Montana Technologies (AIRJ) AI Stock Analysis

• Market Cap: $230.58M
• Dividend Yield: N/A
• Average Volume (3M): 592.45K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.70
• Revenue Growth: N/A
• EPS Growth: -100.27%
• Country: US
• Employees: 17
• Sector: Industrials
• Sector Strength: 72
• Industry: Electrical Equipment & Parts
• EPS (TTM): -0.07
• Shares Outstanding: 66,833,550
• 10 Day Avg. Volume: 818,682
• 30 Day Avg. Volume: 592,453
• 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 Cap: 0.89
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: -8.89K
• Enterprise Value/Ebitda: -8.23
• 1Y Price Target: $8.94
• Price Target Upside: 159.13% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 4
• EPS Forecast (FY): -0.31
• Revenue Forecast (FY): -$7.88M

• Rating: 47 Neutral
• Price Target: $3.50 ▲(1.45% Upside)

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

Very low leverage / strong balance sheet

Minimal debt relative to equity and assets gives Montana Technologies structural financial flexibility to fund R&D and scale manufacturing without immediate solvency pressure. This reduces bankruptcy risk and lengthens runway versus highly leveraged peers, a durable advantage during commercialization.

Industry recognition and strategic partnerships

Validation from the Net Zero Innovation Hub and relationships with large incumbents signal credible product-market fit for data-center and industrial HVAC use cases. Strategic partnerships accelerate pilot deployments, standards acceptance, and potential channel access, supporting sustainable commercial scaling.

Advancing commercialization and strengthened liquidity

The equity raise and insider participation materially improves near-term cash runway to support productization, capital-efficient manufacturing, and phased deployments. Combined with independent pilots and field data, this funding reduces execution risk on the path to recurring revenue models.

Negative Factors

No trailing revenue and large operating losses

Zero reported TTM revenue means the core business model remains unproven at scale. Substantial operating losses show cost structure exceeds current activity, making profitability reliant on successful commercialization and sustained demand—a material execution risk over the medium term.

Negative operating and free cash flow; cash burn

Persistently negative operating and free cash flow create recurring external funding needs. Continued cash burn pressures capital allocation, increases dilution risk or leverage if growth stalls, and constrains the company’s ability to self-fund manufacturing scale and service deployments over time.

Reliance on joint venture and one-time items

Heavy dependence on a JV for R&D, productization, and funding reduces Montana’s operational control and exposes timelines to partner priorities. Historical profits driven by non-operating items further indicate earnings quality issues, increasing execution and sustainability risk post-commercial launch.

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 founded on March 14, 2024 and is headquartered in Ronan, MT.

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 clients who require large-scale air purification solutions. Additionally, the company offers maintenance and subscription services for ongoing filter replacements and system upgrades, providing a steady flow of recurring revenue. Strategic partnerships with environmental agencies and organizations further bolster its earnings by expanding its market reach and enhancing product development.

Montana Technologies Financial Statement Overview

Summary

Strong balance sheet (very low debt vs. sizable equity/assets) is outweighed by weak operating fundamentals: TTM revenue reported at zero, large operating losses (deeply negative EBIT/EBITDA), and negative operating/free cash flow, raising sustainability and execution risk.

Income Statement

Operating performance is weak. In TTM (Trailing-Twelve-Months), revenue is reported at zero while the company still posts a net loss (-$0.9M) and very large operating losses (EBIT about -$13.2M; EBITDA about -$24.9M), indicating a high cost structure relative to its current activity level. While 2024 shows a large net profit ($215.7M), it is not supported by positive operating earnings (EBIT is deeply negative), suggesting earnings are likely driven by non-operating or one-time items rather than sustainable core profitability. Overall, profitability quality and consistency are key concerns.

Balance Sheet

The balance sheet is a clear strength. TTM (Trailing-Twelve-Months) debt is very low (~$0.13M) versus a large equity base (~$286.4M) and sizeable assets (~$372.7M), implying minimal leverage and strong financial flexibility. The main weakness is return profile volatility: returns on equity swing meaningfully (negative in TTM, very high in 2024), reflecting unstable earnings rather than a steady compounding business model.

Cash Flow

Cash generation is weak and deteriorating. TTM (Trailing-Twelve-Months) operating cash flow is negative (~-$6.7M) and free cash flow is also negative (~-$6.8M), with free cash flow growth reported sharply down (about -23.8%). While free cash flow to net income is near 1.0, this is largely a function of both figures being negative in TTM, so it does not indicate healthy cash conversion. Continued negative operating and free cash flow increases funding and execution risk.

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

• Technical Analysis Sentiment: Negative
• Last Price: 3.45
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: 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 3.45 is below the 20-day moving average (MA) of 3.87, below the 50-day MA of 3.63, and below the 200-day MA of 4.47, indicating a bearish trend. The MACD of -0.07 indicates Positive momentum. The RSI at 43.46 is Neutral, neither overbought nor oversold. The STOCH value of 31.51 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for AIRJ.

Montana Technologies Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
TE	56 Neutral	$2.20B	―	-55.98%	―	―	-394.37%
FCEL	51 Neutral	$433.69M	-1.16	-26.12%	―	41.05%	-1.02%
TGEN	48 Neutral	$128.34M	―	-29.60%	―	24.01%	5.55%
AIRJ	47 Neutral	$230.58M	-173.37	-0.34%	―	―	-100.27%
NVX	47 Neutral	$246.80M	-2.27	-45.13%	―	-14.27%	-28.56%
EAF	46 Neutral	$414.67M	-2.04	―	―	-3.66%	32.11%

Montana Technologies Corporate Events

Montana Technologies Announces Underwritten Public Equity Offering

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 effective shelf registration statement. The underwriter simultaneously exercised a 45-day option to purchase an additional 923,077 shares in full, bringing expected net proceeds to roughly $22.2 million, with the offering and option closings anticipated on or about January 15, 2026. Company directors and senior executives, including the executive chairman, CEO and a board member, participated in the offering on the same terms as other investors, signaling internal support for the equity raise. AirJoule plans to deploy the capital toward growth and working capital needs and general corporate purposes, notably to advance capital-efficient manufacturing readiness and support demand-aligned deployments with strategic partners, moves that are poised to strengthen its operational scale-up and commercialization trajectory in its niche climate and water technology markets.

The most recent analyst rating on (AIRJ) stock is a Hold with a $4.00 price target. To see the full list of analyst forecasts on Montana Technologies stock, see the AIRJ Stock Forecast page.

Montana Technologies Launches Public Offering to Fund Growth

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 participating on the same terms as other investors. The company plans to use the proceeds to fund growth capital, working capital and general corporate needs, including scaling capital‑efficient manufacturing and supporting phased deployment with strategic partners, and the update to investors also highlighted a December 2025 collaboration with Red Dot Ranch Foundation to pilot off-grid atmospheric water systems in rural coastal California, a $5 million capital contribution made on January 5, 2026 to its joint venture with GE Vernova and a reported cash, cash equivalents and restricted cash balance of approximately $21.8 million as of December 31, 2025, underscoring its efforts to strengthen its balance sheet and advance commercialization partnerships.

The most recent analyst rating on (AIRJ) stock is a Hold with a $4.50 price target. To see the full list of analyst forecasts on Montana Technologies stock, see the AIRJ Stock Forecast page.