In April 2025, an additional $10 million in capital contributions was made to the AirJoule JV, including $5 million from GE Vernova's participation in a PIPE Subscription Agreement. A strategic project commenced in April 2025 to integrate AirJoule technology into GE Vernova products, focusing on waste heat utilization for industrial water production.
• Carrier Global Corporation Partnership: On January 7, 2024, binding term sheets were entered into with Carrier Global Corporation for a commercialization and collaboration agreement to integrate AirJoule technology into HVAC equipment.
• Key Customer Engagements:
  • In June 2025, a memorandum of understanding was signed with Nexus Data Centers to integrate AirJoule technology into hyperscale data center designs in Texas.
  • In September 2025, the company was selected as a winner of the Net Zero Innovation Hub for Data Centers competition, backed by Google and Microsoft, commencing participation in Fredericia, Denmark, in January 2026.
  • In October 2025, a Cooperative Research and Development Agreement (CRADA) was signed with the US Army Engineer Research and Development Center (ERDC) for resilient water supply solutions for military personnel.
  • In 2025, an agreement was signed with a U.S. defense contractor to evaluate energy-efficient dehumidification for anti-corrosion applications.
  • A Core system was sold to Arizona State University in December 2025 for independent academic evaluation in challenging arid environments.

Geographic Footprint: AirJoule Technologies Corporation's principal executive office is in Ronan, Montana, with additional office and R&D space in Polson, Montana. The AirJoule JV operates a 45,000 square-foot manufacturing and testing facility in Newark, Delaware, and leases laboratory space in Wilmington, Delaware, and a 12,000 square-foot R&D facility in Schenectady, New York. Commercialization territories for the AirJoule JV include the Americas, Africa, and Australia. The company also has a joint venture (CAMT Climate Solutions Ltd.) with Contemporary Amperex Technology Co., Limited (CATL) for commercialization in Asia and Europe, though this JV is not yet funded or operational. Field deployments and demonstrations have occurred in Texas, Arizona, Dubai (UAE), and Pescadero, California.

Financial Performance

Revenue Analysis

Profitability Metrics:

• Gross Margin: Not applicable (pre-revenue company)
• Operating Margin: Not applicable (pre-revenue company)
• Net Margin: Not applicable (pre-revenue company)

Investment in Growth:

• R&D Expenditure: $1.0 million (2025), $2.0 million (2024)
• Capital Expenditures: $0.02 million (2025), $0.02 million (2024)
• Strategic Investments: $17.8 million in capital contributions to AirJoule, LLC (2025), $10.0 million in capital contributions to AirJoule, LLC (2024). The company has a remaining commitment of $77.3 million for capital contributions to AirJoule, LLC as of December 31, 2025.

Business Segment Analysis

AirJoule Technologies Corporation operates as a single operating and reportable segment. However, significant operational and financial activities are conducted through its joint ventures.

AirJoule, LLC (Joint Venture with GE Vernova)

Financial Performance:

• Revenue: $0.1 million (2025)
• Gross Loss: $(0.2) million (2025)
• Net Loss: $(323.4) million (2025)
• Operating Margin: Not applicable (pre-revenue)
• Key Growth Drivers: The AirJoule JV is focused on incorporating GE Vernova’s proprietary sorbent materials into AirJoule water capture technology systems, manufacturing, and bringing combined technology products to market in the Americas, Africa, and Australia. Activities in 2025 included field deployments and customer demonstrations, productization, and manufacturing scale-up of Core and Prime systems.
• Impairment Charges: The AirJoule JV recorded an in-process R&D impairment of $61.3 million and goodwill impairment charges of $244.3 million during the year ended December 31, 2025. The company's share of the in-process R&D impairment was recorded as an equity loss from investment in AirJoule, LLC.

Product Portfolio:

• AirJoule Core: Produces up to 250 liters of pure distilled water per day, designed for industrial dehumidification and distributed water generation.
• AirJoule Prime: Designed for on-site production of industrial-scale quantities of distilled water, with expected production of 2,000 liters per day using low-grade waste heat.
• Both systems can be mobile-mounted and configured modularly.

