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Montana Technologies (AIRJW) Financials

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$0.80 +0.00 (+0.13%)
As of 01:21 PM Eastern
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Annual Income Statements for Montana Technologies

Annual Income Statements for Montana Technologies

This table shows Montana Technologies' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2022 2023 2024 2025
Period end date 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 2.04 -11 216 -9.04
Consolidated Net Income / (Loss)		 2.04 -11 216 -9.04
Net Income / (Loss) Continuing Operations		 2.04 -11 216 -9.04
Total Pre-Tax Income 		2.84 -11 297 -27
Total Operating Income		 -1.34 -11 -66 -14
Total Gross Profit		 0.00 0.00 0.00 0.00
Total Revenue		 0.00 0.00 0.00 0.00
Total Cost of Revenue		 0.00 0.00 0.00 0.00
Total Operating Expenses		 1.34 11 66 14
Selling, General & Admin Expense		 1.13 7.54 9.04 12
Marketing Expense		 - 0.54 0.15 0.08
Research & Development Expense		 - 3.31 2.02 1.01
Depreciation Expense		 - 0.00 0.01 0.01
Other Operating Expenses / (Income)		 0.22 0.00 55 0.00
Total Other Income / (Expense), net		 4.19 0.01 363 -14
Interest & Investment Income		 4.19 0.01 -4.39 -38
Other Income / (Expense), net		 - 0.00 367 25
Income Tax Expense		 0.80 0.00 81 -18
Basic Earnings per Share		 $0.12 ($0.60) $8.30 ($0.15)
Weighted Average Basic Shares Outstanding		 35.94M 37.44M 52.03M 59.14M
Diluted Earnings per Share		 - ($0.60) $8.06 ($0.15)
Weighted Average Diluted Shares Outstanding		 - 37.44M 53.53M 59.14M
Weighted Average Basic & Diluted Shares Outstanding		 - 17.80M 56.00M 68.45M

Quarterly Income Statements for Montana Technologies

This table shows Montana Technologies' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
Net Income / (Loss) Attributable to Common Shareholders		 -2.96 182 13 35 -14 15 2.51 -4.01 -22 -50 -8.53
Consolidated Net Income / (Loss)		 -2.96 182 13 35 -14 15 2.51 -4.01 -22 -50 -8.53
Net Income / (Loss) Continuing Operations		 -2.96 182 13 35 -14 15 2.51 -4.01 -22 -50 -8.53
Total Pre-Tax Income 		-2.96 267 12 34 -16 13 0.95 -6.41 -35 -65 -11
Total Operating Income		 -2.96 -56 -4.34 -2.38 -2.81 -3.19 -4.16 -3.01 -3.22 -3.61 -4.11
Total Gross Profit		 - 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00 0.00
Total Revenue		 - 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00 0.00
Total Cost of Revenue		 - 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00 0.00
Total Operating Expenses		 2.96 56 4.34 2.38 2.81 3.19 4.16 3.01 3.22 3.61 4.11
Selling, General & Admin Expense		 1.94 0.81 3.21 2.44 2.58 2.79 3.75 2.96 2.99 3.34 3.82
Marketing Expense		 0.23 0.04 0.07 0.02 0.01 0.01 0.01 0.05 0.01 0.05 0.12
Research & Development Expense		 0.79 0.85 1.05 -0.09 0.21 0.39 0.40 -0.01 0.23 0.22 0.17
Depreciation Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Other Operating Expenses / (Income)		 - 55 0.00 0.00 - 0.00 0.00 0.00 - 0.00 0.00
Total Other Income / (Expense), net		 0.00 324 17 36 -13 16 5.12 -3.40 -32 -61 -7.34
Interest & Investment Income		 0.00 -0.00 -0.36 -1.96 -336 -1.99 -1.81 -1.68 -33 -63 -2.22
Other Income / (Expense), net		 - 324 17 38 322 18 6.92 -1.72 0.93 1.90 -5.12
Income Tax Expense		 - 86 -1.24 -1.27 -1.96 -1.64 -1.56 -2.40 -13 -15 -2.92
Basic Earnings per Share		 ($0.16) $8.66 $0.50 $1.26 ($2.12) $0.27 $0.04 ($0.07) ($0.39) ($0.74) ($0.12)
Weighted Average Basic Shares Outstanding		 37.44M 41.91M 54.32M 55.79M 52.03M 56.05M 59.25M 60.45M 59.14M 67.15M 69.74M
Diluted Earnings per Share		 ($0.16) $8.36 $0.48 $1.22 ($2.00) $0.26 $0.04 ($0.07) ($0.38) ($0.74) ($0.12)
Weighted Average Diluted Shares Outstanding		 37.44M 43.39M 56.12M 57.35M 53.53M 57.11M 60.18M 60.45M 59.14M 67.15M 69.74M
Weighted Average Basic & Diluted Shares Outstanding		 17.80M 53.82M 55.78M 55.84M 56.00M 60.24M 60.44M 60.68M 68.45M 68.47M 73.35M

