RONAN, Mont., Aug. 13, 2026 (GLOBE NEWSWIRE) -- AirJoule Technologies Corporation $(AIRJ)$ ("AirJoule Technologies" or "AIRJ"), a leading platform technology that unleashes the power of water from air, today announced its results for the second quarter of 2026 and provided a business update.
"We are continuing to execute on our plan to commercialize the AirJoule technology," said Matt Jore, Founder and Chief Executive Officer of AirJoule Technologies. "Our Kubota partnership enables us to deploy AirJoule systems for residential development in two states where water is a binding constraint on new housing. Alongside that, we have been operating our first Prime system and optimizing its performance before its deployment to Europe. We completed the technology acceleration program supported by the Net Zero Innovation Hub for Data Centers, we were awarded one of the first Expo City Dubai Green Licences in the UAE, and we now have an AirJoule Core system operating at GE Vernova's new Advanced Research Center Frontier Campus. The technology is validated, and we are working closely with our partners to bring the AirJoule products to our customers."
Second Quarter 2026 Highlights
Strategic Partnerships and Agreements
-- Kubota Corporation Exclusive Sales Agreement: AIRJ entered into an
exclusive sales agreement with Kubota Corporation ("Kubota") under which
Kubota will act as the exclusive sales channel for AirJoule systems into
multi-unit residential developments in Texas and California. Two AirJoule
Core systems will be deployed at sites near Corpus Christi, Texas, and
Irvine, California, with deployment commencing in the third quarter of
2026. Kubota, established in 1890, maintains operations in more than 150
countries and has expertise in wastewater treatment, water reclamation,
pipe systems, and operations and maintenance.
-- Net Zero Innovation Hub for Data Centers: AIRJ completed the technology
acceleration program of the Net Zero Innovation Hub for Data Centers (the
"Hub") in June 2026, having been selected from a field of more than
seventy applicants in the fall of 2025. Over the course of the program,
AIRJ worked with Hub member organizations, among them Google, Microsoft,
Data4, Danfoss, Schneider Electric, and Vertiv, to align the AirJoule
waste-heat-to-water platform with data center operating requirements.
AIRJ expects to ship its first AirJoule Prime system to Europe in the
third quarter of 2026, where it will demonstrate the ability to convert
low-grade waste heat into pure distilled water.
-- GE Vernova Advanced Research Center Frontier Campus: GE Vernova opened
its Advanced Research Center Frontier Campus in Niskayuna, New York, in
July 2026 and highlighted AirJoule as one of the key technologies that
its research center supports. An AirJoule Core system is installed at the
campus and operates as a demonstration unit for customers and partners
visiting the site. The installation reflects GE Vernova's continued
support for the 50/50 joint venture with AIRJ.
-- Expo City Dubai Green Licence: In July 2026, AirJoule Technologies
received one of the first Expo City Dubai Green Licences, admitting the
company to the inaugural cohort of the Green Innovation District. The
Green Innovation District is the UAE's first district dedicated to
sustainable innovation, and the Green Licence is awarded only to
companies able to demonstrate sustainability credentials.
-- AirJoule Core Deployment Program in the UAE: In early August 2026, AIRJ
shipped an AirJoule Core system to the UAE to support a program of
customer demonstrations and performance validation across the country.
The initial installation will be at Expo City Dubai, which exhibits
technologies addressing water security and related challenges to a public
and industry audience. Subsequent placements will support on-site
customer demonstrations and exhibitions across various emirates of the
UAE.
Product Development and Manufacturing
-- First Full-Scale AirJoule Prime System Commissioned and Operating: AIRJ
commissioned its first full-scale AirJoule Prime system at its Newark,
Delaware facility in May 2026, and the system has operated outdoors since
commissioning. System performance is progressing toward the published
specification of up to 2,000 liters per day at less than 200 watt-hours
per liter when paired with low-grade waste heat.
