Montana Technologies Corporation Class A (AIRJ)
NASDAQ:AIRJ
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Montana Technologies
(NASDAQ:AIRJ)
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Rating:47Neutral
Price Target:
$3.00
▼(-7.69% Downside)
Action:ReiteratedDate:01/22/26
The score is held down primarily by weak financial performance (no TTM revenue, large operating losses, and negative operating/free cash flow) and bearish technicals (price below key moving averages with negative MACD). Offsetting factors include a very low-debt balance sheet plus constructive earnings-call progress and recent financing that strengthens liquidity for commercialization, but these are not yet reflected in sustainable operating results.
Positive Factors
Balance sheet strength
Very low trailing debt versus a large equity and asset base gives the company meaningful financial flexibility to fund productization and initial manufacturing. Low leverage reduces insolvency risk and supports a multi-quarter commercialization timeline without immediate debt strain.
Negative Factors
No reported TTM revenue and deep operating losses
Zero trailing revenue alongside large operating losses shows the company has not yet converted technology validation into commercial sales. Persistent negative operating economics erode equity, raise execution risk, and mean sustained external funding will be required before margins or profitability are attainable.
Read all positive and negative factors
Positive Factors
Negative Factors
Balance sheet strength
Very low trailing debt versus a large equity and asset base gives the company meaningful financial flexibility to fund productization and initial manufacturing. Low leverage reduces insolvency risk and supports a multi-quarter commercialization timeline without immediate debt strain.
Read all positive factors
Montana Technologies (AIRJ) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$205.18M
Dividend YieldN/A
Average Volume (3M)357.31K
Price to Earnings (P/E)―
Beta (1Y)0.73
Revenue GrowthN/A
EPS Growth-100.27%
CountryUS
Employees17
SectorIndustrials
Sector Strength72
IndustryElectrical Equipment & Parts
Share Statistics
EPS (TTM)-0.07
Shares Outstanding66,833,550
10 Day Avg. Volume394,024
30 Day Avg. Volume357,308
Financial Highlights & Ratios
PEG Ratio<0.01
Price to Book (P/B)1.64
Price to Sales (P/S)0.00
P/FCF Ratio-17.08
Enterprise Value/Market Cap0.87
Enterprise Value/RevenueN/A
Enterprise Value/Gross Profit-7.79K
Enterprise Value/Ebitda-7.21
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)-0.29
Revenue Forecast (FY)-$7.88M
Montana Technologies Business Overview & Revenue Model
Company Description
Montana Technologies Corp. operates as a thermal energy and water harvesting technology company. It provides efficient and sustainable air conditioning and pure water from air through its transformational AirJoule technology. The company was found...
How the Company Makes Money
Montana Technologies generates revenue primarily through the sale of its air purification systems and related services. The company's key revenue streams include direct sales to consumers and businesses, as well as partnerships with industrial cli...
Montana Technologies Earnings Call Summary
Earnings Call Date:Nov 13, 2025
(Q3-2025)
| % Change Since: |
Next Earnings Date:Mar 30, 2026
Earnings Call Sentiment Neutral
The earnings call reflected a balanced outlook with significant industry recognition and strategic partnerships highlighting AirJoule's technological advancements and market potential. However, financial losses and high operating expenses underscore ongoing challenges.Positive Updates
Significant Industry Recognition
AirJoule was selected as a winner of the Net Zero Innovation Hub for Data Centers technology competition, a consortium founded by Google, Microsoft, DATA4, Vertiv, Schneider Electric, and Danfoss, validating its technology as a critical solution for sustainable data center operations.
Negative Updates
Financial Losses
AirJoule reported a net loss of $4 million for the quarter, driven by noncash losses associated with an increase in the fair value of earn-out liabilities and subject vesting shares.
Read all updates
Q3-2025 Updates
Positive
Negative
Significant Industry Recognition
AirJoule was selected as a winner of the Net Zero Innovation Hub for Data Centers technology competition, a consortium founded by Google, Microsoft, DATA4, Vertiv, Schneider Electric, and Danfoss, validating its technology as a critical solution for sustainable data center operations.