Market Dynamics:

• The AirJoule JV has exclusive rights to manufacture and supply products incorporating combined technologies to OEMs and customers in the Americas, Africa, and Australia.
• Collaborations include Nexus Data Centers for data center integration, Red Dot Ranch Foundation for off-grid residential water solutions, and Arizona State University for independent academic evaluation.

CAMT Climate Solutions Ltd. (Joint Venture with Contemporary Amperex Technology Co., Limited)

Financial Performance:

• Revenue: Not applicable (not yet funded or operational)
• Operating Margin: Not applicable
• Key Growth Drivers: This joint venture has the exclusive right to commercialize AirJoule technology in Asia and Europe.
• Financial Status: Neither AirJoule Technologies Corporation nor Contemporary Amperex Technology Co., Limited has funded this joint venture or contributed any assets as of December 31, 2025. No business plan or operating budget has been set.

Capital Allocation Strategy

Shareholder Returns:

• Share Repurchases: None.
• Dividend Payments: The company does not intend to declare or pay any cash dividends on its common stock for the foreseeable future, prioritizing funds for business development and growth.
• Dividend Yield: Not applicable.
• Future Capital Return Commitments: None explicitly stated.

Balance Sheet Position:

• Cash and Equivalents: $21.8 million (2025), $28.0 million (2024)
• Total Debt: No traditional debt is reported on the balance sheet.
• Net Cash Position: $21.8 million (2025), $28.0 million (2024)
• Credit Rating: Not disclosed.
• Debt Maturity Profile: Not applicable.

Cash Flow Generation:

• Operating Cash Flow: $(5.6) million (2025), $(24.3) million (2024)
• Free Cash Flow: $(5.7) million (2025), $(24.3) million (2024)
• Cash Conversion Metrics: Not explicitly stated.

Operational Excellence

Production & Service Model: AirJoule Technologies Corporation's operational philosophy centers on developing and commercializing its AirJoule systems through a capital-efficient and scalable business model. The company plans to manufacture and sell complete systems, offering recurring revenue through maintenance and service agreements. A Water Purchase Agreement (WPA) model is also being developed to accelerate customer adoption by reducing upfront capital requirements. For HVAC applications, the strategy involves supplying sorbent-coated contactors, manufactured through the AirJoule JV, to partners like Carrier Global Corporation, who would then procure other system components.

Supply Chain Architecture: Key Suppliers & Partners:

• Sorbent Material: BASF - Produces engineered super-porous MOF materials applied as a coating to AirJoule contactors. The company was required to procure all MOF materials exclusively from BASF for ten years following the Joint Development Agreement's expiration in September 2025, provided BASF offers competitive performance and pricing. AirJoule Technologies Corporation is evaluating additional and alternate global suppliers.
• Manufacturing Partners: GE Vernova (via AirJoule, LLC) - Manufactures and supplies products incorporating combined technologies.
• Technology Partners: Pacific Northwest National Laboratory (PNNL) - Granted an exclusive worldwide license for self-regenerating dehumidifier technology.

Facility Network:

• Manufacturing: The AirJoule JV operates a 45,000 square-foot manufacturing and testing facility in Newark, Delaware, which includes a coating line for contactors. This facility is expected to support anticipated volumes through 2027.
• Research & Development: The company leases 4,000 square feet of R&D space in Polson, Montana. The AirJoule JV leases laboratory space at The Innovation Space in Wilmington, Delaware, for coating formulation research and a 12,000 square-foot facility in Schenectady, New York, for R&D activities and collaboration with GE Vernova’s Advanced Research Center.
• Distribution: AirJoule systems can be mounted on mobile trailers for delivery and continuous operation at customer sites.