-- AirJoule Prime Unveiling: On June 26, 2026, AIRJ unveiled the first Prime
system, hosting Delaware Governor Matt Meyer and United States Senator
Chris Coons, along with local elected officials and representatives from
regional economic development organizations.
-- Additional Prime Systems Under Construction: AIRJ is building additional
Prime systems at Newark over the coming months. The additional systems
allow AIRJ to continue optimizing at Newark and to provide showcase
assets for customer demonstrations and performance validation while the
first system is deployed in Europe.
-- Core DH Energy Performance: Head-to-head testing of the AirJoule Core DH
system against an incumbent desiccant wheel standard continued to
demonstrate significant energy savings across AIRJ's target humidity
range. Core DH targets the 1.2 million unit installed base of
conventional desiccant wheel systems in dry storage and cold storage
facilities that operate between 30% and 50% relative humidity. AIRJ is
deploying Core DH systems to strategic customers beginning in the third
quarter of 2026.
-- Productization and Manufacturing Readiness: AIRJ ran commercial
deployment and product development in parallel during the quarter,
continuing to deploy systems with a limited number of strategic customers
while a second engineering track completes design for manufacturing, cost
reduction, reliability testing, and product certification for production
at scale. AIRJ is also reducing and simplifying the bill of materials on
both platforms and working through a defined sequence to prepare for
contract manufacturing.
Balance Sheet and Liquidity
-- Cash Position: AIRJ ended the second quarter of 2026 with $41.4 million
of cash on the balance sheet, which includes $14.2 million of net
proceeds from a registered direct offering completed in June 2026.
Combined cash across AirJoule Technologies and the joint venture was
$43.0 million with no debt.
-- Capital Contributions to the Joint Venture: AirJoule Technologies funded
$2.5 million in capital contributions to the joint venture during the
second quarter to support ongoing productization, manufacturing, and
commercial deployment activities. Total joint venture operating expenses
for the quarter were approximately $5.0 million.
-- 2026 Spend Framework Updated: AIRJ now expects approximately $27 million
to $28 million of combined cash spend across AirJoule Technologies and
the AirJoule joint venture during 2026, compared with the approximately
$25 million communicated previously. The increase reflects greater
commercialization activity at the joint venture as AIRJ pursues multiple
projects and deployments across different applications. AIRJ has
sufficient liquidity to fund operations, the joint venture, and planned
commercial deployments into 2028.
2026 Outlook
Key priorities for the remainder of 2026 include:
-- Product Launches: Continue optimizing the first AirJoule Prime system;
bring additional Prime systems online at Newark; and deploy AirJoule Core
DH systems.
-- Customer Deployments: Begin the two Kubota Core deployments near Corpus
Christi, Texas and Irvine, California; deploy the first Prime system in
Europe through the Net Zero Innovation Hub for Data Centers; execute the
AirJoule Core demonstration program in the UAE beginning at Expo City
Dubai; and build the deployed reference base and contracted customer
relationships that support scaled commercial activity in 2027.
-- Manufacturing and Scale: Complete design for manufacturing and
bill-of-materials reduction work on both platforms and continue contract
manufacturing preparations.
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 three and six months ended June 30, 2026, which is expected to be filed with the Securities and Exchange Commission ("SEC") on August 14, 2026.
Earnings Call Webcast
AirJoule Technologies will host a conference call to discuss second quarter 2026 results at 8:30 AM ET on Friday, August 14, 2026. To access the live audio webcast of the conference call, please visit the AirJoule Technologies investor relations website at https://airjouletech.com/investors. To participate by phone, dial 877-407-6184. An archived webcast will be available following the call.
About AirJoule Technologies Corporation
AirJoule Technologies Corporation (NASDAQ: AIRJ) is a leading platform technology that unleashes the power of water from air. Through its joint venture with GE Vernova and in partnership with Carrier Global Corporation, the Company is freeing the world of its water and energy constraints by delivering groundbreaking sorption technologies. For more information, visit https://airjouletech.com.