Annual Cash Flow Statements for Montana Technologies

This table details how cash moves in and out of Montana Technologies' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2022 2023 2024 2025
Period end date 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 -1.56 -4.84 28 -6.17
Net Cash From Operating Activities		 -1.72 -5.10 -24 -5.63
Net Cash From Continuing Operating Activities		 -1.72 -5.10 -24 -5.63
Net Income / (Loss) Continuing Operations		 2.04 -11 216 -9.04
Consolidated Net Income / (Loss)		 2.04 -11 216 -9.04
Depreciation Expense		 - 0.00 0.01 0.01
Non-Cash Adjustments To Reconcile Net Income		 -4.19 0.07 -308 19
Changes in Operating Assets and Liabilities, net		 0.42 6.20 68 -16
Net Cash From Investing Activities		 0.17 0.00 -10 -18
Net Cash From Continuing Investing Activities		 0.17 0.00 -10 -18
Purchase of Property, Plant & Equipment		 - -0.10 -0.02 -0.02
Purchase of Investments		 - 0.00 -10 -18
Net Cash From Financing Activities		 0.00 0.27 62 17
Net Cash From Continuing Financing Activities		 0.00 0.27 62 17
Repurchase of Common Equity		 0.00 - 0.00 -0.10
Issuance of Common Equity		 - 0.00 62 2.95
Other Financing Activities, net		 - 0.01 0.18 14
Cash Income Taxes Paid		 0.00 0.00 0.00 0.00

Quarterly Cash Flow Statements for Montana Technologies

This table details how cash moves in and out of Montana Technologies' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
Net Change in Cash & Equivalents		 -0.95 27 7.23 -3.96 -2.67 -5.02 7.50 -4.49 -4.16 9.24 10
Net Cash From Operating Activities		 -1.05 -6.43 -11 -3.98 -2.70 0.07 -2.24 -1.87 -1.60 -2.34 -1.42
Net Cash From Continuing Operating Activities		 -1.05 -6.43 -11 -3.98 -2.70 0.07 -2.24 -1.87 -1.60 -2.34 -1.42
Net Income / (Loss) Continuing Operations		 -2.96 182 13 35 -14 15 2.51 -4.01 -22 -50 -8.53
Consolidated Net Income / (Loss)		 -2.96 182 13 35 -14 15 2.51 -4.01 -22 -50 -8.53
Depreciation Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Non-Cash Adjustments To Reconcile Net Income		 0.01 -270 -18 -35 11 -15 -3.39 4.81 33 63 9.17
Changes in Operating Assets and Liabilities, net		 1.90 82 -6.99 -3.81 0.78 0.38 -1.36 -2.68 -12 -15 -2.06
Net Cash From Investing Activities		 0.10 -10 -0.01 -0.01 -0.00 -5.14 -4.88 -2.76 -5.00 -10 -2.50
Net Cash From Continuing Investing Activities		 0.10 -10 -0.01 -0.01 -0.00 -5.14 -4.88 -2.76 -5.00 -10 -2.50
Purchase of Investments		 - -10 - - - -5.00 -5.00 -2.75 -5.00 -10 -2.50
Net Cash From Financing Activities		 0.00 43 18 0.03 0.04 0.04 15 0.13 2.44 22 14
Net Cash From Continuing Financing Activities		 0.00 43 18 0.03 0.04 0.04 15 0.13 2.44 22 14
Issuance of Common Equity		 - 43 18 - - 0.00 - 0.41 2.54 22 14
Other Financing Activities, net		 0.00 0.10 0.00 0.03 0.04 0.04 15 -0.27 -0.00 0.00 -0.06

Annual Balance Sheets for Montana Technologies

This table presents Montana Technologies' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2021 2022 2023 2024 2025
Period end date 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 294 296 0.56 370 341
Total Current Assets		 3.17 1.57 0.50 31 24
Cash & Equivalents		 2.84 1.29 0.38 28 22
Accounts Receivable		 - - 0.00 2.82 1.21
Prepaid Expenses		 0.33 0.28 0.13 0.61 0.75
Plant, Property, & Equipment, net		 0.00 0.00 0.00 0.02 0.02
Total Noncurrent Assets		 291 294 0.05 338 317
Other Noncurrent Operating Assets		 291 294 0.05 338 317
Total Liabilities & Shareholders' Equity		 294 296 0.56 370 341
Total Liabilities		 12 12 6.46 118 73
Total Current Liabilities		 1.71 1.80 6.43 4.02 2.26
Accounts Payable		 1.15 0.27 2.52 0.08 0.16
Accrued Expenses		 0.41 0.66 3.89 1.72 2.07
Other Current Liabilities		 - 0.00 0.02 2.22 0.03
Total Noncurrent Liabilities		 10 10 0.03 114 70
Noncurrent Deferred & Payable Income Tax Liabilities		 - - 0.00 81 63
Other Noncurrent Operating Liabilities		 10 - 0.03 32 7.47
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 -8.31 -9.19 -5.90 252 268
Total Preferred & Common Equity		 -8.31 -9.19 -5.90 252 268
Preferred Stock		 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 -8.31 -9.19 -5.90 252 268
Common Stock		 0.00 0.00 11 54 78
Retained Earnings		 -8.31 -9.19 -17 199 189

