Airjoule Technologies Corporation (AIRJ)
NASDAQ:AIRJ
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AirJoule Technologies
(NASDAQ:AIRJ)
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Rating:54Neutral
Price Target:
$4.50
▲(38.46% Upside)
Action:Reiterated
Date:05/23/26
The score is held back primarily by weak financial performance (no reported revenue, ongoing losses, and negative operating/free cash flow). Support comes from a strong low-debt balance sheet and constructive technical trend, while valuation is difficult to justify with losses and no dividend; earnings-call progress is positive but commercialization and revenue are still largely deferred to 2027.
Positive Factors
Balance-sheet strength
Extremely low debt (total debt ~ $116K vs equity ~$241M) and sizable assets reduce solvency risk and give management flexibility to fund development and certifications without immediate heavy borrowing. This durable capital structure supports multi-year product commercialization efforts.
Negative Factors
No reported revenue
Zero reported revenue across periods means the business lacks verified commercial traction and recurring cash inflows. Persistent, large TTM losses (~$110M) imply continued reliance on financing or partnerships; this structural absence of revenue raises execution and sustainability risk.
Read all positive and negative factors
Positive Factors
Negative Factors
Balance-sheet strength
Extremely low debt (total debt ~ $116K vs equity ~$241M) and sizable assets reduce solvency risk and give management flexibility to fund development and certifications without immediate heavy borrowing. This durable capital structure supports multi-year product commercialization efforts.
Read all positive factors
AirJoule Technologies (AIRJ) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$299.23M
Dividend YieldN/A
Average Volume (3M)572.08K
Price to Earnings (P/E)―
Beta (1Y)0.82
Revenue GrowthN/A
EPS Growth-227.99%
CountryUS
Employees17
SectorIndustrials
Sector Strength72
IndustryIndustrial - Machinery
Share Statistics
EPS (TTM)-1.78
Shares Outstanding68,472,740
10 Day Avg. Volume1,048,601
30 Day Avg. Volume572,082
Financial Highlights & Ratios
PEG Ratio0.25
Price to Book (P/B)0.87
Price to Sales (P/S)0.00
P/FCF Ratio-41.22
Enterprise Value/Market Cap0.90
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/Ebitda-21.89
Forecast
1Y Price Target
$8.33Price Target Upside156.41% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering3
EPS Forecast (FY)-0.27
Revenue Forecast (FY)$100.00K
AirJoule 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’ specific, current revenue model and monetization details are null. Publicly available, definitive information describing (a) which products are currently sold at commercial scale, (b) the pricing/contract structure (e.g., uni...
AirJoule Technologies Earnings Call Summary
Earnings Call Date:May 14, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 21, 2026
Earnings Call Sentiment Neutral
The call conveyed meaningful technical and commercialization progress — a completed, operational Prime unit, a locked Core design, quantified energy advantages (e.g., ~40% energy savings for Core DH) and several active customer engagements and partnerships — while also disclosing a material noncash impairment that produced a large GAAP loss and reflecting modest near-term cash balances. Management presented a clear commercialization timeline (Core AWG late 2026, Core DH 2027, larger Prime deployments and contract manufacturing planning into 2028) and said liquidity supports operations through 2027, but commercial revenue is expected to be limited until 2027 and unit cost/capacity ramping and certification remain workstreams through 2026. Overall, progress and opportunity were balanced by significant accounting headwinds, execution risks around optimization and scaling, and near-term revenue deferral.Positive Updates
First Full-Scale AirJoule Prime Built and Operational
Completed and activated first full-scale AirJoule Prime at Newark, Delaware; unit engineered for scale with 16 vacuum chambers, mostly off-the-shelf components and a single in-house custom sorbent coated contactor. Management will report performance updates on the next earnings call.
Negative Updates
Large Noncash Impairment and Material Net Loss
Recorded a noncash impairment charge of approximately $55 million on the AirJoule JV equity-method investment, resulting in a JV-related loss of $63.1 million and a GAAP net loss of $49.8 million for the quarter. Management states the impairment is accounting-related, noncash, and did not impact JV operations or cash.
Read all updates
Q1-2026 Updates
Positive
Negative
First Full-Scale AirJoule Prime Built and Operational
Completed and activated first full-scale AirJoule Prime at Newark, Delaware; unit engineered for scale with 16 vacuum chambers, mostly off-the-shelf components and a single in-house custom sorbent coated contactor. Management will report performance updates on the next earnings call.
