Montana Technologies Corporation Class A (AIRJ)
NASDAQ:AIRJ
Want to see AIRJ full AI Analyst Report?
Top Page
Montana Technologies
(NASDAQ:AIRJ)
Select Model
Select Model
Rating:50Neutral
Price Target:
$3.00
▼(-7.69% Downside)
Action:ReiteratedDate:04/01/26
The score is held back primarily by weak operating performance and ongoing cash burn alongside a clearly bearish technical setup. These are partially offset by a strong low-debt balance sheet and a constructive earnings-call outlook highlighting sufficient cash runway and progress toward commercialization, though meaningful revenue appears future-dated.
Positive Factors
Low Leverage / Balance Sheet Strength
Very low debt and sizable assets/equity provide durable financial flexibility, lowering refinancing and interest-rate risk. This strengthens the company's ability to fund commercialization milestones, support JV activity, and absorb early losses without immediate solvency pressure, preserving optionality into 2027.
Negative Factors
Minimal Revenue & Cash Burn
The business has reported negligible revenue and consistently negative operating and free cash flow, implying continued dependence on external financing. Without near-term material sales, the company faces execution risk: commercialization delays or higher-than-planned spend could force further dilution or slowed product rollouts.
Read all positive and negative factors
Positive Factors
Negative Factors
Low Leverage / Balance Sheet Strength
Very low debt and sizable assets/equity provide durable financial flexibility, lowering refinancing and interest-rate risk. This strengthens the company's ability to fund commercialization milestones, support JV activity, and absorb early losses without immediate solvency pressure, preserving optionality into 2027.
Read all positive factors
Montana Technologies (AIRJ) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$204.66M
Dividend YieldN/A
Average Volume (3M)374.98K
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)-0.38
Shares Outstanding68,447,740
10 Day Avg. Volume308,886
30 Day Avg. Volume374,975
Financial Highlights & Ratios
PEG Ratio0.04
Price to Book (P/B)0.87
Price to Sales (P/S)0.00
P/FCF Ratio-41.22
Enterprise Value/Market Cap0.94
Enterprise Value/RevenueN/A
Enterprise Value/Gross Profit-7.87K
Enterprise Value/Ebitda-16.21
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)-0.29
Revenue Forecast (FY)-$3.94M
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’ 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...
Montana Technologies Earnings Call Summary
Earnings Call Date:Mar 30, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 25, 2026
Earnings Call Sentiment Positive
The call highlighted substantial technical validation, product progress (Core and Prime), strategic partnerships, an operational manufacturing line and successful capital raises that provide runway into 2027. These operational and commercial milestones materially de-risk the technology and commercialization path. Offsetting these positives are significant near-term financial losses at the joint venture level (driven by a noncash impairment), minimal current revenue, and commercialization timelines extending into late 2026/2027. On balance, the company has demonstrable momentum and sufficient near-term liquidity to execute its 2026 commercialization plan, but revenue scaling remains future-dated.Positive Updates
Technology Validation and Field Deployments
Multiple real-world deployments in Texas (Hubbard), Arizona, California (Pescadero), Dubai and at Arizona State University validated AirJoule's ability to produce distilled potable water from ambient air and provided months of operational data.
Negative Updates
Large JV Noncash Impairment and Reported JV Loss
Joint venture reported a $39.3M loss in 2025 versus $5.3M in 2024, driven primarily by a noncash impairment of in‑process R&D (an increase of ~642% year-over-year), which materially impacted consolidated net results despite being noncash.
Read all updates
Q4-2025 Updates
Positive
Negative
Technology Validation and Field Deployments
Multiple real-world deployments in Texas (Hubbard), Arizona, California (Pescadero), Dubai and at Arizona State University validated AirJoule's ability to produce distilled potable water from ambient air and provided months of operational data.