Operational Metrics:

• Water Production Efficiency: Achieved less than 160 Wh/L energy requirement for pure distilled water production (at 80°F and 60% relative humidity) in its fifth-generation prototype.
• Energy Savings (Dehumidification): AirJoule Core delivers up to 80% energy savings and up to 60% lower total cost of ownership compared to incumbent desiccant-based dehumidification systems.
• Water Production Capacity: AirJoule Core produces up to 250 liters of pure distilled water per day; AirJoule Prime is expected to produce over 2,000 liters of pure water per day.

Market Access & Customer Relationships

Go-to-Market Strategy: AirJoule Technologies Corporation's strategy involves direct sales for full AirJoule systems and leveraging strategic partnerships for broader market penetration and manufacturing scale.

Distribution Channels:

• Direct Sales: The company is actively engaged in commercial discussions for multi-unit AirJoule deployments across various industries.
• Channel Partners:
  • Carrier Global Corporation: Holds exclusive rights to commercialize AirJoule technology for HVAC applications in North and South America for three years post-commercialization, and non-exclusive rights in Europe, India, and the Middle East.
  • TenX Investment in Energy Enterprises & Management Co.: Has an exclusive distribution agreement for the Middle East.

Customer Portfolio: Enterprise Customers:

• Tier 1 Clients: Commercial discussions are underway with potential customers in data centers, food and beverage manufacturing, residential construction, chemical manufacturing, and defense applications.
• Strategic Partnerships:
  • Nexus Data Centers: Memorandum of understanding for integrating AirJoule technology into data center designs.
  • US Army Engineer Research and Development Center (ERDC): Cooperative Research and Development Agreement for tactical water supply solutions.
  • U.S. defense contractor: Agreement to evaluate dehumidification capabilities for anti-corrosion applications.
  • Arizona State University (ASU): Purchased an AirJoule Core system for independent academic evaluation.
• Customer Concentration: The company expects to initially depend on a small number of customers for a substantial portion of its future revenue.

Geographic Revenue Distribution: The company targets global markets with high demand for water, dehumidified air, and cooling. The AirJoule JV focuses on the Americas, Africa, and Australia, while the CAMT JV (with CATL) targets Asia and Europe. Carrier Global Corporation's partnership covers North and South America (exclusive) and Europe, India, and the Middle East (non-exclusive). TenX Investment in Energy Enterprises & Management Co. has exclusive distribution in the Middle East.

Competitive Intelligence

Market Structure & Dynamics

Industry Characteristics:

• Atmospheric Water Harvesting: An emerging and highly fragmented sector driven by increasing global demand for sustainable water solutions. Current methods, primarily condensation-based or desiccant-based, are energy-intensive.
• Industrial Dehumidification: Characterized by an urgent need for innovation to improve energy efficiency, with demand driven by product quality and compliance with environmental standards.
• HVAC System Market: Valued at approximately $214 billion in 2022, projected to reach $358 billion by 2032 (CAGR of 5.27%). Cooling demand in developing economies is expected to increase 5x by 2050. HVAC accounts for approximately 32.1% of total residential energy use in the U.S., and humidity removal in air conditioning is responsible for over 1% of global greenhouse gas emissions.

Competitive Positioning Matrix:

Direct Competitors

Primary Competitors:

• Atmospheric Water Harvesting: Competitors primarily offer condensation-based or desiccant-based systems, which are generally less energy-efficient. No specific company names are mentioned in the filing for this segment.
• Industrial Dehumidification: Several established players with extensive experience and broad product portfolios. No specific company names are mentioned in the filing for this segment.
• HVAC: Carrier Global Corporation, Trane Technologies plc, Lennox International, Inc., Mitsubishi Electric Corporation, Rheem Manufacturing Company.

Emerging Competitive Threats:

• HVAC: Startups such as Blue Frontier, Mojave Systems, and Transaera are focused on disrupting the air conditioning industry with innovative products.

