AirJoule Technologies Corporation Warrant (AIRJW) Financials

AIRJW

FY2025 annual

Revenue Not reported for FY2025

Net Income -$9.0M -104.2% YoY

Free Cash Flow -$5.7M +76.7% YoY

Operating Cash Flow -$5.6M +76.8% YoY

Source SEC Filings (10-K/10-Q) Latest period Q2 FY2026, ended Jun 30, 2026 Reported Aug 14, 2026 Currency USD FYE December

Newest figures come from the 10-Q for Q2 FY2026, filed Aug 14, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the AIRJW SEC filings page.

This page shows AirJoule Technologies Corporation Warrant (AIRJW) 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 AIRJW FY2025 2026-08-29

AIRJW’s dominant mechanic is a balance-sheet-supported operating loss, where financing inflows and non-operating results matter more than recurring cash generation.

FY2024 paired a $215.7M net profit with a -$65.9M operating loss, indicating weak earnings quality and results driven outside core operations. Operating cash flow was -$24.3M that year, while FY2025’s net loss narrowed to -$9.0M as accounting results and cash generation moved closer together.

FY2025 financing supplied $17.2M while the current ratio reached 10.5x; this combination points to a more liquid capital structure even as operations still consumed cash. The improvement is balance-sheet driven, not evidence of self-funding operations, because OCF remained negative. That distinction matters because stronger liquidity can coexist with a business that has not converted reported results into internally generated cash.

FY2025 free cash flow was -$5.7M against operating cash flow of -$5.6M, showing little conversion gap. Capital expenditures were just $18K, so the cash shortfall reflects ongoing operations more than asset reinvestment; recent cash use is therefore not primarily a capital-spending burden.

Financial Health Signals

Financial health score not available

AirJoule Technologies Corporation Warrant does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.

Piotroski F-Score Partial

2/6

AirJoule Technologies Corporation Warrant passes 2 of 6 computable financial strength tests (3 of the nine could not be computed from available data). 1 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass.

Earnings Quality No Cash Backing

N/A

AirJoule Technologies Corporation Warrant reported a net loss of $9.0M while operations used $5.6M of cash. With neither figure positive, the ratio between the two carries no quality signal.

Key Financial Metrics

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Earnings & Revenue

EBITDA

-$4.1M

YoY+1.2%

QoQ-14.0%

AirJoule Technologies Corporation Warrant's EBITDA was -$4.1M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 1.2% from the same quarter a year earlier. Against the prior quarter it is down 14.0%.

Net Income

-$8.5M

YoY-439.5%

QoQ+82.9%

AirJoule Technologies Corporation Warrant reported -$8.5M in net income in Q2 2026. This represents a decrease of 439.5% from the same quarter a year earlier. Against the prior quarter it is up 82.9%.

Revenue

Not reported for Q2 2026.

EPS (Diluted)

Not reported for Q2 2026.

Cash & Balance Sheet

Free Cash Flow

-$1.4M

YoY+37.0%

QoQ+40.1%

AirJoule Technologies Corporation Warrant recorded an outflow of $1.4M in free cash flow in Q2 2026, representing a cash shortfall after capex. This represents an increase of 37.0% from the same quarter a year earlier. Against the prior quarter it is up 40.1%.

Cash & Debt

$41.4M

YoY+35.8%

QoQ+33.2%

AirJoule Technologies Corporation Warrant held $41.4M in cash as of Q2 2026; long-term debt is not reported for that period.

Shares Outstanding

73M

YoY+21.4%

QoQ+7.1%

AirJoule Technologies Corporation Warrant had 73M shares outstanding in Q2 2026. This represents an increase of 21.4% from the same quarter a year earlier. Against the prior quarter it is up 7.1%.

Dividends Per Share

Not reported for Q2 2026.

Margins & Returns

Return on Equity

-3.4%

YoY-4.3pp

QoQ+17.2pp

AirJoule Technologies Corporation Warrant's ROE was -3.4% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is down 4.3 percentage points from the same quarter a year earlier. Against the prior quarter it is up 17.2 percentage points.

Gross Margin

Not reported for Q2 2026.

Operating Margin

Not reported for Q2 2026.

Net Margin

Not reported for Q2 2026.

Capital Allocation

Capital Expenditures

YoY-100.0%

QoQ-100.0%

AirJoule Technologies Corporation Warrant reported no capital expenditure in Q2 2026. This represents a decrease of 100.0% from the same quarter a year earlier. Against the prior quarter it is down 100.0%.

R&D Spending

Not reported for Q2 2026.

Share Buybacks

Not reported for Q2 2026.

