Airjoule Technologies Corp Financials

AIRJ

Source SEC Filings (10-K/10-Q) Data as of Mar 31, 2026 Currency USD FYE December

This page shows Airjoule Technologies Corp (AIRJ) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 4 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI AIRJ FY2025 2026-05-15

AirJoule’s balance sheet is being shaped more by capital and asset remeasurement effects than by cash-generating operations.

FY2024 produced a rare split between profit and cash: net income reached $215.7M while operating cash flow was -$24.3M. Because FY2025 still showed operating cash outflow of -$5.6M while equity remained $267.9M, the company’s financial cushion appears to come from prior balance-sheet events rather than from operations funding themselves.

The liquidity picture looks strong on paper, but the 10.5x current ratio is inflated by only $2.3M of current liabilities rather than by an operating engine that already funds itself. With cash at $21.8M and annual operating cash burn far lower than FY2024, short-term obligations do not appear to be the immediate constraint.

The balance-sheet posture became more conservative in FY2025: liabilities fell to $72.7M from $117.7M. Assets also eased, so the improvement in debt-to-equity to 0.27x reflects lighter obligations more than expansion of the business footprint.

Financial Health Signals

Financial health score pending refresh

We are recalculating Airjoule Technologies Corp's peer-relative financial health score against the latest fiscal year. It will appear here once the refresh completes. The signals and metrics below are current.

Piotroski F-Score Partial

2/5

Airjoule Technologies Corp passes 2 of 5 computable financial strength tests (4 of the nine could not be computed from available data). 1 of 4 profitability signals pass, all 1 leverage/liquidity signals pass.

Earnings Quality Low Quality

0.62x

For every $1 of reported earnings, Airjoule Technologies Corp generates $0.62 in operating cash flow (-$5.6M OCF vs -$9.0M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Key Financial Metrics

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Earnings & Revenue

Revenue

N/A

EBITDA

-$13.6M

YoY+79.4%

Airjoule Technologies Corp's EBITDA was -$13.6M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 79.4% from the prior year.

Net Income

-$9.0M

YoY-104.2%

Airjoule Technologies Corp reported -$9.0M in net income in fiscal year 2025. This represents a decrease of 104.2% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

-$5.7M

YoY+76.7%

Airjoule Technologies Corp generated -$5.7M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 76.7% from the prior year.

Cash & Debt

$21.8M

YoY-22.0%

Airjoule Technologies Corp held $21.8M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

N/A

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

N/A

Return on Equity

-3.4%

YoY-88.9pp

Airjoule Technologies Corp's ROE was -3.4% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 88.9 percentage points from the prior year.

Capital Allocation

R&D Spending

$1.0M

YoY-50.1%

Airjoule Technologies Corp invested $1.0M in research and development in fiscal year 2025. This represents a decrease of 50.1% from the prior year.

Share Buybacks

N/A

Capital Expenditures

$18K

YoY-5.5%

Airjoule Technologies Corp invested $18K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 5.5% from the prior year.

AIRJ Income Statement

Metric	FY25	FY24	FY23	FY22
Revenue	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A
R&D Expenses	$1.0M-50.1%	$2.0M	N/A	N/A
SG&A Expenses	$12.5M+38.1%	$9.0M	N/A	$888K
Operating Income	-$13.6M+79.4%	-$65.9M	N/A	-$1.3M
Interest Expense	N/A	N/A	N/A	N/A
Income Tax	-$18.3M-122.5%	$81.3M+4520.2%	$1.8M+119.2%	$802K
Net Income	-$9.0M-104.2%	$215.7M	N/A	$2.0M
EPS (Diluted)	N/A	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	$402K+3.5%	$388K	N/A	N/A	$1.1M
SG&A Expenses	$3.3M	N/A	$3.0M-21.0%	$3.8M+34.6%	$2.8M	N/A	$2.4M-24.1%	$3.2M
Operating Income	-$3.6M	N/A	-$3.0M+27.8%	-$4.2M-30.5%	-$3.2M	N/A	-$2.4M+45.2%	-$4.3M
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	-$14.7M	N/A	-$2.4M-53.7%	-$1.6M+5.1%	-$1.6M	N/A	-$1.3M-2.5%	-$1.2M
Net Income	-$49.8M	N/A	-$4.0M-259.6%	$2.5M-83.1%	$14.9M	N/A	$35.0M+160.7%	$13.4M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