Quarterly Balance Sheets for Montana Technologies

This table presents Montana Technologies' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026 Q2 2026
Period end date 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026 6/30/2026
Total Assets		 113 372 379 374 366 376 373 296 307
Total Current Assets		 0.37 28 36 34 24 32 28 33 43
Cash & Equivalents		 0.29 27 35 31 23 31 26 31 41
Accounts Receivable		 - - - 1.96 0.50 0.55 1.03 0.69 0.77
Prepaid Expenses		 0.08 0.49 1.31 0.95 0.95 0.97 0.82 1.01 0.98
Plant, Property, & Equipment, net		 0.00 0.00 0.01 0.02 0.01 0.02 0.03 0.04 0.03
Total Noncurrent Assets		 113 344 343 341 341 344 345 264 264
Other Noncurrent Operating Assets		 113 0.17 - 0.07 341 344 345 264 264
Total Liabilities & Shareholders' Equity		 113 372 379 374 366 376 373 296 307
Total Liabilities		 14 173 149 109 95 88 86 55 58
Total Current Liabilities		 8.27 12 3.54 4.50 1.66 2.53 1.97 1.41 2.19
Accounts Payable		 0.60 0.43 0.77 0.57 0.33 0.30 0.14 0.08 0.32
Accrued Expenses		 5.19 9.79 2.33 1.62 1.30 2.20 1.79 1.29 1.84
Other Current Liabilities		 0.30 1.46 0.45 2.32 0.03 0.03 0.03 0.04 0.04
Total Noncurrent Liabilities		 6.04 162 145 104 94 85 84 54 56
Noncurrent Deferred & Payable Income Tax Liabilities		 - 86 84 83 80 78 76 48 45
Other Noncurrent Operating Liabilities		 - 76 61 21 14 6.93 8.75 5.59 11
Commitments & Contingencies		 0.00 - 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 -13 198 230 266 270 289 286 241 249
Total Preferred & Common Equity		 -13 198 230 266 270 289 286 241 249
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 -13 198 230 266 270 289 286 241 249
Common Stock		 0.00 40 52 53 57 73 74 102 118
Retained Earnings		 -13 164 178 213 213 216 212 140 131

Annual Metrics And Ratios for Montana Technologies

This table displays calculated financial ratios and metrics derived from Montana Technologies' official financial filings.