Competitive Response Strategy: AirJoule Technologies Corporation's strategy in the HVAC market is not to compete directly with large incumbents but to partner with them. The company has partnered with Carrier Global Corporation to integrate AirJoule technology into their air conditioning products, intending to be a tier-1 supplier of sorbent-coated contactors and licensing designs for other proprietary components to Carrier Global Corporation's existing suppliers. The company also plans to leverage its strategic partnerships to accelerate market penetration and scale manufacturing capabilities across all target industries.

Risk Assessment Framework

Strategic & Market Risks

• Market Dynamics: Demand for AirJoule Technologies Corporation's products may not grow as anticipated, or at a slower rate, impacting operating results. The company faces risks from rapidly changing technology, product innovation, and manufacturing techniques, which could lead to a competitive disadvantage if it fails to adapt or if new, more efficient, or cheaper technologies emerge.
• Technology Disruption: The company's success depends on its ability to continuously develop and commercialize its AirJoule technology. Failure to optimize the technology, or if competitors develop superior solutions, could materially and adversely affect the business.
• Customer Concentration: The company expects to be dependent on a limited number of customers and end markets initially. A decline in revenue from, or the loss of, any significant customer could materially and adversely affect financial condition and operating results.

Operational & Execution Risks

• Supply Chain Vulnerabilities: The company relies on sole-source and limited-source suppliers for key components, such as BASF for its proprietary MOF. Inability to source these materials timely or at acceptable prices, or competition for supply, could disrupt production and increase costs.
• Capacity Constraints: Potential manufacturing issues, long-lead procurement, and fabrication challenges could impact deployment costs and schedules. Difficulties in scaling production and delivery capabilities could materially and adversely affect the business.
• Joint Venture Risks: A substantial portion of operations are conducted through joint ventures, particularly AirJoule, LLC with GE Vernova. Disagreements with partners or their material business changes could adversely affect the company's interests. AirJoule Technologies Corporation is solely responsible for funding the AirJoule JV until GE Vernova elects to participate pro-rata, which may require additional external financing.

Financial & Regulatory Risks

• Market & Financial Risks: AirJoule Technologies Corporation has a history of significant losses and expects to incur future losses as it commercializes its technology. Its ability to achieve profitability and continue as a going concern depends on continued financial support, external financing, and attaining profitable operations. The company may incur impairment charges related to its equity method investment in AirJoule, LLC, as demonstrated by the $61.3 million in-process R&D impairment and $244.3 million goodwill impairment recorded by the JV in 2025. Exchange rate fluctuations could also materially affect results of operations.
• Regulatory & Compliance Risks: The business is subject to numerous permits, licenses, and approvals from various governmental agencies across multiple jurisdictions. Failure to obtain or maintain these, or delays in doing so, could materially affect operations. Compliance with existing and future environmental, health, and safety (EHS) laws and regulations (e.g., CAA, CWA, RCRA) could lead to significant costs, liabilities, operational restrictions, or fines. Changes in tax laws could also negatively affect after-tax returns.

Geopolitical & External Risks

• Geopolitical Exposure: Operating in foreign countries (e.g., through joint ventures with CATL and TenX Investment in Energy Enterprises & Management Co.) exposes the company to risks from economic, social, or political instability, currency fluctuations, and changes in trade and investment laws. Transactions with foreign partners may be subject to review by the Committee on Foreign Investment in the United States (CFIUS), potentially leading to restrictions or termination.
• Trade Relations: Trade wars, tariffs, or other trade barriers could limit access to key components or increase freight and raw material costs.
• Sanctions & Export Controls: Geopolitical conflicts and tensions could lead to economic tariffs, sanctions, and import-export restrictions, impacting operations and supply chains.
• External Risks: Force majeure events such as natural disasters, pandemics, labor unrest, civil disorder, war, or climate change could adversely affect the business. Cyber-attacks or failures in information technology and data security infrastructure pose risks of data loss, operational disruption, and reputational harm. Increased scrutiny of ESG matters could also lead to reputational damage and impact financial performance.

