AirJoule Technologies (AIRJ 2.15%), an early-stage company pioneering energy-efficient atmospheric water harvesting and industrial dehumidification technologies, released its second quarter 2025 earnings on August 13, 2025. The most notable news from the release is that it reported diluted earnings per share of $0.04 (GAAP), which surpassed the analyst consensus estimate of negative $0.08 (GAAP). Despite this beat, the company did not report any product or commercial revenue, in line with expectations as its technology remains pre-commercial. Net income (GAAP) dropped to $2.51 million from $13.43 million in the prior year quarter, with significant impacts from non-cash fair value adjustments rather than core business operations. Overall, the quarter reflected operational progress toward future commercialization but was still characterized by continued ramp-up costs.
| Metric | Q2 2025 | Q2 2025 Estimate | Q2 2024 | Y/Y Change |
|---|---|---|---|---|
| EPS (GAAP, Diluted) | $0.04 | ($0.08) | $0.24 | (83.3%) |
| Revenue (GAAP) | $0 | $0 | N/A | — |
| Net Income (GAAP) | $2.51 million | N/A | N/A | |
| Cash & Cash Equivalents | $30.5 million | $34.6 million | (11.8%) | |
| Total Stockholders’ Equity | $288.6 million | $252.1 million | 14.5% |
Source: Analyst estimates for the quarter provided by FactSet.
Business Overview and Recent Focus
AirJoule Technologies develops advanced pressure swing systems that use proprietary metal-organic framework (MOF) materials to extract water from the atmosphere and dehumidify air. Its flagship technology can produce over 1,000 liters of distilled water per day using low-grade waste heat, offering meaningful efficiency gains over legacy systems.
The company has recently focused on product commercialization, manufacturing scale-up, and deepening its portfolio of strategic partnerships. Key success factors include the validation and field demonstration of its A250 industrial dehumidification system and the development of the A1000 atmospheric water generator, as well as securing industry partnerships to drive adoption and manufacturing capabilities.
Quarterly Highlights and Financial Developments
During the quarter, AirJoule reported no commercial revenue, remaining consistent with its ongoing ramp-up phase and plans for commercial launches in 2026. Earnings per share (GAAP) exceeded estimates due to large non-cash accounting items, not operational profit. Net income (GAAP) fell sharply compared to the prior year due to lower non-cash fair value gains and higher general and administrative spending.
General and administrative expense (GAAP) rose to $3.75 million, up from $3.21 million in the prior year. Research and development expense (GAAP) dropped to $0.40 million from $1.05 million in the prior year
The company reported an operating loss of $4.16 million, but posted positive net income because of changes in the fair value of share-based liabilities. Such large, non-cash adjustments—like the $7.21 million in fair value changes of earnout and vesting share liabilities—can make comparisons between quarters less meaningful and do not reflect operating performance.
AirJoule ended the quarter with $30.5 million in cash and cash equivalents. This was supported by a $15 million private placement led by GE Vernova in April 2025, strengthening the balance sheet and extending available capital as product commercialization approaches. Stockholders’ equity (GAAP) increased to $288.6 million as of June 30, 2025, from $252.1 million as of December 31, 2024, reflecting capital raised and retained net earnings tied to non-cash income items.
The company continues to invest cash—$2.16 million was used in operations in the first half of 2025, down substantially from $17.58 million in the first half of 2024, showing better cash discipline as it bridges to commercialization.
Operational milestones included several high-profile partnerships and strategic deployments. The A250 industrial dehumidification system, designed to deliver dehumidified air with up to 80% energy savings versus traditional solutions, is on track for its first municipal field installation in Hubbard, Texas, in Q4 2025. This is a critical step in demonstrating real-world performance ahead of larger rollouts. The A1000 water generator, aimed at industrial-scale on-site distilled water production, advanced in its development cycle though no deployment date has been specified.
The company formed notable partnerships, most significantly with GE Vernova, which now holds both a $5 million joint venture interest and the lead on the $15 million private placement. A signed memorandum of understanding with a major data center developer highlighted plans to deploy AirJoule’s technology for producing pure water from ambient air and waste heat within data center environments—a sector where sustainable solutions are increasingly essential. Additional pilot projects with Arizona State University and at a Dubai government facility built pipeline momentum and will serve as third-party validation cases.
Manufacturing readiness also improved. AirJoule held a ribbon-cutting for its Newark, Delaware facility, increasing capacity for both assembly and environmental testing. Attendance by public officials and industry stakeholders signaled engagement with external partners.
The company added two new independent directors, Denise Sterling and Thomas Murphy, both with backgrounds relevant to finance, data center operations, and audit functions. This expansion comes as AirJoule prepares for the financial and operational rigor required of a public company.
Management Outlook and What to Watch
AirJoule management has not provided revenue guidance for 2025. No product revenue is anticipated this year, with commercial launches targeted for 2026 following the planned deployment of its A250 system in Texas and product testing at Arizona State University. The company states it has “sufficient runway to support the Company’s operations through commercialization.”
Investors should focus on the ability of AirJoule to convert these pilots and development partnerships into binding sales contracts as commercialization nears. The pace of cash burn, success of manufacturing ramp-up, and validation by third-party installations will all be crucial to monitor. No dividend is currently paid by AirJoule Technologies.
Revenue and net income presented using U.S. generally accepted accounting principles (GAAP) unless otherwise noted.