Read all positive updates
Company Guidance
During the AirJoule Technologies Third Quarter 2025 Earnings Call, the company provided extensive guidance on its strategic initiatives and financial outlook. CEO Matthew Jore outlined the increasing demand for AirJoule's technology, driven by the explosive growth of AI infrastructure, which significantly impacts water and energy consumption. The company highlighted its selection as a winner of the Net Zero Innovation Hub for Data Centers technology competition and its partnerships with prominent industry players such as Carrier and GE Vernova. AirJoule is focusing on commercialization in 2026, emphasizing its ability to deliver distilled water and improve energy efficiency. Financially, the company reported net operating expenses of $3 million and a net loss of $4 million for the quarter, with a full-year 2025 joint venture spend anticipated at $17-$18 million. The company ended the quarter with approximately $26 million in cash and remains focused on productization, scaling manufacturing, and securing deployment agreements, including innovative water purchase agreements to drive recurring revenue.Montana Technologies Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
82
Very Positive
Cash Flow
24
Negative
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Profit | -23.03K | 0.00 | 0.00 | 0.00 | 0.00 |
| EBITDA | -24.88M | -11.18M | -11.37M | -2.77M | -2.25M |
| Net Income | -926.77K | 215.70M | -11.38M | -2.79M | -2.31M |
Balance Sheet | |||||
| Total Assets | 372.73M | 369.85M | 556.13K | 295.97M | 293.83M |
| Cash, Cash Equivalents and Short-Term Investments | 26.01M | 28.02M | 375.80K | 1.29M | 2.84M |
| Total Debt | 132.05K | 154.23K | 49.54K | 0.00 | 0.00 |
| Total Liabilities | 86.38M | 117.74M | 6.46M | 11.86M | 11.77M |
| Stockholders Equity | 286.35M | 252.11M | -5.90M | 284.10M | 282.06M |
Cash Flow | |||||
| Free Cash Flow | -6.76M | -24.28M | -5.20M | -2.85M | -1.90M |
| Operating Cash Flow | -6.74M | -24.26M | -5.10M | -2.85M | -1.89M |
| Investing Cash Flow | -12.77M | -10.02M | 0.00 | 167.55K | -13.02K |
| Financing Cash Flow | 14.83M | 61.93M | 265.30K | 4.97M | 4.54M |
Montana Technologies Technical Analysis
Negative
3.25
Price Trends
3.30
Negative
3.59
Negative
4.19
Negative
Market Momentum
-0.05
Positive
43.03
Neutral
20.83
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AIRJ, the sentiment is Negative. The current price of 3.25 is below the 20-day moving average (MA) of 3.30, below the 50-day MA of 3.30, and below the 200-day MA of 4.19, indicating a bearish trend. The MACD of -0.05 indicates Positive momentum. The RSI at 43.03 is Neutral, neither overbought nor oversold. The STOCH value of 20.83 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for AIRJ.
Montana Technologies Risk Analysis
Montana Technologies disclosed 79 risk factors in its most recent earnings report. Montana Technologies reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Montana Technologies Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
56 Neutral | $1.70B | -0.66 | -249.07% | ― | ― | -394.37% | |
48 Neutral | $364.49M | -4.17 | -26.54% | ― | 41.05% | -1.02% | |
47 Neutral | $205.18M | -17.67 | -0.34% | ― | ― | -100.27% | |
45 Neutral | $78.22M | -9.22 | -50.12% | ― | 24.01% | 5.55% | |
44 Neutral | $169.12M | -18.35 | ― | ― | -3.66% | 32.11% | |
42 Neutral | $169.13M | -1.85 | -75.11% | ― | -14.27% | -28.56% |
* Industrials Sector Average
AIRJ
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Montana Technologies Corporate Events
Business Operations and StrategyPrivate Placements and Financing
Montana Technologies Announces Underwritten Public Equity Offering
Positive
Jan 14, 2026
On January 14, 2026, AirJoule Technologies Corporation entered into an underwriting agreement with Lucid Capital Markets for an underwritten public offering of 6,153,847 shares of its Class A common stock, priced at $3.25 per share, under an effec...
Business Operations and StrategyFinancial DisclosuresPrivate Placements and Financing
Montana Technologies Launches Public Offering to Fund Growth
Positive
Jan 13, 2026
On January 13, 2026, AirJoule Technologies announced the commencement of an underwritten public offering of its Class A common stock under an existing shelf registration, with senior executives and a board member indicating interest in participati...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.