Innovation & Technology Leadership

Research & Development Focus: AirJoule Technologies Corporation's R&D efforts are central to its growth strategy, focusing on optimizing its AirJoule systems and technology, and protecting intellectual property. Core Technology Areas:

• Sorbent Technology: Development and optimization of advanced sorbents, specifically proprietary metal-organic frameworks (MOFs), for efficient water vapor adsorption. This includes collaboration with GE Vernova, which contributed IP related to MOF-coating technology.
• Pressure Swing System: Continued enhancements to the proprietary pressure swing system that integrates adsorption and desorption to minimize external energy requirements by utilizing the heat of adsorption for desorption under vacuum.
• Innovation Pipeline: Ongoing efforts to develop new technologies, features, and functionalities for AirJoule systems, supported by engineers and scientists at the GE Vernova Advanced Research Center with expertise in sorbent and coating development, systems engineering, and advanced modeling.

Intellectual Property Portfolio:

• Patent Strategy: The company holds and licenses foundational patent applications related to atmospheric latent energy and water harvesting. This includes an exclusive worldwide license from Pacific Northwest National Laboratory (PNNL) for self-regenerating dehumidifier technology. The company also has two master patent PCT applications and has filed applications in relevant markets covering various technologies and components, including latent energy and water harvesting systems, evaporative cooling, gate and seal systems, and HVAC integration. GE Vernova contributed IP related to MOF-coating technology to the AirJoule JV.
• Licensing Programs: The company licenses technology from PNNL and, through the AirJoule JV, licenses IP from both AirJoule Technologies Corporation and GE Vernova Parent.
• IP Litigation: The company is not currently a party to any material legal proceedings or claims related to intellectual property.

Technology Partnerships:

• Strategic Alliances:
  • GE Vernova: Partner in the AirJoule JV, contributing proprietary sorbent materials and IP, and collaborating on technology advancement and product support.
  • Pacific Northwest National Laboratory (PNNL): Exclusive worldwide license for self-regenerating dehumidifier technology.
  • BASF: Partnered for the production of engineered super-porous MOF materials.

Leadership & Governance

Executive Leadership Team

Leadership Continuity: Jeffrey D. Gutke will step down as Chief Administrative Officer effective March 31, 2026. Stephen S. Pang, the Chief Financial Officer, will assume the responsibilities of Principal Accounting Officer effective April 1, 2026, until a successor is appointed.

Board Composition: The company's board of directors oversees risk management, including cybersecurity. The AirJoule JV is managed by a Board of Managers consisting of two managers appointed by AirJoule Technologies Corporation and two by GE Vernova. Carrier Global Corporation has the right to nominate one director to the company's board, and has exercised this right.

Human Capital Strategy

Workforce Composition:

• Total Employees: As of December 31, 2025, AirJoule Technologies Corporation had 16 employees. Its joint venture with GE Vernova, AirJoule, LLC, employed approximately 36 employees as of the same date.
• Geographic Distribution: Of the company's 16 employees, 15 are located in the United States and one in the United Arab Emirates. Most employees and contractors work remotely, with engineering staff spending significant time at the Polson, MT research facility and the Newark, Delaware manufacturing facility.
• Skill Mix: The workforce includes engineering employees and contractors, with the AirJoule JV supported by engineers and scientists from GE Vernova's Advanced Research Center specializing in sorbent and coating development, systems engineering, and advanced modeling.

Talent Management: Acquisition & Retention: The company's success depends on its ability to attract and retain talent, particularly in senior management and skilled technical roles. Employee Value Proposition: The company states it maintains good employee and contractor relations.

Diversity & Development: Not explicitly detailed in the filing. Culture & Engagement: The company aims to grow without undermining its culture of innovation and teamwork.

