Latest news with #dehumidification
Globe and Mail
4 days ago
- Business
- Globe and Mail
AirJoule Technologies Announces Second Quarter 2025 Results
RONAN, Mont., Aug. 13, 2025 (GLOBE NEWSWIRE) -- AirJoule Technologies Corporation (NASDAQ: AIRJ) ('AirJoule Technologies' or the 'Company'), a leading technology platform that unleashes the power of water from air, today announced its second quarter 2025 results. Second Quarter 2025 & Recent Highlights Key Milestones A250™ Product Expands AirJoule ® Technology Platform: The A250™ system will be commercialized for the industrial dehumidification market, which is largely serviced by inefficient legacy technologies. The A250™ uses AirJoule ® 's technology platform to produce dehumidified air with up to 80% energy savings and up to 60% lower total cost of ownership compared to incumbent dehumidification systems. The AirJoule ® technology is a platform that supports differentiated water generation and dehumidification products. The Company is also commercializing the A1000™ water generator, which is designed for on-site production of industrial-scale quantities of distilled water using low-grade waste heat to achieve unprecedented efficiency. Strategic Collaborations to Advance AirJoule ® Commercialization: Signed Memorandum of Understanding with a developer of hyperscale data centers to collaborate on the use of AirJoule ® to generate pure distilled water from ambient air using low-grade waste heat generated by data center operations. Commenced a strategic project with GE Vernova to explore the integration of AirJoule ® technology into GE Vernova products with a focus on the utilization of low-grade waste heat to produce water. Continued Progress on Initial Projects: Announced a project with the City of Hubbard, Texas to recover heat from a geothermal water well and use it to produce pure, distilled water from air. The Company expects to deploy an A250™ system in Q4 2025, which will be the first field deployment demonstrating AirJoule ® 's ability to utilize low-grade waste heat to drive its proprietary water separation process. Expect to deliver an A250™ system to Arizona State University ('ASU') in Fall 2025, where it will be used for research and evaluation purposes. ASU operates atmospheric water harvesting test sites in the Phoenix area and will independently evaluate AirJoule ® 's performance across a range of real-world conditions, including arid climates and variable humidity levels. Ongoing field deployment of the AirJoule ® platform at a government research facility in Dubai. Coordinated through the Company's UAE-based partner TenX Investment, the field deployment is showcasing AirJoule ® 's capabilities to potential public and private sector customers in the Middle East region. Appointed Two Board Directors with Expertise in Data Centers and Financial Oversight: Denise Sterling most recently served as Chief Financial Officer of Core Scientific, Inc., a leading data center developer and operator, from 2022 to 2025. Prior to joining Core Scientific in 2021, she held the position of Senior Vice President of FP&A and Finance at Oportun, a financial services company focused on consumer credit, from 2018 to 2021. Ms. Sterling previously served in various tax and finance roles for Visa from 1995 to 2018, including as Senior Vice President of the Global Risk Management team from 2016 to 2018. Thomas Murphy, who will chair the Company's Audit Committee, previously held leadership roles as a Partner in the Audit and Advisory practices at Crowe LLP until his retirement in 2020. During his time at Crowe LLP, Mr. Murphy served as the Partner in Charge of the SEC Commercial Audit Practice, as well as Lead Partner for several prominent private equity clients. He also played a key role in launching the Advisory group's data analytics practice. Prior to joining Crowe in 1993, he served as a Senior Manager at EY. Expanding Operations in Newark, DE: Expanded the manufacturing facility in Newark, DE to enable increased capacity for manufacturing and environmental testing of AirJoule ® systems. The Company held a formal ribbon-cutting ceremony to unveil the facility on July 30, 2025. The event was attended by several Delaware elected officials and representatives from GE Vernova, Carrier, and TenX Investment. Attendees were invited to tour the facility and view AirJoule ® technology demonstrations. Balance Sheet and Liquidity Private Placement Financing: On April 