AirJoule Technologies — Second Quarter 2026 Earnings Summary

Financial Performance

• Reported a net loss of $8.53 million for the three months ended June 30, 2026, compared to net income of $2.51 million in the same period of 2025.
• Reported a net loss of $58.36 million for the six months ended June 30, 2026, compared to net income of $17.39 million in the same period of 2025.
• Basic and diluted net loss per share was $0.12 for the three months ended June 30, 2026, versus a profit of $0.04 per share in 2025.
• Basic and diluted net loss per share was $0.85 for the six months ended June 30, 2026, versus a profit of $0.30 per share in 2025.
• Total other income (expense), net, was a loss of $7.34 million for the quarter, driven by a $2.51 million equity loss from investment in AirJoule, LLC and a $2.39 million loss from the change in fair value of Earnout Shares liability.
• General and administrative expenses were $3.82 million for the quarter, up from $3.75 million in 2025; for the six months, G&A was $7.16 million compared to $6.54 million in 2025.
• Research and development expenses were $172,807 for the quarter, down from $401,623 in 2025; for the six months, R&D was $388,278 compared to $789,542 in 2025.
• Sales and marketing expenses were $118,047 for the quarter, up from $7,794 in 2025; for the six months, S&M was $163,950 compared to $22,003 in 2025.
• Cash and cash equivalents ended the quarter at $41.42 million, up from $21.85 million at December 31, 2025.
• Combined cash across AirJoule Technologies and the joint venture was $43.0 million with no debt.
• Net cash used in operating activities was $3.76 million for the six months ended June 30, 2026, compared to $2.16 million used in 2025.
• Net cash provided by financing activities was $35.85 million for the six months ended June 30, 2026, primarily from $36.45 million in proceeds from the issuance of common stock.
• Total assets were $306.84 million as of June 30, 2026, down from $340.64 million at December 31, 2025.
• Total liabilities were $58.20 million as of June 30, 2026, down from $72.70 million at December 31, 2025.
• Stockholders' equity was $248.64 million as of June 30, 2026, down from $267.94 million at December 31, 2025.

Guidance and Future Outlook

• Updated 2026 combined cash spend framework to approximately $27 million to $28 million, an increase from the previously communicated $25 million, reflecting greater commercialization activity.
• Expects sufficient liquidity to fund operations, the joint venture, and planned commercial deployments into 2028.
• Plans to ship the first AirJoule Prime system to Europe in the third quarter of 2026.
• Key priorities for the remainder of 2026 include optimizing the first Prime system, bringing additional Prime systems online at Newark, and deploying AirJoule Core DH systems.
• Aims to build a reference base and contracted customer relationships to support scaled commercial activity in 2027.
• Aims to complete design for manufacturing and bill-of-materials reduction work on both platforms and continue contract manufacturing preparations.

Business Segments and Product Lines

• Commissioned the first full-scale AirJoule Prime system at its Newark, Delaware facility in May 2026; the system has operated outdoors since commissioning.
• Prime system performance is progressing toward a specification of up to 2,000 liters per day at less than 200 watt-hours per liter when paired with low-grade waste heat.
• Additional Prime systems are under construction at Newark to allow for optimization and customer demonstrations while the first system is deployed in Europe.
• Head-to-head testing of the AirJoule Core DH system against incumbent desiccant wheel standards demonstrated significant energy savings across the target humidity range of 30% to 50% relative humidity.
• Core DH targets the 1.2 million unit installed base of conventional desiccant wheel systems in dry storage and cold storage facilities.
• AirJoule Core DH systems are scheduled for deployment to strategic customers beginning in the third quarter of 2026.
• Running commercial deployment and product development in parallel while a second engineering track completes design for manufacturing, cost reduction, reliability testing, and product certification.
• Reducing and simplifying the bill of materials on both Prime and Core platforms and working through a defined sequence to prepare for contract manufacturing.

Market and Competitive Landscape

• Entered an exclusive sales agreement with Kubota Corporation to act as the exclusive sales channel for AirJoule systems into multi-unit residential developments in Texas and California.
• Kubota, established in 1890, operates in more than 150 countries with expertise in wastewater treatment, water reclamation, and pipe systems.
• Two AirJoule Core systems will be deployed near Corpus Christi, Texas, and Irvine, California, with deployment commencing in the third quarter of 2026.
• Completed the technology acceleration program for the Net Zero Innovation Hub for Data Centers, working with members including Google, Microsoft, Data4, Danfoss, Schneider Electric, and Vertiv.
• Received one of the first Expo City Dubai Green Licences in July 2026, admitting the company to the inaugural cohort of the Green Innovation District.
• Shipped an AirJoule Core system to the UAE in early August 2026 to support customer demonstrations and performance validation across the country.
• An AirJoule Core system is installed at GE Vernova's Advanced Research Center Frontier Campus in Niskayuna, New York, serving as a demonstration unit.

Risks and Challenges

• The company is an early-stage entity with limited operating history.
• Risks include the ability to develop, deploy, and commercialize technology and equipment.
• Risks related to arrangements with strategic partnerships and other third parties.
• Risks regarding the availability and cost of materials needed to develop, deploy, and commercialize technology.
• Forward-looking statements are subject to numerous risks and uncertainties, including the ability to implement business plans and forecasts.

Management Commentary and Tone

• CEO Matt Jore stated the company is continuing to execute on its plan to commercialize AirJoule technology.
• Management highlighted that the Kubota partnership enables deployment in states where water is a binding constraint on new housing.
• Management noted the technology is validated and they are working closely with partners to bring products to customers.
• The tone reflects confidence in the validation of the technology and the execution of multiple commercialization projects.

Other Key Points

• Completed a registered direct offering in June 2026, generating $14.2 million in net proceeds.
• Made $2.5 million in capital contributions to the joint venture during the second quarter to support productization and commercial deployment.
• Total joint venture operating expenses for the quarter were approximately $5.0 million.
• Issued 72,400,588 Class A common shares as of June 30, 2026, up from 61,207,295 shares at December 31, 2025.
• The condensed consolidated financial statements and related footnotes are available in the Form 10-Q expected to be filed with the SEC on August 14, 2026.
• An earnings call webcast was scheduled for August 14, 2026, at 8:30 AM ET.