Metric 2022 2023 2024 2025
Period end date 12/31/2022 12/31/2023 12/31/2024 12/31/2025
DEI Shares Outstanding		 71,875,000.00 17,795,678.00 - 60,679,706.00
DEI Adjusted Shares Outstanding		 71,875,000.00 17,795,678.00 - 60,679,706.00
DEI Earnings Per Adjusted Shares Outstanding		 0.03 -0.64 - -0.15
Growth Metrics		 - - - -
Revenue Growth		 0.00% 0.00% 0.00% 0.00%
EBITDA Growth		 0.00% -747.73% 2,746.57% -96.36%
EBIT Growth		 0.00% -748.05% 2,745.51% -96.37%
NOPAT Growth		 0.00% -726.90% -500.45% 80.14%
Net Income Growth		 0.00% -657.26% 1,995.54% -104.19%
EPS Growth		 0.00% 0.00% 1,443.33% -101.86%
Operating Cash Flow Growth		 0.00% -195.85% -375.62% 76.78%
Free Cash Flow Firm Growth		 0.00% 0.00% -198.02% 88.68%
Invested Capital Growth		 0.00% -102.22% 3,627.32% 9.82%
Revenue Q/Q Growth		 0.00% 0.00% 0.00% 0.00%
EBITDA Q/Q Growth		 0.00% -30.35% 593.97% 1,256.82%
EBIT Q/Q Growth		 0.00% -30.40% 593.96% 1,245.11%
NOPAT Q/Q Growth		 0.00% -30.40% -6.31% -3.17%
Net Income Q/Q Growth		 0.00% -67.96% -10.00% -875.45%
EPS Q/Q Growth		 0.00% 0.00% 0.00% 91.53%
Operating Cash Flow Q/Q Growth		 0.00% -21.67% -24.48% 16.35%
Free Cash Flow Firm Q/Q Growth		 0.00% 0.00% -273.10% 91.60%
Invested Capital Q/Q Growth		 0.00% -106.35% 310.03% -5.48%
Profitability Metrics		 - - - -
Gross Margin		 0.00% 0.00% 0.00% 0.00%
EBITDA Margin		 0.00% 0.00% 0.00% 0.00%
Operating Margin		 0.00% 0.00% 0.00% 0.00%
EBIT Margin		 0.00% 0.00% 0.00% 0.00%
Profit (Net Income) Margin		 0.00% 0.00% 0.00% 0.00%
Tax Burden Percent		 71.79% 100.00% 72.64% 33.09%
Interest Burden Percent		 -211.77% 99.90% 98.54% -249.45%
Effective Tax Rate		 28.21% 0.00% 27.36% 0.00%
Return on Invested Capital (ROIC)		 0.00% 0.00% 0.00% 0.00%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% 0.00% 0.00% 0.00%
Return on Net Nonoperating Assets (RNNOA)		 0.00% 0.00% 0.00% 0.00%
Return on Equity (ROE)		 0.72% -8.18% 175.21% -3.48%
Cash Return on Invested Capital (CROIC)		 0.00% 0.00% -124.46% -13.40%
Operating Return on Assets (OROA)		 0.00% 0.00% 0.00% 0.00%
Return on Assets (ROA)		 0.00% 0.00% 0.00% 0.00%
Return on Common Equity (ROCE)		 -0.02% 0.44% 175.21% -3.48%
Return on Equity Simple (ROE_SIMPLE)		 -22.22% 192.84% 85.56% 0.00%
Net Operating Profit after Tax (NOPAT)		 -0.96 -7.97 -48 -9.51
NOPAT Margin		 0.00% 0.00% 0.00% 0.00%
Net Nonoperating Expense Percent (NNEP)		 233.41% -409.39% 1,695.35% 1.88%
Return On Investment Capital (ROIC_SIMPLE)		 - 135.13% -18.98% -3.55%
Cost of Revenue to Revenue		 0.00% 0.00% 0.00% 0.00%
SG&A Expenses to Revenue		 0.00% 0.00% 0.00% 0.00%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 0.00% 0.00% 0.00% 0.00%
Earnings before Interest and Taxes (EBIT)		 -1.34 -11 301 11
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -1.34 -11 301 11
Valuation Ratios		 - - - -
Price to Book Value (P/BV)		 0.00 0.00 1.69 0.87
Price to Tangible Book Value (P/TBV)		 0.00 0.00 1.69 0.87
Price to Revenue (P/Rev)		 0.00 0.00 0.00 0.00
Price to Earnings (P/E)		 0.00 0.00 1.98 0.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 0.00% 0.00% 50.59% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 0.00 0.00 1.80 0.86
Enterprise Value to Revenue (EV/Rev)		 0.00 0.00 0.00 0.00
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 1.32 19.26
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 1.32 19.28
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 1.43 0.00 0.00
Leverage & Solvency		 - - - -
Debt to Equity		 0.00 0.00 0.00 0.00
Long-Term Debt to Equity		 0.00 0.00 0.00 0.00
Financial Leverage		 0.00 -0.01 -0.13 -0.10