25, 2025, the Company completed a previously announced $15 million private placement financing (the 'PIPE') led by GE Vernova, which also included new and existing investors. GE Vernova's participation in the PIPE followed its initial investment in AirJoule Technologies of $5 million made in March 2024 in connection with the formation of a 50/50 joint venture with AirJoule Technologies. Net proceeds from the PIPE are being used to accelerate the commercialization of the AirJoule ® A250™ and A1000™ systems to meet strong customer interest. Strong Cash Position: Ended the quarter with $30.5 million of cash and cash equivalents with sufficient runway to support the Company's operations through commercialization. Executive Commentary 'In the second quarter we made meaningful progress toward demonstrating the AirJoule ® platform's ability to use low-grade waste heat to produce pure, distilled water,' said Matt Jore, Chief Executive Officer of AirJoule Technologies. 'This is an application that we expect to be a significant driver of our future commercial sales. We also cut the ribbon on our state-of-the-art manufacturing facility, which is ready to begin assembling units for the industrial dehumidification market. Throughout 2025, we've laid the groundwork to successfully productize AirJoule ®, and I'm proud to report that we have the team, the technology and the capitalization to execute on a successful commercial launch in 2026 and unleash the power of water from air.' Quarterly Report on Form 10-Q AirJoule Technologies' condensed consolidated financial statements and related footnotes are available in its Quarterly Report on Form 10-Q for the period ended June 30, 2025, which is expected to be filed with the Securities and Exchange Commission ('SEC') on August 14, 2025. Earnings Call Webcast AirJoule Technologies will host a conference call to discuss second quarter 2025 results at 8:30 AM ET on Thursday, August 14, 2025. To access the live audio webcast of the conference call, please visit the AirJoule Technologies investor relations website at To participate by phone, dial 877-407-6184 (domestic) or +1-201-389-0877 (international). An archived webcast will be available following the call. About AirJoule Technologies Corporation AirJoule Technologies Corporation (NASDAQ: AIRJ) is a leading technology platform that unleashes the power of water from air. Through its joint venture with GE Vernova and in partnership with Carrier Global Corporation, the Company's purpose is freeing the world of its water and energy constraints by delivering groundbreaking sorption technologies. For more information, visit Forward-Looking Statements The information in this press release includes 'forward-looking statements' within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of present or historical fact included in this press release, regarding AirJoule Technologies and its future financial and operational performance, as well as its strategy, future operations, estimated financial position, estimated revenues, and losses, projected costs, prospects, plans and objectives of management are forward looking statements. When used in this press release, including any oral statements made in connection therewith, the words 'could,' 'may,' 'will,' 'should,' 'anticipate,' 'believe,' 'intend,' 'estimate,' 'expect,' 'project,' the negative of such terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on management's current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. Except as otherwise required by applicable law, AirJoule Technologies expressly disclaims any duty to update any forward-looking statements, all of which are expressly qualified by the statements herein, to reflect events or circumstances after the date of this press release. AirJoule Technologies cautions you that these forward-looking statements are subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond AirJoule Technologies' control. These risks include, but are not limited to, our status as an early stage Company with limited operating history, which may make it difficult to evaluate the prospects for our future viability; our initial dependence on revenue generated from a single product; significant barriers we face to deploy our technology; the dependence of our commercialization strategy on our relationships with BASF, Carrier, GE Vernova, and other third parties history of losses, and the other risks and uncertainties described in our SEC filings including the 'Risk Factors' section of our most recent Annual Report on Form 10-K and any subsequently filed Quarterly Reports on Form 10-Q. