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AirJoule Technologies Corporation (AIRJ-0.80%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details AirJoule's business operations as a water harvesting technology company, focusing on producing pure distilled water by harvesting atmospheric water vapor. The company aims to commercialize its AirJoule system to address global water scarcity.
AirJoule's financial results for 2024 show a net income of $215.7 million, compared to a net loss of $11.4 million in 2023. This increase is primarily due to a gain of $333.5 million from the contribution to AirJoule, LLC.
Operating expenses for 2024 included $9.0 million in general and administrative costs, $2.0 million in research and development, and $54.7 million in transaction costs related to the business combination.
The company reported cash and cash equivalents of $28.0 million as of December 31, 2024, with total assets amounting to $369.9 million.
AirJoule's joint venture with GE Vernova, AirJoule, LLC, was formed to integrate proprietary sorbent materials into the company's water capture technology. The joint venture is a key component of AirJoule's strategy to scale manufacturing and commercialization.
The company is subject to various risks, including its dependence on strategic partnerships, the need for additional capital, and competition from established companies with more resources.
AirJoule's future plans include leveraging strategic partnerships to penetrate global markets where demand for water and cooling is high, with a focus on data centers, advanced manufacturing, and HVAC applications.
The filing also outlines AirJoule's commitment to research and development, with efforts to optimize its AirJoule systems and protect its intellectual property rights.
AirJoule's management acknowledges the challenges of operating as an early-stage company with limited operating history and highlights the importance of securing additional financing to support its growth strategy.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the AirJoule Technologies Corporation annual 10-K report dated March 25, 2025. To report an error, please email earnings@qz.com.