AirJoule Technologies Corporation

What they do

AirJoule's platform uses coated contactors, heat exchangers coated with a proprietary sorbent such as a metal organic framework, to harvest pure distilled water from air and to dehumidify air. The company positions the technology for industrial users with waste heat, including data centers and advanced manufacturing, plus military, residential development, and HVAC cooling applications. It is commercializing through global collaborations, principally a 50/50 joint venture with GE Vernova, a commercial partnership with Carrier, and a joint venture with CATL (CAMT).

Revenue drivers

• AirJoule Core and Prime systems — The company's hardware products. Core systems were manufactured and deployed during 2025 for field testing and customer demonstrations in Texas, Arizona and Dubai, and the first full-scale Prime system was commissioned at the Newark, Delaware facility in May 2026. Commercial sales are targeted to begin in late 2026, so these products have generated no reported product revenue to date.
• Water Purchase Agreements — A planned deployment model in which customers purchase water on a volumetric basis rather than buying AirJoule systems outright. The 10-K states AirJoule is responsible for the capital requirements of these deployments and that losses related to WPA deployments may be significant.
• Joint ventures and partnerships — The AirJoule JV with GE Vernova (governed by the Second Amended and Restated Joint Venture Agreement dated April 25, 2025) and CAMT, the 50/50 joint venture with CATL, are the stated vehicles for scaling manufacturing and commercialization. No segment revenue figures were provided in the excerpts.
• Exclusive sales channels — Kubota Corporation is the exclusive sales channel for AirJoule systems into multi-unit residential developments in Texas and California under an agreement signed in 2026. Two Core systems are to be deployed near Corpus Christi, Texas and Irvine, California starting in the third quarter of 2026.

Recent performance

The 10-K reports a net loss of $(9.0) million for the year ended December 31, 2025, versus net income of $215.7 million in 2024, a swing that reflects the prior-year figure rather than operating momentum. Operating cash flow was negative in every year shown: $(1.7)M in 2022, $(5.1)M in 2023, $(24.3)M in 2024, and $(5.6)M in 2025. As of June 30, 2026, the balance sheet showed $306.8 million of total assets, $58.2 million of total liabilities, $248.6 million of shareholder equity, and $41.4 million of cash and equivalents. The company had not begun commercializing AirJoule systems and reported no product revenue in the excerpts.

Strategy

Management's stated plan is to scale manufacturing and commercialize the AirJoule Core and larger Prime systems, with commercial sales beginning in late 2026. During 2025 the company manufactured and deployed Core systems for field testing and customer demonstrations in Texas, Arizona and Dubai, and it commissioned its first full-scale Prime system in Newark, Delaware in May 2026, targeting a 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. It completed the technology acceleration program of the Net Zero Innovation Hub for Data Centers in June 2026, working with member organizations including Google, Microsoft, Data4, Danfoss, Schneider Electric and Vertiv, and expects to ship its first Prime system to Europe in the third quarter of 2026. It also received an Expo City Dubai Green Licence in July 2026 and shipped a Core system to the UAE in early August 2026 for demonstrations. The company describes a total addressable market of approximately $450 billion across data centers, advanced manufacturing, military, residential and HVAC applications.

Risks

• No commercial revenue yet — AirJoule states it is a pre-revenue and early-stage company that has not yet begun commercializing its AirJoule systems, with commercial sales targeted for late 2026.
• Recurring losses and cash use — The company reported net losses of $(9.0) million in 2025 and negative operating cash flow in each year from 2022 through 2025, and expects to continue incurring losses as it develops and commercializes.
• Single-product concentration — The 10-Q cites initial dependence on revenue generated from a single product as a specific risk factor.
• Capital exposure on Water Purchase Agreements — The 10-K states AirJoule is responsible for the capital requirements of WPA deployments and that losses related to those deployments may be significant.

Outlook

Management expects commercial sales of AirJoule Core and Prime systems to begin in late 2026, following deployments already underway. Stated near-term milestones include shipping the first AirJoule Prime system to Europe in the third quarter of 2026 for a waste-heat-to-water demonstration, deploying two Core systems near Corpus Christi, Texas and Irvine, California with Kubota beginning in the third quarter of 2026, and running customer demonstrations in the UAE. The company continues to describe itself as pre-revenue and says it expects to keep incurring losses as it develops, markets and builds out manufacturing for AirJoule systems.