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. Should one or more of the risks or uncertainties described in this press release occur, or should underlying assumptions prove incorrect, actual results and plans could differ materially from those expressed in any forward-looking statements. AirJoule Technologies' SEC Filings are available publicly on the SEC's website at and readers are urged to carefully review and consider the various disclosures made in such filings. AIRJOULE TECHNOLOGIES CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS June 30, December 31, 2025 2024 (unaudited) Assets Current assets Cash, cash equivalents and restricted cash $ 30,502,711 $ 28,021,748 Due from related party 545,013 2,820,129 Prepaid expenses and other current assets 968,892 613,754 Total current assets 32,016,616 31,455,631 Operating lease right-of-use asset 131,235 147,001 Property and equipment, net 23,872 16,373 Investment in AirJoule, LLC 343,858,688 338,178,633 Other assets 54,482 54,482 Total assets $ 376,084,893 $ 369,852,120 Liabilities and stockholders' equity Current liabilities Accounts payable $ 296,587 $ 79,202 Other accrued expenses 2,197,206 1,720,318 Operating lease liability, current 32,886 30,227 True Up Shares liability — 2,189,000 Total current liabilities 2,526,679 4,018,747 Earnout Shares liability 5,416,000 24,524,000 Subject Vesting Shares liability 1,411,000 7,819,000 Operating lease liability, non-current 107,113 124,002 Deferred tax liability 78,054,508 81,256,047 Total liabilities 87,515,300 117,741,796 Commitments and contingencies (Note 12) Stockholders' equity Preferred stock, $0.0001 par value; 25,000,000 authorized shares and 0 shares issued and outstanding as of June 30, 2025 and December 31, 2024 $ — $ — Class A common stock, $0.0001 par value; 600,000,000 authorized shares and 60,439,593 and 55,928,661 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively 6,044 5,593 Additional paid-in capital 72,644,217 53,577,270 Retained earnings 215,919,332 198,527,461 Total stockholders' equity 288,569,593 252,110,324 Total liabilities and stockholders' equity $ 376,084,893 $ 369,852,120 AIRJOULE TECHNOLOGIES CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Cost and expenses: General and administrative $ 3,751,211 $ 3,211,205 $ 6,537,695 $ 4,024,444 Research and development 401,623 1,050,804 789,542 1,896,961 Sales and marketing 7,794 74,841 22,003 112,566 Transaction costs incurred in connection with business combination — — — 54,693,103 Depreciation and amortization 2,289 1,216 3,877 2,301 Loss from operations (4,162,917) (4,338,066) (7,353,117) (60,729,375) Other income (expense): Interest income 283,733 216,480 526,758 242,626 Gain on contribution to AirJoule, LLC — — — 333,500,000 Equity loss from investment in AirJoule, LLC (2,089,667) (580,788) (4,319,945) (607,170) Change in fair value of Earnout Shares liability 6,276,000 13,064,000 19,108,000 5,392,000 Change in fair value of True Up Shares liability — (136,000) 106,106 133,000 Change in fair value of Subject Vesting Shares liability 934,000 1,759,000 6,408,000 (666,000) Gain on settlement of legal fees — 2,207,445 — 2,207,445 Other expense, net (286,818) — (285,470) — Total other income, net 5,117,248 16,530,137 21,543,449 340,201,901 Income before income taxes 954,331 12,192,071 14,190,332 279,472,526 Income tax benefit (expense) 1,558,882 1,237,824 3,201,539 (84,487,339) Net income $ 2,513,213 $ 13,429,895 $ 17,391,871 $ 194,985,187 Weighted average Class A common stock outstanding, basic 59,247,717 49,560,529 57,656,530 43,357,928 Basic net income per share, Class A common stock $ 0.04 $ 0.25 $ 0.30 $ 4.05 Weighted average Class A common stock outstanding, diluted 60,179,241 51,358,716 58,727,169 44,995,234 Diluted net income, per share, Class A common stock $ 0.04 $ 0.24 $ 0.30 $ 3.92 Weighted average Class B common stock outstanding, basic and diluted — 4,759,642 — 4,759,642 Basic net income per share, Class B common stock $ — $ 0.25 $ — $ 4.05 Diluted net income per share, Class B common stock $ — $ 0.24 $ — $ 3.92 AIRJOULE TECHNOLOGIES CORPORATION Six Months Ended June 30, 2025 2024 Cash flows from operating activities Net income $ 17,391,871 $ 194,985,187 Adjustment to reconcile net income to cash used in operating activities: Depreciation