Revenue: As of FY2025, the actual value is USD 0.

EPS: As of FY2025, the actual value is USD -0.15.

EBIT: As of FY2025, the actual value is USD -14.58 M.

Financial Performance (Year Ended December 31, 2025 vs. 2024)

Net Income (Loss)

• Net income (loss) for 2025 was - $9,040,198, a decrease from $215,695,562 in 2024 .

Loss from Operations

• The loss from operations for 2025 was - $13,585,552, a significant improvement compared to - $65,913,085 in 2024 .

Operating Costs

• General and administrative expenses increased to $12,487,797 in 2025 from $9,042,150 in 2024 .
• Research and development expenses decreased to $1,008,592 in 2025 from $2,020,388 in 2024 .
• Sales and marketing expenses decreased to $79,326 in 2025 from $150,927 in 2024 .
• Transaction costs incurred in connection with business combination were $0 in 2025, down from $54,693,103 in 2024 .
• Depreciation and amortization increased slightly to $9,837 in 2025 from $6,517 in 2024 .
• Total operating costs were $13,585,552 in 2025, a substantial reduction from $65,913,085 in 2024 .

Cash Flow

• Net cash used in operating activities was - $5,634,545 in 2025, an improvement from - $24,261,446 in 2024 .
• Net cash used in investing activities was - $17,768,008 in 2025, compared to - $10,019,058 in 2024 .
• Net cash provided by financing activities was $17,229,260 in 2025, a decrease from $61,926,456 in 2024 .
• Free Cash Flow was - $5,652,553 in 2025 .

Balance Sheet & Liquidity

• Cash, cash equivalents and restricted cash at the end of 2025 was $21,848,455, down from $28,021,748 at the end of 2024 .
• The company strengthened its balance sheet with a $15 million private placement financing in April 2025 .
• AirJoule Technologies contributed $17.8 million in capital to its ⁵⁰⁄₅₀ joint venture with GE Vernova in 2025 .
• Following a January 2026 registered equity offering with net proceeds of $22.1 million, the pro forma cash position was approximately $44 million, providing an operational runway through 2027 .
• Total liabilities decreased to $72,704,371 at the end of 2025 from $117,741,796 at the end of 2024 .

Other Key Metrics

• Equity loss from investment in AirJoule, LLC increased to - $39,271,360 in 2025 from - $5,321,367 in 2024 .
• Change in fair value of Earnout Shares liability resulted in a gain of $18,328,000 in 2025, compared to a gain of $29,197,000 in 2024 .
• Change in fair value of Subject Vesting Shares liability resulted in a gain of $6,639,000 in 2025, compared to a gain of $3,973,000 in 2024 .

2026 Outlook / Guidance

AirJoule Technologies expects 2026 to be a transformational year, transitioning from development to commercial deployment . The company anticipates launching its AirJoule Core system as its first commercial product in late 2026, pending third-party certifications . Customer deployments are expected in European data centers, the Middle East, and with strategic customers in manufacturing and residential development sectors .