Follow AirJoule Technologies on LinkedIn: https://www.linkedin.com/company/airjoule-tech/
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 "may," "should," "will," "expect," "might," "plan," "anticipate," "could," "intend," "target," "goal," "project," "contemplate," "believe," "estimate," "predict," "potential," "positioned," "seek," "would" or "continue," and 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 ability to implement business plans and forecasts, including the ability to develop, deploy and commercialize our technology and equipment, risks related to our arrangements with strategic partnerships and other third parties; the availability and cost of materials needed to develop, deploy and commercialize our technology and equipment, our status as an early stage company with limited operating history, 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 www.sec.gov, and readers are urged to carefully review and consider the various disclosures made in such filings.
Trademark Protection
AirJoule Technologies' name, logos and website name and address are trademarks or service marks. Solely for convenience, in some cases, the trademarks, trade names and service marks referred to in this press release are listed without the applicable $(R)$, $(TM)$ and SM symbols, but AirJoule Technologies will assert, to the fullest extent under applicable law, its rights to these trademarks, trade names and service marks.
AIRJOULE TECHNOLOGIES CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
June 30, December 31,
2026 2025
------------ ------------
(unaudited)
Assets
Current assets
Cash, cash equivalents and
restricted cash $ 41,417,134 $ 21,848,455
Due from related party 774,506 1,212,514
Prepaid expenses and other current
assets 983,726 750,648
----------- -----------
Total current assets 43,175,366 23,811,617
Operating lease right-of-use asset 98,584 115,102
Property and equipment, net 34,166 24,544
Investment in AirJoule, LLC 263,498,454 316,657,273
Other assets 33,696 33,696
----------- -----------
Total assets $306,840,266 $340,642,232
=========== ===========
Liabilities and stockholders' equity
Current liabilities
Accounts payable $ 316,624 $ 163,107
Other accrued expenses 1,838,594 2,066,218
Operating lease liability, current 36,046 34,437
----------- -----------
Total current liabilities 2,191,264 2,263,762
Earnout Shares liability 7,161,000 6,196,000
Subject Vesting Shares liability 3,469,000 1,180,000
Operating lease liability,
non-current 71,067 89,564
Deferred tax liability 45,310,133 62,975,045
----------- -----------
Total liabilities 58,202,464 72,704,371
----------- -----------
Commitments and contingencies (Note
9)
Stockholders' equity
Preferred stock, $0.0001 par
value; 25,000,000 authorized
shares and 0 shares issued and
outstanding as of June 30, 2026
and December 31, 2025 $ -- $ --
Class A common stock, $0.0001 par
value; 600,000,000 authorized
shares and 72,400,588 and
61,207,295 shares issued and
outstanding as of June 30, 2026
and December 31, 2025,
respectively 7,241 6,121
Additional paid-in capital 117,502,404 78,444,477
Retained earnings 131,128,157 189,487,263
----------- -----------
Total stockholders' equity 248,637,802 267,937,861
----------- -----------
Total liabilities and stockholders'
equity $306,840,266 $340,642,232
=========== ===========
AIRJOULE TECHNOLOGIES CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
Three Months Ended Six Months Ended
June 30, June 30,
-------------------------- --------------------------
2026 2025 2026 2025
------------ ----------- ------------ -----------
Cost and expenses:
General and
administrative $ 3,817,932 $ 3,751,211 $ 7,162,278 $ 6,537,695
Research and
development 172,807 401,623 388,278 789,542
Sales and
marketing 118,047 7,794 163,950 22,003
Depreciation and
amortization 4,405 2,289 8,307 3,877
----------- ---------- ----------- ----------
Loss from
operations (4,113,191) (4,162,917) (7,722,813) (7,353,117)
Other income
(expense):