and amortization 3,877 2,301 Deferred tax expense (benefit) (3,201,539) 84,487,339 Amortization of operating lease right-of-use assets 15,766 59,709 Change in fair value of Earnout Shares liability (19,108,000) (5,392,000) Change in fair value of True Up Shares liability (106,106) (133,000) Change in fair value of Subject Vesting Shares liability (6,408,000) 666,000 Change in fair value of Equity Line Obligation liability 286,819 — Gain on contribution to AirJoule, LLC — (333,500,000) Equity loss from investment in AirJoule, LLC 4,319,945 607,170 Non-cash transaction costs in connection with business combination — 53,721,000 Gain on settlement of legal fees — (2,207,445) Share-based compensation 2,419,596 150,519 Changes in operating assets and liabilities: Due from related party 2,496,577 — Due to related party — (1,440,000) Prepaid expenses and other current assets (355,138) (806,153) Operating lease liabilities (14,230) (56,818) Accounts payable 217,385 (3,157,317) Accrued expenses, accrued transaction costs and other liabilities (122,308) (5,563,053) Net cash used in operating activities (2,163,485) (17,576,561) Cash flows from investing activities Purchases of fixed assets (11,376) (6,554) Investment in AirJoule, LLC (10,000,000) (10,000,000) Net cash used in investing activities (10,011,376) (10,006,554) Cash flows from financing activities Proceeds from the exercise of warrants — 45,760 Proceeds from the exercise of options 99,718 60,170 Proceeds from the PIPE offering, net 14,556,106 — Proceeds from the issuance of common stock pursuant to subscription agreements — 61,750,000 Net cash provided by financing activities 14,655,824 61,855,930 Net increase in cash, cash equivalents and restricted cash 2,480,963 34,272,815 Cash, cash equivalents and restricted cash, beginning of period 28,021,748 375,796 Cash, cash equivalents and restricted cash, end of the period $ 30,502,711 $ 34,648,611 Supplemental non-cash investing and financing activities: Issuance of True Up Shares $ 2,082,894 $ — Deferred offering costs included in accrued expenses and other current liabilities $ 312,375 $ — Initial recognition of True Up Shares liability $ — $ 555,000 Initial recognition of Subject Vesting Shares liability $ — $ 11,792,000 Initial recognition of ROU asset and operating lease liability $ — $ 172,649 Liabilities combined in recapitalization, net $ — $ 8,680,477 Contribution to AirJoule, LLC of license to technology $ — $ 333,500,000 Supplemental cash flow information: Taxes paid $ — $ — Contacts
Yahoo
4 days ago
- Business
- Yahoo
AirJoule Technologies Announces Second Quarter 2025 Results
RONAN, Mont., Aug. 13, 2025 (GLOBE NEWSWIRE) -- AirJoule Technologies Corporation (NASDAQ: AIRJ) ('AirJoule Technologies' or the 'Company'), a leading technology platform that unleashes the power of water from air, today announced its second quarter 2025 results. Second Quarter 2025 & Recent Highlights Key Milestones A250™ Product Expands AirJoule® Technology Platform: The A250™ system will be commercialized for the industrial dehumidification market, which is largely serviced by inefficient legacy technologies. The A250™ uses AirJoule®'s technology platform to produce dehumidified air with up to 80% energy savings and up to 60% lower total cost of ownership compared to incumbent dehumidification systems. The AirJoule® technology is a platform that supports differentiated water generation and dehumidification products. The Company is also commercializing the A1000™ water generator, which is designed for on-site production of industrial-scale quantities of distilled water using low-grade waste heat to achieve unprecedented efficiency. Strategic Collaborations to Advance AirJoule® Commercialization: Signed Memorandum of Understanding with a developer of hyperscale data centers to collaborate on the use of AirJoule® to generate pure distilled water from ambient air using low-grade waste heat generated by data center operations. Commenced a strategic project with GE Vernova to explore the integration of AirJoule® technology into GE Vernova products with a focus on the utilization of low-grade waste heat to produce water. Continued Progress on Initial Projects: Announced a project with the City of Hubbard, Texas to recover heat from a geothermal water well and use it to produce pure, distilled water from air. The Company expects to deploy an A250™ system in Q4 2025, which will be the first field deployment