Read all positive updates
Company Guidance
AirJoule’s guidance for 2026 calls for a combined cash spend across the corporate entity and JV of about $25M, with the JV budgeting $17–19M of operating expenses and AirJoule Technologies forecasting roughly $15M of corporate operating expenses (including ~$8M of noncash stock‑based compensation); management says the company has a pro forma cash position of ~ $44M (ended 2025 with ~$22M cash and completed a January equity raise that generated roughly $23M gross / ~$22M net proceeds, after a $15M private placement and S‑3 filing) and zero debt, providing runway to fund operations, the JV and planned commercial deployments through 2027. Key commercial and product milestones include target certification and commercial availability of the AirJoule Core in late Q4 2026 (industrial dehumidification Core targeted in 2027), the first AirJoule Prime being built now in Newark as a full‑scale showcase, initial Middle East deployments via TenX planned for late 2026 (subject to conditions), modest JV revenue (~$110k in Q4 2025), prior-year JV cash outflows of ~$18M, FY‑2025 net operating expenses of $13.6M and a net loss of $9M, and a long‑term gross margin target of ~30–35% at scale; customer engagement timelines were outlined as ~1–3 months for discovery, ~6–12 months for proof‑of‑value and ~3–6 months for commercial structuring.Montana Technologies Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
74
Positive
Cash Flow
29
Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Profit | -41.74K | 0.00 | 0.00 | 0.00 | 0.00 |
| EBITDA | -13.54M | -11.18M | -11.37M | -2.77M | -2.25M |
| Net Income | -45.60M | 215.70M | -11.38M | -2.79M | -2.31M |
Balance Sheet | |||||
| Total Assets | 340.64M | 369.85M | 556.13K | 295.97M | 293.83M |
| Cash, Cash Equivalents and Short-Term Investments | 21.85M | 28.02M | 375.80K | 1.29M | 2.84M |
| Total Debt | 124.00K | 154.23K | 49.54K | 0.00 | 0.00 |
| Total Liabilities | 72.70M | 117.74M | 6.46M | 11.86M | 11.77M |
| Stockholders Equity | 267.94M | 252.11M | -5.90M | 284.10M | 282.06M |
Cash Flow | |||||
| Free Cash Flow | -5.65M | -24.28M | -5.20M | -2.85M | -1.90M |
| Operating Cash Flow | -5.63M | -24.26M | -5.10M | -2.85M | -1.89M |
| Investing Cash Flow | -17.77M | -10.02M | 0.00 | 167.55K | -13.02K |
| Financing Cash Flow | 17.23M | 61.93M | 265.30K | 4.97M | 4.54M |
Montana Technologies Technical Analysis
Neutral
3.25
Price Trends
3.14
Negative
3.33
Negative
4.07
Negative
Market Momentum
-0.05
Negative
53.75
Neutral
88.34
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AIRJ, the sentiment is Neutral. The current price of 3.25 is above the 20-day moving average (MA) of 2.94, above the 50-day MA of 3.14, and below the 200-day MA of 4.07, indicating a neutral trend. The MACD of -0.05 indicates Negative momentum. The RSI at 53.75 is Neutral, neither overbought nor oversold. The STOCH value of 88.34 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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% | |
51 Neutral | $117.03M | -9.22 | -50.12% | ― | 24.01% | 5.55% | |
50 Neutral | $204.66M | -0.99 | -16.39% | ― | ― | -100.27% | |
50 Neutral | $1.49B | -3.15 | -153.56% | ― | ― | -394.37% | |
46 Neutral | $201.67M | -18.35 | 120.83% | ― | -3.66% | 32.11% | |
45 Neutral | $398.92M | -4.17 | -26.54% | ― | 41.05% | -1.02% | |
42 Neutral | $166.93M | -1.85 | -70.19% | ― | -14.27% | -28.56% |
* Industrials Sector Average
AIRJ
Montana Technologies
3.12
-1.80
-36.59%
FCEL
Fuelcell Energy
7.35
3.50
90.91%
TGEN
Tecogen
3.87
1.98
104.76%
EAF
GrafTech International
8.28
1.89
29.56%
TE
T1 Energy
4.99
3.96
384.47%
NVX
NOVONIX Ltd Sponsored ADR
0.80
-0.26
-24.88%
Montana Technologies Corporate Events
Business Operations and StrategyExecutive/Board Changes
Montana Technologies Grants New Performance-Based Executive Awards
Neutral
Feb 17, 2026
On February 11, 2026, AirJoule Technologies’ Compensation Committee approved new performance-based restricted stock unit awards for executives Matthew B. Jore, Stephen S. Pang and Patrick C. Eilers under its 2024 Incentive Award Plan. The gr...
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.