AIRJ Balance Sheet

Metric	FY25	FY24	FY23	FY22
Total Assets	$340.6M-7.9%	$369.9M+66404.0%	$556K-99.8%	$296.0M
Current Assets	$23.8M-24.3%	$31.5M+6156.5%	$503K-68.0%	$1.6M
Cash & Equivalents	$21.8M-22.0%	$28.0M+47260.4%	$59K-95.4%	$1.3M
Inventory	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A
Total Liabilities	$72.7M-38.3%	$117.7M+1723.5%	$6.5M-97.8%	$290.8M
Current Liabilities	$2.3M-43.7%	$4.0M-37.5%	$6.4M+256.7%	$1.8M
Long-Term Debt	N/A	N/A	N/A	N/A
Total Equity	$267.9M+6.3%	$252.1M+4372.5%	-$5.9M-214.3%	$5.2M
Retained Earnings	$189.5M-4.6%	$198.5M+1256.4%	-$17.2M-86.8%	-$9.2M

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Total Assets	$296.5M-13.0%	$340.6M-8.6%	$372.7M-0.9%	$376.1M+2.9%	$365.6M-1.1%	$369.9M-1.2%	$374.4M-1.2%	$379.0M
Current Assets	$32.8M+37.8%	$23.8M-14.5%	$27.9M-13.0%	$32.0M+31.0%	$24.4M-22.3%	$31.5M-6.4%	$33.6M-6.6%	$36.0M
Cash & Equivalents	$31.1M+42.3%	$21.8M-16.0%	$26.0M-14.7%	$30.5M+32.6%	$23.0M-17.9%	$28.0M-8.7%	$30.7M-11.4%	$34.6M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$55.2M-24.0%	$72.7M-15.8%	$86.4M-1.3%	$87.5M-8.3%	$95.4M-19.0%	$117.7M+8.3%	$108.7M-27.0%	$149.0M
Current Liabilities	$1.4M-37.6%	$2.3M+14.9%	$2.0M-22.1%	$2.5M+52.5%	$1.7M-58.8%	$4.0M-10.7%	$4.5M+27.1%	$3.5M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$241.3M-10.0%	$267.9M-6.4%	$286.4M-0.8%	$288.6M+6.8%	$270.2M+7.2%	$252.1M-5.1%	$265.7M+15.5%	$230.1M
Retained Earnings	$139.7M-26.3%	$189.5M-10.6%	$211.9M-1.9%	$215.9M+1.2%	$213.4M+7.5%	$198.5M-6.7%	$212.8M+19.7%	$177.8M

AIRJ Cash Flow Statement

Metric	FY25	FY24	FY23	FY22
Operating Cash Flow	-$5.6M+76.8%	-$24.3M	N/A	-$1.7M
Capital Expenditures	$18K-5.5%	$19K-80.7%	$99K	N/A
Free Cash Flow	-$5.7M+76.7%	-$24.3M	N/A	N/A
Investing Cash Flow	-$17.8M-77.3%	-$10.0M	N/A	$168K
Financing Cash Flow	$17.2M-72.2%	$61.9M+23242.1%	$265K	N/A
Dividends Paid	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Operating Cash Flow	-$2.3M-46.6%	-$1.6M+14.6%	-$1.9M+16.3%	-$2.2M-3194.6%	$72K+102.7%	-$2.7M+32.2%	-$4.0M+64.3%	-$11.2M
Capital Expenditures	$20K	$0-100.0%	$7K-41.7%	$11K	$0-100.0%	$3K-68.1%	$9K	N/A
Free Cash Flow	-$2.4M-47.8%	-$1.6M+14.9%	-$1.9M+16.4%	-$2.2M-3210.4%	$72K+102.7%	-$2.7M+32.3%	-$4.0M	N/A
Investing Cash Flow	-$10.0M-100.4%	-$5.0M-81.4%	-$2.8M+43.5%	-$4.9M+5.0%	-$5.1M-169547.8%	-$3K+68.1%	-$9K-44.6%	-$7K
Financing Cash Flow	$21.6M+785.7%	$2.4M+1722.0%	$134K-99.1%	$14.6M+34895.4%	$42K+11.5%	$37K+13.2%	$33K-99.8%	$18.4M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