demonstrating AirJoule®'s ability to utilize low-grade waste heat to drive its proprietary water separation process. Expect to deliver an A250™ system to Arizona State University ('ASU') in Fall 2025, where it will be used for research and evaluation purposes. ASU operates atmospheric water harvesting test sites in the Phoenix area and will independently evaluate AirJoule®'s performance across a range of real-world conditions, including arid climates and variable humidity levels. Ongoing field deployment of the AirJoule® platform at a government research facility in Dubai. Coordinated through the Company's UAE-based partner TenX Investment, the field deployment is showcasing AirJoule®'s capabilities to potential public and private sector customers in the Middle East region. Appointed Two Board Directors with Expertise in Data Centers and Financial Oversight: Denise Sterling most recently served as Chief Financial Officer of Core Scientific, Inc., a leading data center developer and operator, from 2022 to 2025. Prior to joining Core Scientific in 2021, she held the position of Senior Vice President of FP&A and Finance at Oportun, a financial services company focused on consumer credit, from 2018 to 2021. Ms. Sterling previously served in various tax and finance roles for Visa from 1995 to 2018, including as Senior Vice President of the Global Risk Management team from 2016 to 2018. Thomas Murphy, who will chair the Company's Audit Committee, previously held leadership roles as a Partner in the Audit and Advisory practices at Crowe LLP until his retirement in 2020. During his time at Crowe LLP, Mr. Murphy served as the Partner in Charge of the SEC Commercial Audit Practice, as well as Lead Partner for several prominent private equity clients. He also played a key role in launching the Advisory group's data analytics practice. Prior to joining Crowe in 1993, he served as a Senior Manager at EY. Expanding Operations in Newark, DE: Expanded the manufacturing facility in Newark, DE to enable increased capacity for manufacturing and environmental testing of AirJoule® systems. The Company held a formal ribbon-cutting ceremony to unveil the facility on July 30, 2025. The event was attended by several Delaware elected officials and representatives from GE Vernova, Carrier, and TenX Investment. Attendees were invited to tour the facility and view AirJoule® technology demonstrations. Balance Sheet and Liquidity Private Placement Financing: On April 25, 2025, the Company completed a previously announced $15 million private placement financing (the 'PIPE') led by GE Vernova, which also included new and existing investors. GE Vernova's participation in the PIPE followed its initial investment in AirJoule Technologies of $5 million made in March 2024 in connection with the formation of a 50/50 joint venture with AirJoule Technologies. Net proceeds from the PIPE are being used to accelerate the commercialization of the AirJoule® A250™ and A1000™ systems to meet strong customer interest. Strong Cash Position: Ended the quarter with $30.5 million of cash and cash equivalents with sufficient runway to support the Company's operations through commercialization. Executive Commentary 'In the second quarter we made meaningful progress toward demonstrating the AirJoule® platform's ability to use low-grade waste heat to produce pure, distilled water,' said Matt Jore, Chief Executive Officer of AirJoule Technologies. 'This is an application that we expect to be a significant driver of our future commercial sales. We also cut the ribbon on our state-of-the-art manufacturing facility, which is ready to begin assembling units for the industrial dehumidification market. Throughout 2025, we've laid the groundwork to successfully productize AirJoule®, and I'm proud to report that we have the team, the technology and the capitalization to execute on a successful commercial launch in 2026 and unleash the power of water from air.' Quarterly Report on Form 10-Q AirJoule Technologies' condensed consolidated financial statements and related footnotes are available in its Quarterly Report on Form 10-Q for the period ended June 30, 2025, which is expected to be filed with the Securities and Exchange Commission ('SEC') on August 14, 2025. Earnings Call Webcast AirJoule Technologies will host a conference call to discuss second quarter 2025 results at 8:30 AM ET on Thursday, August 14, 2025. To access the live audio webcast of the conference