Leverage Ratio		 1.04 1.07 1.50 1.37
Compound Leverage Factor		 -2.21 1.06 1.48 -3.41
Debt to Total Capital		 0.00% 0.00% 0.05% 0.00%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 0.00% 0.00% 0.05% 0.00%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 103.23% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 -3.23% 100.00% 99.95% 100.00%
Debt to EBITDA		 0.00 0.00 0.00 0.00
Net Debt to EBITDA		 0.00 0.00 -0.09 0.00
Long-Term Debt to EBITDA		 0.00 0.00 0.00 0.00
Debt to NOPAT		 0.00 0.00 0.00 0.00
Net Debt to NOPAT		 0.00 0.00 0.58 0.00
Long-Term Debt to NOPAT		 0.00 0.00 0.00 0.00
Altman Z-Score		 0.00 -86.23 5.70 2.88
Noncontrolling Interest Sharing Ratio		 103.09% 105.42% 0.00% 0.00%
Liquidity Ratios		 - - - -
Current Ratio		 0.87 0.08 7.83 10.52
Quick Ratio		 0.71 0.06 6.97 10.19
Cash Flow Metrics		 - - - -
Free Cash Flow to Firm (FCFF)		 0.00 281 -276 -32
Operating Cash Flow to CapEx		 0.00% 0.00% -127,303.21% -31,289.12%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 0.00 0.00
Operating Cash Flow to Interest Expense		 0.00 0.00 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00
Efficiency Ratios		 - - - -
Asset Turnover		 0.00 0.00 0.00 0.00
Accounts Receivable Turnover		 0.00 0.00 0.00 0.00
Inventory Turnover		 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 0.00 0.00 0.00 0.00
Accounts Payable Turnover		 0.00 0.00 0.00 0.00
Days Sales Outstanding (DSO)		 0.00 0.00 0.00 0.00
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 0.00 0.00 0.00 0.00
Cash Conversion Cycle (CCC)		 0.00 0.00 0.00 0.00
Capital & Investment Metrics		 - - - -
Invested Capital		 283 -6.28 221 246
Invested Capital Turnover		 0.00 0.00 0.00 0.00
Increase / (Decrease) in Invested Capital		 0.00 -289 228 22
Enterprise Value (EV)		 0.00 402 398 211
Market Capitalization		 0.00 402 426 233
Book Value per Share		 ($0.26) ($0.33) $4.85 $4.42
Tangible Book Value per Share		 ($0.26) ($0.33) $4.85 $4.42
Total Capital		 284 -5.90 252 268
Total Debt		 0.00 0.00 0.12 0.00
Total Long-Term Debt		 0.00 0.00 0.12 0.00
Net Debt		 -1.29 -0.38 -28 -22
Capital Expenditures (CapEx)		 0.00 0.00 0.02 0.02
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -1.52 -6.30 -0.58 -0.30
Debt-free Net Working Capital (DFNWC)		 -0.23 -5.93 27 22
Net Working Capital (NWC)		 -0.23 -5.93 27 22
Net Nonoperating Expense (NNE)		 -3.01 3.41 -264 -0.47
Net Nonoperating Obligations (NNO)		 -1.29 -0.38 -31 -22
Total Depreciation and Amortization (D&A)		 0.00 0.00 0.01 0.01
Debt-free, Cash-free Net Working Capital to Revenue		 0.00% 0.00% 0.00% 0.00%
Debt-free Net Working Capital to Revenue		 0.00% 0.00% 0.00% 0.00%
Net Working Capital to Revenue		 0.00% 0.00% 0.00% 0.00%
Earnings Adjustments		 - - - -
Adjusted Basic Earnings per Share		 $0.12 $0.10 $8.30 ($0.15)
Adjusted Weighted Average Basic Shares Outstanding		 35.94M 25.90M 52.03M 59.14M
Adjusted Diluted Earnings per Share		 $0.00 $0.00 $8.06 ($0.15)
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 17.80M 53.53M 59.14M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 0.00 17.80M 56.00M 68.45M
Normalized Net Operating Profit after Tax (NOPAT)		 -0.96 -7.97 -48 -9.51
Normalized NOPAT Margin		 0.00% 0.00% 0.00% 0.00%
Pre Tax Income Margin		 0.00% 0.00% 0.00% 0.00%
Debt Service Ratios		 - - - -
EBIT to Interest Expense		 0.00 0.00 0.00 0.00
NOPAT to Interest Expense		 0.00 0.00 0.00 0.00
EBIT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00
NOPAT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00
Payout Ratios		 - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 0.00% 0.00% 0.00% -1.15%