Interest income 292,929 283,733 577,594 526,758
Equity loss from
investment in
AirJoule, LLC (2,510,952) (2,089,667) (65,658,820) (4,319,945)
Change in fair
value of
Earnout Shares
liability (2,393,000) 6,276,000 (965,000) 19,108,000
Change in fair
value of True
Up Shares
liability -- -- -- 106,106
Change in fair
value of
Subject Vesting
Shares
liability (2,730,000) 934,000 (2,289,000) 6,408,000
Change in fair
value of Equity
Line Obligation
liability -- -- 35,598 --
Other expense,
net -- (286,818) (1,577) (285,470)
----------- ---------- ----------- ----------
Total other income
(expense), net (7,341,023) 5,117,248 (68,301,205) 21,543,449
----------- ---------- ----------- ----------
Income (loss)
before income
taxes (11,454,214) 954,331 (76,024,018) 14,190,332
Income tax benefit 2,920,649 1,558,882 17,664,912 3,201,539
----------- ---------- ----------- ----------
Net income (loss) $ (8,533,565) $ 2,513,213 $(58,359,106) $17,391,871
=========== ========== =========== ==========
Weighted average
Class A common
stock outstanding,
basic 69,735,011 59,247,717 68,484,583 57,656,530
Basic net income
(loss) per share,
Class A common
stock $ (0.12) $ 0.04 $ (0.85) $ 0.30
Weighted average
Class A common
stock outstanding,
diluted 69,735,011 60,179,241 68,484,583 58,727,169
Diluted net income
(loss), per share,
Class A common
stock $ (0.12) $ 0.04 $ (0.85) $ 0.30
AIRJOULE TECHNOLOGIES CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
Six Months Ended June 30,
---------------------------
2026 2025
------------ ------------
Cash flows from operating
activities
Net income (loss) $(58,359,106) $ 17,391,871
Adjustment to reconcile net income
(loss) to cash (used in) provided
by operating activities:
Depreciation and amortization 8,307 3,877
Deferred tax benefit (17,664,912) (3,201,539)
Amortization of operating lease
right-of-use assets 16,517 15,766
Change in fair value of Earnout
Shares liability 965,000 (19,108,000)
Change in fair value of True Up
Shares liability -- (106,106)
Change in fair value of Subject
Vesting Shares liability 2,289,000 (6,408,000)
Change in fair value of Equity Line
Obligation liability (35,598) 286,819
Loss on disposition of property and
equipment 1,577 --
Equity loss from investment in
AirJoule, LLC 65,658,820 4,319,945
Stock-based compensation 2,850,550 2,419,596
Changes in operating assets and
liabilities:
Due from related party 934,723 2,496,577
Prepaid expenses and other assets (233,078) (355,138)
Operating lease liabilities (16,889) (14,230)
Accounts payable 108,564 217,385
Accrued expenses and other
liabilities (283,427) (122,308)
----------- -----------
Net cash used in operating
activities (3,759,952) (2,163,485)
----------- -----------
Cash flows from investing
activities
Purchases of property and equipment (19,506) (11,376)
Investment in AirJoule, LLC (12,500,000) (10,000,000)
----------- -----------
Net cash used in investing
activities (12,519,506) (10,011,376)
----------- -----------
Cash flows from financing
activities
Proceeds from the exercise of
options and purchases pursuant to
employee stock purchase plan 62,365 99,718
Proceeds from the PIPE offering, net -- 14,556,106
Proceeds from the issuance of
common stock 36,453,501 --
Deferred offering costs paid (546,674) --
Taxes paid related to net share
settlement of equity awards (121,055) --
Net cash provided by financing
activities 35,848,137 14,655,824
----------- -----------
Net increase in cash, cash
equivalents and restricted cash 19,568,679 2,480,963
Cash, cash equivalents and
restricted cash, beginning of
period 21,848,455 28,021,748
----------- -----------
Cash, cash equivalents and
restricted cash, end of the period $ 41,417,134 $ 30,502,711
=========== ===========
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 $ 137,524 $ 312,375
Supplemental cash flow information:
Taxes paid $ -- $ --
Contacts
Investor Relations & Media:
Tom Divine -- Vice President, Investor Relations and Finance
investors@airjouletech.com