Read all positive updates
Company Guidance
AirJoule reiterated that its full‑year 2026 cash‑spend guidance is unchanged and that its liquidity—$31.1M of cash at quarter end and $35M combined with the JV, with no debt—supports operations and planned commercial deployments through 2027; it expects modest paid‑deployment revenue from the JV in 2026 and more meaningful commercial revenue beginning in 2027 as Core completes certifications and Prime deployments come online. First‑quarter metrics included net operating expenses of $3.6M (including $0.8M reimbursed), a noncash impairment of ~ $55M contributing to a $63.1M loss from the JV and a GAAP net loss of $49.8M (partially offset by a $14.7M tax benefit), JV operating expenses of ~$5.5M, and a $10M capital contribution to the JV. Product milestones and timing in guidance: first full‑scale Prime is built and operational (Prime designed for up to 2,000 L/day at <200 Wh/L with ≤12.5 kW draw and regeneration from ≥60°C), Core AWG targeted to launch late‑2026, Core DH targeted for 2027 (initial data shows ~40% energy savings vs incumbent desiccant wheels), UL and water‑quality/case‑by‑case certifications underway, and contract manufacturing scale‑up planning aimed at 2028.AirJoule Technologies Financial Statement Overview
Summary
Income Statement
12
Very Negative
Balance Sheet
78
Positive
Cash Flow
22
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Profit | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| EBITDA | -12.25M | -13.54M | -11.18M | -11.37M | -2.77M | -2.25M |
| Net Income | -73.74M | -9.04M | 215.70M | -11.38M | -2.79M | -2.31M |
Balance Sheet | ||||||
| Total Assets | 296.49M | 340.64M | 369.85M | 556.13K | 295.97M | 293.83M |
| Cash, Cash Equivalents and Short-Term Investments | 31.09M | 21.85M | 28.02M | 375.80K | 1.29M | 2.84M |
| Total Debt | 115.73K | 124.00K | 154.23K | 49.54K | 0.00 | 0.00 |
| Total Liabilities | 55.23M | 72.70M | 117.74M | 6.46M | 11.86M | 11.77M |
| Stockholders Equity | 241.26M | 267.94M | 252.11M | -5.90M | 284.10M | 282.06M |
Cash Flow | ||||||
| Free Cash Flow | -8.09M | -5.65M | -24.28M | -5.20M | -2.85M | -1.90M |
| Operating Cash Flow | -8.05M | -5.63M | -24.26M | -5.10M | -2.85M | -1.89M |
| Investing Cash Flow | -22.65M | -17.77M | -10.02M | 0.00 | 167.55K | -13.02K |
| Financing Cash Flow | 38.80M | 17.23M | 61.93M | 265.30K | 4.97M | 4.54M |
AirJoule Technologies Technical Analysis
Positive
3.25
Price Trends
3.24
Positive
3.35
Positive
3.93
Positive
Market Momentum
0.22
Negative
73.25
Negative
67.11
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AIRJ, the sentiment is Positive. The current price of 3.25 is below the 20-day moving average (MA) of 3.52, above the 50-day MA of 3.24, and below the 200-day MA of 3.93, indicating a bullish trend. The MACD of 0.22 indicates Negative momentum. The RSI at 73.25 is Negative, neither overbought nor oversold. The STOCH value of 67.11 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for AIRJ.
AirJoule Technologies Risk Analysis
AirJoule Technologies disclosed 51 risk factors in its most recent earnings report. AirJoule 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
AirJoule 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% | |
59 Neutral | $1.32B | ― | -26.54% | ― | 48.29% | 11.56% | |
55 Neutral | $2.26B | ― | -145.77% | ― | 1459.55% | 34.17% | |
54 Neutral | $299.23M | ― | -27.21% | ― | ― | -227.99% | |
53 Neutral | $171.73M | ― | -51.16% | ― | 10.21% | -94.23% | |
48 Neutral | $237.04M | -10.22 | 96.57% | ― | 0.65% | -59.06% | |
43 Neutral | $154.50M | -0.61 | -70.19% | ― | -3.74% | 9.32% |
* Industrials Sector Average
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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.