AIRJW Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

AIRJW quarterly income statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K
R&D Expenses	N/A	$1.0M-50.1%	$2.0M	N/A	N/A
SG&A Expenses	N/A	$12.5M+38.1%	$9.0M	N/A	$888K
Operating Income	N/A	-$13.6M+79.4%	-$65.9M	N/A	-$1.3M
EBITDA	N/A	-$13.6M+79.4%	-$65.9M	N/A	N/A
Income Tax	N/A	-$18.3M-122.5%	$81.3M+4520.2%	$1.8M+119.2%	$802K
Net Income	N/A	-$9.0M-104.2%	$215.7M	N/A	$2.0M

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
R&D Expenses	N/A	N/A	N/A	N/A	$402K-61.8%	$388K-54.2%	N/A	N/A
SG&A Expenses	$3.8M+1.8%	$3.3M+20.0%	N/A	$3.0M+21.5%	$3.8M+16.8%	$2.8M+242.6%	N/A	$2.4M-31.7%
Operating Income	-$4.1M+1.2%	-$3.6M-13.1%	N/A	-$3.0M-26.5%	-$4.2M+4.0%	-$3.2M+94.3%	N/A	-$2.4M+47.8%
EBITDA	-$4.1M+1.2%	-$3.6M-13.1%	N/A	-$3.0M-26.5%	-$4.2M+4.1%	-$3.2M+94.3%	N/A	-$2.4M+47.8%
Income Tax	-$2.9M-87.4%	-$14.7M-797.6%	N/A	-$2.4M-88.9%	-$1.6M-25.9%	-$1.6M-101.9%	N/A	-$1.3M-531.1%
Net Income	-$8.5M-439.5%	-$49.8M-434.9%	N/A	-$4.0M-111.5%	$2.5M-81.3%	$14.9M-91.8%	N/A	$35.0M+869.9%

Not reported in any period shown, so not listed: Revenue, Cost of Revenue, Gross Profit, Interest Expense, EPS (Basic), EPS (Diluted), Diluted Shares (Avg).

AIRJW Balance Sheet

AIRJW quarterly balance sheet

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K
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
Short-Term Investments	$0	$0	$0	$0
Long-Term Investments	$0	$0	$0	$0
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
Non-Current Liabilities	$70.4M-38.1%	$113.7M+416483.2%	$27K-100.0%	$289.0M
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	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Total Assets	$306.8M-18.4%	$296.5M-18.9%	$340.6M-7.9%	$372.7M-0.4%	$376.1M-0.8%	$365.6M-1.6%	$369.9M+66404.0%	$374.4M+230.1%
Current Assets	$43.2M+34.9%	$32.8M+34.2%	$23.8M-24.3%	$27.9M-17.1%	$32.0M-11.0%	$24.4M-12.4%	$31.5M+6156.5%	$33.6M+8902.1%
Cash & Equivalents	$41.4M+35.8%	$31.1M+35.2%	$21.8M-22.0%	$26.0M-15.2%	$30.5M-12.0%	$23.0M-16.1%	$28.0M+47260.4%	$30.7M+10330.1%
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Total Liabilities	$58.2M-33.5%	$55.2M-42.1%	$72.7M-38.3%	$86.4M-20.5%	$87.5M-41.2%	$95.4M-45.0%	$117.7M+1723.5%	$108.7M-6.6%
Current Liabilities	$2.2M-13.3%	$1.4M-14.8%	$2.3M-43.7%	$2.0M-56.2%	$2.5M-28.7%	$1.7M-85.8%	$4.0M-37.5%	$4.5M-45.6%
Non-Current Liabilities	$56.0M-34.1%	$53.8M-42.6%	$70.4M-38.1%	$84.4M-19.0%	$85.0M-41.6%	$93.8M-42.0%	$113.7M+416483.2%	$104.2M-3.6%
Total Equity	$248.6M-13.8%	$241.3M-10.7%	$267.9M+6.3%	$286.4M+7.8%	$288.6M+25.4%	$270.2M+36.4%	$252.1M+4372.5%	$265.7M+9127.4%
Retained Earnings	$131.1M-39.3%	$139.7M-34.6%	$189.5M-4.6%	$211.9M-0.4%	$215.9M+21.4%	$213.4M+29.8%	$198.5M+1256.4%	$212.8M+1686.7%

Not reported in any period shown, so not listed: Inventory, Accounts Receivable, Goodwill, Long-Term Debt.

AIRJW Cash Flow Statement

AIRJW quarterly cash flow statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K
Operating Cash Flow	-$7.2M	-$5.6M+76.8%	-$24.3M	N/A	-$1.7M
Depreciation & Amortization	N/A	$10K+50.9%	$7K+50.1%	$4K	N/A
Stock-Based Compensation	N/A	$4.9M+267.6%	$1.3M+2446.0%	$52K-89.9%	$516K
Capital Expenditures	$26K	$18K-5.5%	$19K-80.7%	$99K	N/A
Free Cash Flow	-$7.3M	-$5.7M+76.7%	-$24.3M	N/A	N/A
Investing Cash Flow	-$20.3M	-$17.8M-77.3%	-$10.0M	N/A	$168K
Financing Cash Flow	$38.4M	$17.2M-72.2%	$61.9M+23242.1%	$265K	N/A