call, please visit the AirJoule Technologies investor relations website at To participate by phone, dial 877-407-6184 (domestic) or +1-201-389-0877 (international). An archived webcast will be available following the call. About AirJoule Technologies Corporation AirJoule Technologies Corporation (NASDAQ: AIRJ) is a leading technology platform that unleashes the power of water from air. Through its joint venture with GE Vernova and in partnership with Carrier Global Corporation, the Company's purpose is freeing the world of its water and energy constraints by delivering groundbreaking sorption technologies. For more information, visit Forward-Looking Statements The information in this press release includes 'forward-looking statements' within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of present or historical fact included in this press release, regarding AirJoule Technologies and its future financial and operational performance, as well as its strategy, future operations, estimated financial position, estimated revenues, and losses, projected costs, prospects, plans and objectives of management are forward looking statements. When used in this press release, including any oral statements made in connection therewith, the words 'could,' 'may,' 'will,' 'should,' 'anticipate,' 'believe,' 'intend,' 'estimate,' 'expect,' 'project,' the negative of such terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on management's current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. Except as otherwise required by applicable law, AirJoule Technologies expressly disclaims any duty to update any forward-looking statements, all of which are expressly qualified by the statements herein, to reflect events or circumstances after the date of this press release. AirJoule Technologies cautions you that these forward-looking statements are subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond AirJoule Technologies' control. These risks include, but are not limited to, our status as an early stage Company with limited operating history, which may make it difficult to evaluate the prospects for our future viability; our initial dependence on revenue generated from a single product; significant barriers we face to deploy our technology; the dependence of our commercialization strategy on our relationships with BASF, Carrier, GE Vernova, and other third parties history of losses, and the other risks and uncertainties described in our SEC filings including the 'Risk Factors' section of our most recent Annual Report on Form 10-K and any subsequently filed Quarterly Reports on Form 10-Q. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. Should one or more of the risks or uncertainties described in this press release occur, or should underlying assumptions prove incorrect, actual results and plans could differ materially from those expressed in any forward-looking statements. AirJoule Technologies' SEC Filings are available publicly on the SEC's website at and readers are urged to carefully review and consider the various disclosures made in such filings. AIRJOULE TECHNOLOGIES CORPORATIONCONDENSED CONSOLIDATED BALANCE SHEETS June 30, December 31, 2025 2024 (unaudited) Assets Current assets Cash, cash equivalents and restricted cash $ 30,502,711 $ 28,021,748 Due from related party 545,013 2,820,129 Prepaid expenses and other current assets 968,892 613,754 Total current assets 32,016,616 31,455,631 Operating lease right-of-use asset 131,235 147,001 Property and equipment, net 23,872 16,373 Investment in AirJoule, LLC 343,858,688 338,178,633 Other assets 54,482 54,482 Total assets $ 376,084,893 $ 369,852,120 Liabilities and stockholders' equity Current liabilities Accounts payable $ 296,587 $ 79,202 Other accrued expenses 2,197,206 1,720,318 Operating lease liability, current 32,886 30,227 True Up Shares liability — 2,189,000 Total current liabilities 2,526,679 4,018,747 Earnout Shares liability 5,416,000 24,524,000 Subject Vesting Shares liability 1,411,000 7,819,000 Operating lease liability, non-current 107,113 124,002 Deferred tax liability 78,054,508 81,256,047 Total liabilities 87,515,300 117,741,796 Commitments and contingencies (Note 12) Stockholders' equity Preferred stock, $0.0001 par value; 25,000,000 authorized shares and 0 shares issued and outstanding as of June 30, 2025 and December 31, 2024 $ — $ — Class A common stock, $0.0001 par value; 600,000,000 authorized shares and 60,439,593 