AIRJ Financial Ratios

Metric	FY25	FY24	FY23	FY22
Gross Margin	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A
Return on Equity	-3.4%-88.9pp	85.6%	N/A	39.6%
Return on Assets	-2.6%-61.0pp	58.3%	N/A	0.7%
Current Ratio	10.52+2.7	7.83+7.7	0.08-0.8	0.87
Debt-to-Equity	0.27-0.2	0.47	N/A	56.35
FCF Margin	N/A	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	-20.6%	N/A	-1.4%-2.3pp	0.9%-4.6pp	5.5%	N/A	13.2%+7.3pp	5.8%
Return on Assets	-16.8%	N/A	-1.1%-1.8pp	0.7%-3.4pp	4.1%	N/A	9.3%+5.8pp	3.5%
Current Ratio	23.23+12.7	10.52-3.6	14.15+1.5	12.67-2.1	14.75+6.9	7.83+0.4	7.46-2.7	10.15
Debt-to-Equity	0.23-0.0	0.27-0.0	0.300.0	0.30-0.0	0.35-0.1	0.47+0.1	0.41-0.2	0.65
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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Frequently Asked Questions

Is Airjoule Technologies Corp profitable?

No, Airjoule Technologies Corp (AIRJ) reported a net income of -$9.0M in fiscal year 2025.

What is Airjoule Technologies Corp's EBITDA?

Airjoule Technologies Corp (AIRJ) had EBITDA of -$13.6M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

What is Airjoule Technologies Corp's return on equity (ROE)?

Airjoule Technologies Corp (AIRJ) has a return on equity of -3.4% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Airjoule Technologies Corp's free cash flow?

Airjoule Technologies Corp (AIRJ) generated -$5.7M in free cash flow during fiscal year 2025. This represents a 76.7% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Airjoule Technologies Corp's operating cash flow?

Airjoule Technologies Corp (AIRJ) generated -$5.6M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Airjoule Technologies Corp's total assets?

Airjoule Technologies Corp (AIRJ) had $340.6M in total assets as of fiscal year 2025, including both current and long-term assets.

What are Airjoule Technologies Corp's capital expenditures?

Airjoule Technologies Corp (AIRJ) invested $18K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does Airjoule Technologies Corp spend on research and development?

Airjoule Technologies Corp (AIRJ) invested $1.0M in research and development during fiscal year 2025.

What is Airjoule Technologies Corp's current ratio?

Airjoule Technologies Corp (AIRJ) had a current ratio of 10.52 as of fiscal year 2025, which is generally considered healthy.

What is Airjoule Technologies Corp's debt-to-equity ratio?

Airjoule Technologies Corp (AIRJ) had a debt-to-equity ratio of 0.27 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Airjoule Technologies Corp's return on assets (ROA)?

Airjoule Technologies Corp (AIRJ) had a return on assets of -2.6% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Airjoule Technologies Corp's cash runway?

Based on fiscal year 2025 data, Airjoule Technologies Corp (AIRJ) had $21.8M in cash against an annual operating cash burn of $5.6M. This gives an estimated cash runway of approximately 47 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

What is Airjoule Technologies Corp's Piotroski F-Score?

Airjoule Technologies Corp (AIRJ) has a Piotroski F-Score of 2 out of 5 computable signals; 4 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Airjoule Technologies Corp's earnings high quality?

Airjoule Technologies Corp (AIRJ) has an earnings quality ratio of 0.62x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.