Quarterly Metrics And Ratios for Montana Technologies

This table displays calculated financial ratios and metrics derived from Montana Technologies' official financial filings.

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
DEI Shares Outstanding		 17,795,678.00 17,795,678.00 17,795,678.00 17,795,678.00 - 17,795,678.00 60,235,732.00 60,439,593.00 60,679,706.00 68,447,740.00 68,472,740.00
DEI Adjusted Shares Outstanding		 17,795,678.00 17,795,678.00 17,795,678.00 17,795,678.00 - 17,795,678.00 60,235,732.00 60,439,593.00 60,679,706.00 68,447,740.00 68,472,740.00
DEI Earnings Per Adjusted Shares Outstanding		 -0.17 10.20 0.75 1.97 - 0.84 0.04 -0.07 -0.37 -0.73 -0.12
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
EBITDA Growth		 -871.90% 32,367.51% 513.04% 884.30% 10,890.87% -94.30% -78.00% -113.24% 83.84% -111.18% -434.18%
EBIT Growth		 -872.26% 32,123.97% 512.85% 884.06% 10,886.84% -94.30% -78.02% -113.25% 83.82% -111.21% -434.61%
NOPAT Growth		 -797.36% -6,456.37% -124.45% 22.65% 5.17% 90.64% -129.42% 14.63% -14.89% 29.54% 73.74%
Net Income Growth		 -279.73% 21,852.87% 542.09% 869.88% -383.61% -91.80% -81.29% -111.46% -56.71% -434.88% -439.55%
EPS Growth		 0.00% 21,000.00% 400.00% 608.33% -1,150.00% -96.89% -91.67% -105.74% 81.00% -384.62% -400.00%
Operating Cash Flow Growth		 -627.65% -699.55% -958.81% -81.89% -156.32% 101.12% 79.95% 53.01% 40.79% -3,344.25% 36.66%
Free Cash Flow Firm Growth		 0.00% 8,720.16% 34.37% 12.59% -180.01% -201.14% -272.68% -282.33% 89.56% 108.14% 111.52%
Invested Capital Growth		 -102.22% -160.78% -249.48% -206.68% 3,627.32% 243.05% 275.15% 346.98% 9.82% -14.98% -19.70%
Revenue Q/Q Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
EBITDA Q/Q Growth		 35.02% 9,133.05% -95.30% 184.40% 794.05% 207.18% -81.86% -271.20% 51.46% 25.83% -442.19%
EBIT Q/Q Growth		 35.01% 9,129.70% -95.30% 184.41% 794.10% 207.15% -81.87% -271.45% 51.43% 25.76% -441.20%
NOPAT Q/Q Growth		 35.01% -1,748.68% 87.53% 48.39% 20.33% -82.52% -205.71% 80.80% -7.22% -11.93% -13.95%
Net Income Q/Q Growth		 34.96% 6,237.17% -92.60% 160.74% -140.86% 204.00% -83.11% -259.64% -458.80% -122.24% 82.87%
EPS Q/Q Growth		 33.33% 5,325.00% -94.26% 154.17% -263.93% 113.00% -84.62% -275.00% -442.86% -94.74% 83.78%
Operating Cash Flow Q/Q Growth		 51.91% -509.94% -73.55% 64.27% 32.23% 102.68% -3,194.61% 16.26% 14.60% -46.60% 39.58%
Free Cash Flow Firm Q/Q Growth		 60.17% 45.90% -42.42% -16.33% -213.82% -82.31% 1.70% 11.65% 93.41% 242.18% 39.08%
Invested Capital Q/Q Growth		 -106.35% -2,653.08% 14.73% 28.46% 310.03% 10.31% 4.40% 0.88% -5.48% -14.60% -1.40%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
EBITDA Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
EBIT Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Profit (Net Income) Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Tax Burden Percent		 100.00% 67.93% 110.15% 103.76% 87.93% 112.41% 263.35% 62.61% 63.87% 77.17% 74.50%
Interest Burden Percent		 99.94% 100.00% 97.10% 94.50% -5.10% 86.95% 34.57% 135.41% 1,527.16% 3,783.53% 124.01%
Effective Tax Rate		 0.00% 32.07% -10.15% -3.76% 0.00% -12.41% -163.35% 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Net Nonoperating Assets (RNNOA)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Equity (ROE)		 -8.18% 70.74% 113.93% 124.47% 175.21% 20.94% 14.69% -0.34% -3.48% -28.84% -31.57%
Cash Return on Invested Capital (CROIC)		 0.00% 0.00% 0.00% 0.00% -124.46% -175.78% -162.94% -144.03% -13.40% 11.90% 17.66%
Operating Return on Assets (OROA)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Assets (ROA)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Common Equity (ROCE)		 0.44% 27.44% 75.67% 86.08% 175.21% 20.94% 14.69% -0.34% -3.48% -28.84% -31.57%
Return on Equity Simple (ROE_SIMPLE)		 0.00% 86.33% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 -2.07 -38 -4.78 -2.47 -1.96 -3.59 -11 -2.11 -2.26 -2.53 -2.88
NOPAT Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Net Nonoperating Expense Percent (NNEP)		 -106.54% 118.20% 9.64% 20.18% -79.38% 9.38% 6.61% -0.96% -80.86% -174.88% -15.72%
Return On Investment Capital (ROIC_SIMPLE)		 35.11% -19.34% -2.08% -0.93% -0.78% -1.33% -3.80% -0.74% -0.84% -1.05% -1.16%
Cost of Revenue to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
SG&A Expenses to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings before Interest and Taxes (EBIT)		 -2.96 267 13 36 319 15 2.76 -4.73 -2.30 -1.71 -9.24
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -2.96 267 13 36 319 15 2.76 -4.73 -2.30 -1.70 -9.23
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 0.00 2.47 2.51 1.25 1.69 0.97 0.97 0.99 0.87 0.70 1.55
Price to Tangible Book Value (P/TBV)		 0.00 2.47 2.51 1.25 1.69 0.97 0.97 0.99 0.87 0.70 1.55
Price to Revenue (P/Rev)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Price to Earnings (P/E)		 0.00 2.86 3.09 1.47 1.98 5.37 7.31 0.00 0.00 0.00 0.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 0.00% 34.91% 32.40% 68.26% 50.59% 18.62% 13.67% 0.00% 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 0.00 0.00 0.00 0.00 1.80 0.97 0.96 0.99 0.86 0.65 1.66