and 55,928,661 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively 6,044 5,593 Additional paid-in capital 72,644,217 53,577,270 Retained earnings 215,919,332 198,527,461 Total stockholders' equity 288,569,593 252,110,324 Total liabilities and stockholders' equity $ 376,084,893 $ 369,852,120 AIRJOULE TECHNOLOGIES CORPORATIONCONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) Three Months EndedJune 30, Six Months EndedJune 30, 2025 2024 2025 2024 Cost and expenses: General and administrative $ 3,751,211 $ 3,211,205 $ 6,537,695 $ 4,024,444 Research and development 401,623 1,050,804 789,542 1,896,961 Sales and marketing 7,794 74,841 22,003 112,566 Transaction costs incurred in connection with business combination — — — 54,693,103 Depreciation and amortization 2,289 1,216 3,877 2,301 Loss from operations (4,162,917 ) (4,338,066 ) (7,353,117 ) (60,729,375 ) Other income (expense): Interest income 283,733 216,480 526,758 242,626 Gain on contribution to AirJoule, LLC — — — 333,500,000 Equity loss from investment in AirJoule, LLC (2,089,667 ) (580,788 ) (4,319,945 ) (607,170 ) Change in fair value of Earnout Shares liability 6,276,000 13,064,000 19,108,000 5,392,000 Change in fair value of True Up Shares liability — (136,000 ) 106,106 133,000 Change in fair value of Subject Vesting Shares liability 934,000 1,759,000 6,408,000 (666,000 ) Gain on settlement of legal fees — 2,207,445 — 2,207,445 Other expense, net (286,818 ) — (285,470 ) — Total other income, net 5,117,248 16,530,137 21,543,449 340,201,901 Income before income taxes 954,331 12,192,071 14,190,332 279,472,526 Income tax benefit (expense) 1,558,882 1,237,824 3,201,539 (84,487,339 ) Net income $ 2,513,213 $ 13,429,895 $ 17,391,871 $ 194,985,187 Weighted average Class A common stock outstanding, basic 59,247,717 49,560,529 57,656,530 43,357,928 Basic net income per share, Class A common stock $ 0.04 $ 0.25 $ 0.30 $ 4.05 Weighted average Class A common stock outstanding, diluted 60,179,241 51,358,716 58,727,169 44,995,234 Diluted net income, per share, Class A common stock $ 0.04 $ 0.24 $ 0.30 $ 3.92 Weighted average Class B common stock outstanding, basic and diluted — 4,759,642 — 4,759,642 Basic net income per share, Class B common stock $ — $ 0.25 $ — $ 4.05 Diluted net income per share, Class B common stock $ — $ 0.24 $ — $ 3.92 AIRJOULE TECHNOLOGIES CORPORATIONCONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) Six Months Ended June 30, 2025 2024 Cash flows from operating activities Net income $ 17,391,871 $ 194,985,187 Adjustment to reconcile net income to cash used in operating activities: Depreciation and amortization 3,877 2,301 Deferred tax expense (benefit) (3,201,539 ) 84,487,339 Amortization of operating lease right-of-use assets 15,766 59,709 Change in fair value of Earnout Shares liability (19,108,000 ) (5,392,000 ) Change in fair value of True Up Shares liability (106,106 ) (133,000 ) Change in fair value of Subject Vesting Shares liability (6,408,000 ) 666,000 Change in fair value of Equity Line Obligation liability 286,819 — Gain on contribution to AirJoule, LLC — (333,500,000 ) Equity loss from investment in AirJoule, LLC 4,319,945 607,170 Non-cash transaction costs in connection with business combination — 53,721,000 Gain on settlement of legal fees — (2,207,445 ) Share-based compensation 2,419,596 150,519 Changes in operating assets and liabilities: Due from related party 2,496,577 — Due to related party — (1,440,000 ) Prepaid expenses and other current assets (355,138 ) (806,153 ) Operating lease liabilities (14,230 ) (56,818 ) Accounts payable 217,385 (3,157,317 ) Accrued expenses, accrued transaction costs and other liabilities (122,308 ) (5,563,053 ) Net cash used in operating activities (2,163,485 ) (17,576,561 ) Cash flows from investing activities Purchases of fixed assets (11,376 ) (6,554 ) Investment in AirJoule, LLC (10,000,000 ) (10,000,000 ) Net cash used in investing activities (10,011,376 ) (10,006,554 ) Cash flows from financing activities Proceeds from the exercise of warrants — 45,760 Proceeds from the exercise of options 99,718 60,170 Proceeds from the PIPE offering, net 14,556,106 — Proceeds from the issuance of common stock pursuant to subscription agreements — 61,750,000 Net cash provided by financing activities 14,655,824 61,855,930 Net increase in cash, cash equivalents and restricted cash 2,480,963 34,272,815 Cash, cash equivalents and restricted cash, beginning of period 28,021,748 