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Operating Cash Flow	-$1.4M+36.7%	-$2.3M-3344.3%	-$1.6M+40.8%	-$1.9M+53.0%	-$2.2M+80.0%	$72K+101.1%	-$2.7M-156.3%	-$4.0M-81.9%
Depreciation & Amortization	$4K+92.4%	$4K+145.7%	$3K+48.5%	$3K+34.4%	$2K+88.2%	$2K+46.4%	$2K+91.7%	$2K+96.7%
Stock-Based Compensation	N/A	$1.3M+34.1%	N/A	$1.2M+99.4%	$1.4M+853.5%	$984K-94.1%	N/A	$588K
Capital Expenditures	$0-100.0%	$20K	$0-100.0%	$7K-30.0%	$11K	$0	$3K	$9K+224.0%
Free Cash Flow	-$1.4M+37.0%	-$2.4M-3371.3%	-$1.6M+40.9%	-$1.9M+53.0%	-$2.2M	$72K	-$2.7M-156.6%	-$4.0M-82.1%
Investing Cash Flow	-$2.5M+48.7%	-$10.0M-95.1%	-$5.0M-165080.0%	-$2.8M-28987.6%	-$4.9M-74299.4%	-$5.1M+48.6%	-$3K	-$9K-224.0%
Financing Cash Flow	$14.2M-2.6%	$21.6M+51643.3%	$2.4M+6413.6%	$134K+304.8%	$14.6M-20.5%	$42K-99.9%	$37K+4265.2%	$33K

Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.

AIRJW Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

AIRJW quarterly financial ratios

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K
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+2.7x	7.83+7.7x	0.08-0.8x	0.87
Debt-to-Equity	0.27-0.2x	0.47	N/A	56.35

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Return on Equity	-3.4%-4.3pp	-20.6%-26.2pp	N/A	-1.4%-14.6pp	0.9%-5.0pp	5.5%-86.1pp	N/A	13.2%
Return on Assets	-2.8%-3.4pp	-16.8%-20.9pp	N/A	-1.1%-10.4pp	0.7%-2.9pp	4.1%-44.8pp	N/A	9.3%+13.4pp
Current Ratio	19.70+7.0x	23.23+8.5x	10.52+2.7x	14.15+6.7x	12.67+2.5x	14.75+12.4x	7.83+7.7x	7.46+7.4x
Debt-to-Equity	0.23-0.1x	0.23-0.1x	0.27-0.2x	0.30-0.1x	0.30-0.3x	0.35-0.5x	0.47	0.41

Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Net Margin, Asset Turnover, FCF Margin.

Where AirJoule Technologies Corporation Warrant Ranks

Frequently Asked Questions

Is AirJoule Technologies Corporation Warrant profitable?

No, AirJoule Technologies Corporation Warrant (AIRJW) reported a net income of -$9.0M in fiscal year 2025.

What is AirJoule Technologies Corporation Warrant's EBITDA?

AirJoule Technologies Corporation Warrant (AIRJW) had EBITDA of -$13.6M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

What is AirJoule Technologies Corporation Warrant's return on equity (ROE)?

AirJoule Technologies Corporation Warrant (AIRJW) 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 Corporation Warrant's free cash flow?

AirJoule Technologies Corporation Warrant (AIRJW) recorded an outflow of $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 Corporation Warrant's operating cash flow?

AirJoule Technologies Corporation Warrant (AIRJW) recorded an outflow of $5.6M in operating cash flow during fiscal year 2025, representing cash used by core business activities.

What are AirJoule Technologies Corporation Warrant's total assets?

AirJoule Technologies Corporation Warrant (AIRJW) had $340.6M in total assets as of fiscal year 2025, including both current and long-term assets.

What are AirJoule Technologies Corporation Warrant's capital expenditures?

AirJoule Technologies Corporation Warrant (AIRJW) invested $18K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does AirJoule Technologies Corporation Warrant spend on research and development?

AirJoule Technologies Corporation Warrant (AIRJW) invested $1.0M in research and development during fiscal year 2025.

How many shares does AirJoule Technologies Corporation Warrant have outstanding?

AirJoule Technologies Corporation Warrant (AIRJW) had 68M shares outstanding as of fiscal year 2025.

What is AirJoule Technologies Corporation Warrant's current ratio?

AirJoule Technologies Corporation Warrant (AIRJW) had a current ratio of 10.52 as of fiscal year 2025, which is generally considered healthy.

What is AirJoule Technologies Corporation Warrant's debt-to-equity ratio?

AirJoule Technologies Corporation Warrant (AIRJW) 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 Corporation Warrant's return on assets (ROA)?

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

How does AirJoule Technologies Corporation Warrant's liquidity compare with its operating cash outflow?

At the end of fiscal year 2025, AirJoule Technologies Corporation Warrant (AIRJW) held $21.8M in cash, cash equivalents and investments, and reported an operating cash outflow of $5.6M over that year. Dividing the one by the other, the reported balance equals about 47 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.

What is AirJoule Technologies Corporation Warrant's Piotroski F-Score?

AirJoule Technologies Corporation Warrant (AIRJW) has a Piotroski F-Score of 2 out of 6 computable signals; 3 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 Corporation Warrant's earnings high quality?

AirJoule Technologies Corporation Warrant (AIRJW) reported a net loss of $9.0M while operations used $5.6M of cash. With neither figure positive, the ratio between the two carries no quality signal. 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.