Enterprise Value to Revenue (EV/Rev)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.46 0.74 0.00 1.32 4.87 6.28 0.00 19.26 0.00 0.00
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.46 0.74 0.00 1.32 4.88 6.28 0.00 19.28 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 1.43 0.29 1.01 0.00 0.00 0.00 0.00 0.00 0.00 5.05 8.40
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Long-Term Debt to Equity		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Financial Leverage		 -0.01 -0.77 -1.15 -1.02 -0.13 -0.84 -0.79 -0.72 -0.10 -0.11 -0.13
Leverage Ratio		 1.07 1.39 1.49 1.34 1.50 1.57 1.46 1.35 1.37 1.29 1.27
Compound Leverage Factor		 1.07 1.39 1.45 1.26 -0.08 1.37 0.50 1.83 20.86 48.98 1.58
Debt to Total Capital		 0.00% 0.00% 0.06% 0.05% 0.05% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 0.00% 0.00% 0.06% 0.05% 0.05% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 100.00% 100.00% 99.94% 99.95% 99.95% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Debt to EBITDA		 0.00 0.00 -1.39 -1.19 -0.09 0.00 0.00 0.00 0.00 0.00 0.00
Long-Term Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Debt to NOPAT		 0.00 0.00 8.02 7.68 0.58 0.00 0.00 0.00 0.00 0.00 0.00
Long-Term Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Altman Z-Score		 -36.21 4.74 3.20 3.04 5.86 2.68 2.83 2.81 2.76 2.60 4.64
Noncontrolling Interest Sharing Ratio		 105.42% 61.21% 33.58% 30.84% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 0.08 2.39 10.15 7.46 7.83 14.75 12.67 14.15 10.52 23.23 19.70
Quick Ratio		 0.06 2.35 9.78 7.25 6.97 14.18 12.29 13.73 10.19 22.51 19.25
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 287 419 241 202 -230 -424 -416 -368 -24 34 48
Operating Cash Flow to CapEx		 0.00% 0.00% -170,142.26% -42,045.62% -89,204.56% 0.00% -19,653.05% -28,230.49% 0.00% -12,016.01% 0.00%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Accounts Receivable Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Accounts Payable Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Sales Outstanding (DSO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Cash Conversion Cycle (CCC)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 -6.28 -173 -147 -105 221 247 258 260 246 210 207
Invested Capital Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Increase / (Decrease) in Invested Capital		 -289 -457 -246 -204 228 420 405 366 22 -37 -51
Enterprise Value (EV)		 402 119 201 -39 398 240 248 258 211 137 345
Market Capitalization		 402 490 579 333 426 263 279 284 233 169 386
Book Value per Share		 ($0.33) $4.73 $4.24 $4.76 $4.85 $4.82 $4.79 $4.74 $4.42 $3.98 $3.63
Tangible Book Value per Share		 ($0.33) $4.73 $4.24 $4.76 $4.85 $4.82 $4.79 $4.74 $4.42 $3.98 $3.63
Total Capital		 -5.90 198 230 266 252 270 289 286 268 241 249
Total Debt		 0.00 0.00 0.14 0.13 0.12 0.00 0.00 0.00 0.00 0.00 0.00
Total Long-Term Debt		 0.00 0.00 0.14 0.13 0.12 0.00 0.00 0.00 0.00 0.00 0.00
Net Debt		 -0.38 -371 -377 -371 -28 -23 -31 -26 -22 -31 -41
Capital Expenditures (CapEx)		 0.00 0.00 0.01 0.01 0.00 0.00 0.01 0.01 0.00 0.02 0.00
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -6.30 -11 -2.23 -1.59 -0.58 -0.21 -1.01 -0.11 -0.30 0.30 -0.43
Debt-free Net Working Capital (DFNWC)		 -5.93 16 32 29 27 23 29 26 22 31 41
Net Working Capital (NWC)		 -5.93 16 32 29 27 23 29 26 22 31 41
Net Nonoperating Expense (NNE)		 0.89 -220 -18 -37 12 -18 -13 1.91 20 47 5.65
Net Nonoperating Obligations (NNO)		 -0.38 -371 -377 -371 -31 -23 -31 -26 -22 -31 -41
Total Depreciation and Amortization (D&A)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Debt-free, Cash-free Net Working Capital to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Debt-free Net Working Capital to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Net Working Capital to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($0.16) $0.00 $0.50 $1.26 ($2.12) $0.27 $0.04 ($0.07) ($0.39) ($0.74) ($0.12)
Adjusted Weighted Average Basic Shares Outstanding		 37.44M 0.00 54.32M 55.79M 52.03M 56.05M 59.25M 60.45M 59.14M 67.15M 69.74M
Adjusted Diluted Earnings per Share		 ($0.16) $0.00 $0.48 $1.22 ($2.00) $0.26 $0.04 ($0.07) ($0.38) ($0.74) ($0.12)
Adjusted Weighted Average Diluted Shares Outstanding		 37.44M 0.00 56.12M 57.35M 53.53M 57.11M 60.18M 60.45M 59.14M 67.15M 69.74M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 17.80M 0.00 55.78M 55.84M 56.00M 60.24M 60.44M 60.68M 68.45M 68.47M 73.35M
Normalized Net Operating Profit after Tax (NOPAT)		 -2.07 -38 -3.04 -1.66 -1.96 -2.23 -2.91 -2.11 -2.26 -2.53 -2.88
Normalized NOPAT Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Pre Tax Income Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
EBIT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -1.15% -0.88% -0.77%