375,796 Cash, cash equivalents and restricted cash, end of the period $ 30,502,711 $ 34,648,611 Supplemental non-cash investing and financing activities: Issuance of True Up Shares $ 2,082,894 $ — Deferred offering costs included in accrued expenses and other current liabilities $ 312,375 $ — Initial recognition of True Up Shares liability $ — $ 555,000 Initial recognition of Subject Vesting Shares liability $ — $ 11,792,000 Initial recognition of ROU asset and operating lease liability $ — $ 172,649 Liabilities combined in recapitalization, net $ — $ 8,680,477 Contribution to AirJoule, LLC of license to technology $ — $ 333,500,000 Supplemental cash flow information: Taxes paid $ — $ — Contacts Investor Relations & Media:Tom Divine – Vice President, Investor Relations and Financeinvestors@ in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
South China Morning Post
27-05-2025
- General
- South China Morning Post
How Hongkongers protected winter wardrobes from the perils of summer
Cool-weather clothes in Hong Kong have long been chosen from classic styles that would not date too quickly. As only three or four months of the year are suitable for most temperate-climate garments – barely two for heavier items, such as tweed overcoats – winter clothes were expected to last for many years, and would only be replaced on periodic long leaves or when an individual's body shape had changed too dramatically for alterations. Advertisement Hong Kong's torrid summer months with prolonged high humidity , weeks of constant rain and proliferation of silverfish, mites, moths and other insect pests, not to mention mould, mildew and damp, will ruin most fabrics not carefully packed away in specialised conditions. So what becomes of one's treasured cool-weather clothes from one winter season to the next – especially expensive, high-quality garments expected to be worn for decades – after they have been carefully packed away? A chilly December day is time to break out the warm winter clothing … but safely storing these seldom-worn garments in Hong Kong's humid summers has always posed a problem. Photo: Winson Wong Before residential air-conditioning became widespread from the 1970s, and the introduction of compact domestic-use dehumidification machines over the next two decades, creative storage solutions were essential. From India and Southeast Asia to China and Australia, sturdy, airtight trunks made from pressed sheet metal were the time-tested standby, which kept most clothes in good condition all year round. Garments were first carefully sponged down (if the fabric was unwashable) and hung for several hours in the sun – or dry-cleaned if local circumstances permitted – then carefully wrapped in clean paper, with crumbled-up camphor blocks strewn through the layers. Dried lavender, or other scented herbs, were generally used for more delicate items, such as silk or cashmere. After Naphthalene and other proprietary chemical insect repellents were introduced in the 1920s, these more pleasant-smelling natural materials fell into disuse. While undeniably effective, these products permanently impregnate everything from fabric and leather to timber-lined wardrobes and drawers, and no amount of careful airing in strong sunlight can ever remove that distinctive whiff of stale mothball. In cities such as Singapore and Kuala Lumpur, and much of tropical Asia, cool-weather clothes were seldom required anyway. A few cardigans or jerseys kept handy for occasional short holidays at hill stations such as Malaysia's Cameron Highlands, where mornings and evenings could be brisk, were quite enough. But in wealthy commercial cities with distinct cool seasons that lasted for a few months, like Kolkata and Hong Kong, many residents owned numerous expensive seasonal garments, such as furs, that required careful care during the rest of the year. A fur fashion show at the Hilton Hotel in 1977 was indicative of a Hong Kong society where the wealthiest have always 'said it with mink' despite animal rights concerns. Photo: SCMP Archives In these places, a full-length mink coat, sable jacket or silver fox stole paraded an imprimatur of personal wealth and, by extension, longed-for social standing, to the watching world-at-large. And several such luxuries, carefully rotated through the season's dinner parties, cocktail evenings and club nights, demonstrated just how much that fortunate individual – or her husband – was really worth.
