AirJoule Technologies Corporation Q3 FY2025 earnings call

• Matt Jore discussed macro trends reshaping water and energy markets, highlighting AirJoule's position to address demand from AI data centers, industrial manufacturing, defense, etc. • Pat Eilers noted third quarter milestones including Hubbard, Texas deployment generating real-world data, selection as Net Zero Innovation Hub winner, collaboration with ASU and ERDC, and agreement with defense contractor. • Bryan Barton talked about productization efforts, water purchase agreements, manufacturing facility ribbon cutting in Newark, Delaware, and productization objectives of increasing water output, reducing system cost, and ensuring reliability. • Stephen Pang provided financial update, noting net loss, lower operating expenses, cash position, and shelf registration statement filing.

No detailed product segment financial performance with revenue contribution percentages provided in the transcript.

• Full year 2025 JV spend expected at the higher end of prior guidance ($17 million to $18 million). • Shelf registration statement filed for capital flexibility. • Focus on 2026 commercialization, including firming demand signals and product deployment.

• Uncertainties in forward-looking statements affecting actual results. • Market adoption challenges for AirJoule's technology. • Regulatory compliance risks related to phaseout of high GWP refrigerants. • Operational risks in scaling manufacturing and productization.

Q: How should we read the statement 'data from Hubbard is accelerating commercial adoption'?

A: The system in operation is generating critical performance data, helping with customer interest, especially in Texas where hyperscalers are looking to build, driving commercial discussions.

Q: How is progress with GE Vernova integration?

A: Focus on waste heat from gas turbines, currently in the forming and paper exercise phase to understand integration of AirJoule's technology.

Q: Why was R&D spend low in 3Q?

A: Most R&D spend is at the joint venture level, and there was a reversal of maintenance royalty expenses related to a licensing agreement with Pacific Northwest National Lab.

Q: What is the runway for the AirJoule JV?

A: Sufficient cash to support operations and JV spend through commercialization in 2026, with 2026 JV spend likely lower than 2025.

Q: What types of customers are showing interest in the water purchase agreement model?

A: Customers needing clean water without reliable access to municipal or good quality water, where AirJoule owns and operates the assets and sells water produced.

Q: How important is water purity advantage in commercial discussions?

A: Critical for various customers (data centers, industrial, etc.) as AirJoule's system selectively pulls water vapor, producing clean water natively, unlike other atmospheric water generators.

Q: How does the validation work with ASU help commercial discussions?

A: Provides independent validation of performance and water quality, with Paul Westerhoff's network aiding industrial conversations.

Q: How many discussions are there on the water purchase agreement model?

A: Many dozens of conversations, with final discussions ongoing for '26 and '27 deployments.

Q: How is pricing handled in the water purchase agreement model?

A: Compares to trucking in water, with selective deployments based on customer needs and economic viability.

Q: What is the timing and scope of the Net Zero Innovation Hub project?

A: Test bed in Denmark to showcase circularity with data center partners, validating AirJoule's technology in a real-world setting.

Q: What defines success by the end of 2026?

A: Firming demand signals for deployments and product delivering compelling economics, including launch of A250 and A1000 products.