Financials Breakdown Chart

Key Financial Trends

AirJoule Technologies’ latest statements show a well-capitalized but pre-revenue company. Revenue has remained at $0 in each reported quarter from Q3 2023 through Q2 2026, while operating expenses have generally increased. This indicates that the company has not yet reached commercial scale and remains dependent on cash reserves, investment income and equity financing.

Liquidity has improved substantially. Cash and equivalents increased from $294,000 in Q3 2023 to $41.4 million in Q2 2026, including a $10.3 million sequential increase from Q1 2026. However, the recent cash growth has primarily come from common-stock issuances rather than operating activities. AirJoule had $41.4 million of cash against only $2.2 million of current liabilities, implying strong short-term liquidity, although its operating cash flow remains negative.

The balance sheet remains equity-heavy but has contracted from prior periods. Total assets declined to $306.8 million in Q2 2026 from $379.0 million in Q2 2024, largely reflecting changes in noncurrent assets and investment-related balances. Total liabilities were $58.2 million, compared with $248.6 million of common equity. The company also reported $45.3 million of noncurrent deferred and payable tax liabilities, which investors should monitor because they represent a sizable portion of total liabilities.

Operating performance remains weak. AirJoule reported an operating loss of $4.1 million in Q2 2026, up from $3.6 million in Q1 2026 and $2.4 million in Q3 2024. Selling, general and administrative expense rose to $3.8 million from $2.8 million in Q1 2024, while marketing expense increased to $118,000 from $7,800 in Q2 2025. Research and development expense declined sequentially to $173,000 but remains an ongoing use of cash.

  • Cash reserves have grown: Cash reached $41.4 million in Q2 2026, the highest level in the provided period and approximately $10.3 million above Q1 2026.
  • Strong short-term liquidity: Current assets of $43.2 million substantially exceeded current liabilities of $2.2 million in Q2 2026.
  • Limited traditional debt burden: The statements do not show significant conventional borrowings, reducing near-term interest and repayment pressure.
  • Q2 net loss improved sequentially: The net loss narrowed to $8.5 million from $49.8 million in Q1 2026, although the comparison was heavily affected by volatile non-operating items.
  • Operating cash burn moderated: Cash used in operating activities improved to $1.4 million in Q2 2026 from $2.3 million in Q1 2026 and $2.4 million in Q2 2025.
  • Investment activity remains material: The company purchased $2.5 million of investments in Q2 2026 after purchasing $10.0 million in Q1 and $5.0 million in Q4 2025. These transactions may help preserve liquidity but make cash-flow trends harder to interpret.
  • Noncash adjustments are significant: Q2 operating cash flow included $9.2 million of noncash adjustments, meaning net income does not provide a clean measure of recurring cash generation.
  • Financial results have been restated: Several 2024 and 2025 income statements are identified as restated, and some large gains and losses appear outside the core operating business. Investors should rely on the latest filings when comparing historical periods.
  • No reported revenue: Revenue and gross profit were both reported at $0 in every supplied quarter, leaving AirJoule without demonstrated commercial sales in the available data.
  • Continued losses and equity dependence: AirJoule has reported recurring operating losses and negative operating cash flow, while issuing $14.3 million of common equity in Q2 2026 and $22.2 million in Q1 2026. Additional financing could dilute existing shareholders.

Overall, AirJoule’s balance sheet provides a meaningful liquidity cushion, but the investment case remains dependent on converting its technology into revenue. Until sales begin and operating cash flow improves, investors should treat the stock as a high-risk, development-stage company with substantial execution, financing and dilution risk.

10/09/26 12:37 PM ETAI Generated. May Contain Errors.

Montana Technologies Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Montana Technologies' fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Montana Technologies' net income appears to be on an upward trend, with a most recent value of -$9.04 million in 2025, compared with $2.04 million in 2022. The previous period was $215.70 million in 2024.

Montana Technologies' total operating income in 2025 was -$13.59 million, based on the following breakdown:
  • Total Gross Profit: $0.00
  • Total Operating Expenses: $13.59 million

Over the last 3 years, Montana Technologies' total revenue changed from $0.00 in 2022 to $0.00 in 2025, a change of 0.0%.

In the past 11 quarters, Montana Technologies' cash and equivalents has ranged from $294.22 thousand in Q3 2023 to $41.42 million in Q2 2026, and is currently $41.42 million as of their latest financial filing in Q2 2026.

Montana Technologies had total debt of $0.00 at the end of 2025, a 100.0% decrease from 2024, and none in 2022.

Over the last 3 years, Montana Technologies' book value per share changed from -0.26 in 2022 to 4.42 in 2025.


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Financial statements for NASDAQ:AIRJW last updated on 8/14/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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ALERT: Drop these 5 stocks before the market opens tomorrow!
The Wall Street Journal is already raising the alarm about a potential market crash, and Weiss Ratings researc...
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Trump's New Dollar
Porter Stansberry says President Trump has signed an executive order initiating what he calls a full U.S. doll...
Porter & Company | Sponsoredtc pixel
Small Colorado Company (Backed by Sam Altman) Could Save U.S. Power Grid
A small Colorado company has secured rights to technology that could prevent the U.S. public power grid from c...
Altimetry | Sponsoredtc pixel
Ready to give options a try? Your first trade (Ticker included) -INSIDE
Tired of trying tactic after tactic when it comes to options trades... only to be met with market noise and st...
Base Camp Trading | Sponsoredtc pixel
The end may be near for these iconic stocks
Marc Chaikin, founder of Chaikin Analytics, says two forces - AI disruption and fracturing global trade - are ...
Chaikin Analytics | Sponsoredtc pixel
Louis Navellier: My #1 AI stock for 2026 (name & ticker inside)
Louis Navellier's Stock Grader system helped him flag Nvidia before its 82,000% run and has identified the top...
InvestorPlace | Sponsoredtc pixel
Here’s the stock symbol I’ve promised
Whitney Tilson of Stansberry Research has long recommended Berkshire Hathaway as a core retirement holding - b...
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Here’s Why Trump Won’t End The Iran War
Trump has called an Iran deal close 38 times since the war began, yet the fighting keeps flaring back up. O...
Banyan Hill Publishing | Sponsoredtc pixel