Environmental & Social Impact

Environmental Commitments: Climate Strategy: The company's technology is designed to mitigate water scarcity and reduce energy consumption in HVAC systems, thereby addressing climate change impacts. It enables data center operators to reduce cooling costs and improve water sustainability by utilizing low-grade waste heat. Supply Chain Sustainability: The AirJoule process produces pure, PFAS-free water, which is a significant differentiator given growing concerns about PFAS contamination.

Social Impact Initiatives:

• Community Investment: The company is collaborating with the Red Dot Ranch Foundation for off-grid residential water solutions in Pescadero, California.
• Product Impact: The core purpose of AirJoule Technologies Corporation is to "free the world from its water and energy constraints" and "mitigate water scarcity through distributed water generation," aiming to improve global water security. Its technology is also being evaluated for military applications to support troops in remote and water-scarce environments.

Business Cyclicality & Seasonality

Demand Patterns: While ambient humidity levels can fluctuate seasonally, AirJoule Technologies Corporation does not anticipate these shifts to materially impact future sales or operations. The target industries—data centers, advanced manufacturing, military, and HVAC—maintain consistent, year-round demand for reliable humidity control and water availability. Planning & Forecasting: The company's global footprint and ability to supply multiple markets are expected to mitigate any localized seasonality effects, contributing to relatively stable overall demand and performance.

Regulatory Environment & Compliance

Regulatory Framework: AirJoule Technologies Corporation's business activities are subject to various laws, rules, and regulations across multiple jurisdictions. Industry-Specific Regulations:

• Water Quality: The company is in discussions with the Texas Commission on Environmental Quality for potable water certification and intends to achieve NSF certification for its AirJoule systems. Its process produces pure distilled water that meets FDA bottled water standards.
• Environmental, Health & Safety (EHS): Operations are subject to foreign, federal, state, and local EHS laws and regulations, including the Clean Air Act, Clean Water Act, National Pollutant Discharge Elimination System (NPDES) permit program, Resource Conservation and Recovery Act (RCRA), Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA), Emergency Planning and Community Right-to-Know Act, Endangered Species Act (ESA), and Migratory Bird Treaty Act (MBTA). Compliance with these evolving regulations may require significant costs and could lead to operational restrictions.

Trade & Export Controls:

• Export Restrictions: The company's business could be adversely affected by trade wars, tariffs, or other trade barriers and related government actions, which may limit access to key components or increase costs.
• Sanctions Compliance: Geopolitical conflicts and tensions could result in heightened economic tariffs, sanctions, and import-export restrictions, impacting the company's ability to conduct business with certain suppliers or vendors.
• CFIUS Review: Past and potential future transactions with foreign-based commercial partners and investors may be subject to review by the Committee on Foreign Investment in the United States (CFIUS) for national security considerations, which could impose restrictions or require termination of transactions.

Legal Proceedings: AirJoule Technologies Corporation is not currently a party to, nor aware of, any legal proceeding or claim that management believes is likely to materially adversely affect its business or financial results or condition.

Tax Strategy & Considerations

Tax Profile:

• Effective Tax Rate: The company reported an income tax benefit of 66.9% for the year ended December 31, 2025, compared to an income tax expense of 27.4% for the year ended December 31, 2024. This difference was primarily due to state and local income taxes and changes in the fair values of complex liabilities.
• Geographic Tax Planning: The effective tax rate for 2025 was influenced by state income taxes, including jurisdictions where the company became subject to tax following the Business Combination.
• Tax Reform Impact: The enactment of the One Big Beautiful Bill Act (OBBBA) on July 4, 2025, made permanent extensions of certain Tax Cuts and Jobs Act provisions and allowed immediate expensing of qualified R&D expenses. However, the company will continue to capitalize R&D costs for tax purposes due to its existing net operating loss carryforward position, as immediate deduction would not provide a current tax benefit.

Insurance & Risk Transfer

Risk Management Framework: AirJoule Technologies Corporation is subject to losses from product liability, accidents, acts of God, and other claims, for which it may not be fully insured. The company cannot guarantee that future insurance coverage will be sufficient to cover all losses or claims.