What is Montana Technologies' operating income?

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

Montana Technologies (AIRJW) Financials

$0.85 -0.09 (-9.81%)

As of 07/20/2026 03:57 PM Eastern

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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

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

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	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
Net Income / (Loss) Attributable to Common Shareholders	-4.55	-2.96	182	13	35	-14	15	2.51	-4.01	-22	-50
Consolidated Net Income / (Loss)	-4.55	-2.96	182	13	35	-14	15	2.51	-4.01	-22	-50
Net Income / (Loss) Continuing Operations	-4.55	-2.96	182	13	35	-14	15	2.51	-4.01	-22	-50
Total Pre-Tax Income	-4.55	-2.96	267	12	34	-16	13	0.95	-6.41	-35	-65
Total Operating Income	-4.55	-2.96	-56	-4.34	-2.38	-2.81	-3.19	-4.16	-3.01	-3.22	-3.61
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	4.55	2.96	56	4.34	2.38	2.81	3.19	4.16	3.01	3.22	3.61
Selling, General & Admin Expense	3.57	1.94	0.81	3.21	2.44	2.58	2.79	3.75	2.96	2.99	3.34
Marketing Expense	0.17	0.23	0.04	0.07	0.02	0.01	0.01	0.01	0.05	0.01	0.05
Research & Development Expense	0.81	0.79	0.85	1.05	-0.09	0.21	0.39	0.40	-0.01	0.23	0.22
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)	0.00	-	55	0.00	0.00	-	0.00	0.00	0.00	-	0.00
Total Other Income / (Expense), net	0.01	0.00	324	17	36	-13	16	5.12	-3.40	-32	-61
Interest & Investment Income	0.01	0.00	-0.00	-0.36	-1.96	-336	-1.99	-1.81	-1.68	-33	-63
Other Income / (Expense), net	0.00	-	324	17	38	322	18	6.92	-1.72	0.93	1.90
Income Tax Expense	0.00	-	86	-1.24	-1.27	-1.96	-1.64	-1.56	-2.40	-13	-15
Basic Earnings per Share	($0.24)	($0.16)	$8.66	$0.50	$1.26	($2.12)	$0.27	$0.04	($0.07)	($0.39)	($0.74)
Weighted Average Basic Shares Outstanding	37.48M	37.44M	41.91M	54.32M	55.79M	52.03M	56.05M	59.25M	60.45M	59.14M	67.15M
Diluted Earnings per Share	($0.24)	($0.16)	$8.36	$0.48	$1.22	($2.00)	$0.26	$0.04	($0.07)	($0.38)	($0.74)
Weighted Average Diluted Shares Outstanding	37.48M	37.44M	43.39M	56.12M	57.35M	53.53M	57.11M	60.18M	60.45M	59.14M	67.15M
Weighted Average Basic & Diluted Shares Outstanding	17.80M	17.80M	53.82M	55.78M	55.84M	56.00M	60.24M	60.44M	60.68M	68.45M	68.47M

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

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	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	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
Net Change in Cash & Equivalents	-2.19	-0.95	27	7.23	-3.96	-2.67	-5.02	7.50	-4.49	-4.16	9.24
Net Cash From Operating Activities	-2.19	-1.05	-6.43	-11	-3.98	-2.70	0.07	-2.24	-1.87	-1.60	-2.34
Net Cash From Continuing Operating Activities	-2.19	-1.05	-6.43	-11	-3.98	-2.70	0.07	-2.24	-1.87	-1.60	-2.34
Net Income / (Loss) Continuing Operations	-4.55	-2.96	182	13	35	-14	15	2.51	-4.01	-22	-50
Consolidated Net Income / (Loss)	-4.55	-2.96	182	13	35	-14	15	2.51	-4.01	-22	-50
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	0.01	-270	-18	-35	11	-15	-3.39	4.81	33	63
Changes in Operating Assets and Liabilities, net	2.35	1.90	82	-6.99	-3.81	0.78	0.38	-1.36	-2.68	-12	-15
Net Cash From Investing Activities	-0.00	0.10	-10	-0.01	-0.01	-0.00	-5.14	-4.88	-2.76	-5.00	-10
Net Cash From Continuing Investing Activities	-0.00	0.10	-10	-0.01	-0.01	-0.00	-5.14	-4.88	-2.76	-5.00	-10
Purchase of Property, Plant & Equipment	-0.00	-	0.00	-0.01	-0.01	-0.00	0.00	-0.01	-0.01	-	-0.02
Purchase of Investments	-	-	-10	-	-	-	-5.00	-5.00	-2.75	-5.00	-10
Other Investing Activities, net	-	-	0.00	-	-	-	-0.14	-	-	-	0.00
Net Cash From Financing Activities	-	0.00	43	18	0.03	0.04	0.04	15	0.13	2.44	22
Net Cash From Continuing Financing Activities	-	0.00	43	18	0.03	0.04	0.04	15	0.13	2.44	22
Repurchase of Common Equity	-	-	-	-	-	-	0.00	-	-	-	-0.55
Issuance of Common Equity	-	-	43	18	-	-	0.00	-	0.41	2.54	22
Other Financing Activities, net	-	0.00	0.10	0.00	0.03	0.04	0.04	15	-0.27	-0.00	0.00
Cash Income Taxes Paid	-	-	0.00	-	-	-	0.00	-	-	-	0.00

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

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

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%

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

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	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
DEI Shares Outstanding	17,795,678.00	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
DEI Adjusted Shares Outstanding	17,795,678.00	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
DEI Earnings Per Adjusted Shares Outstanding	-0.26	-0.17	10.20	0.75	1.97	-	0.84	0.04	-0.07	-0.37	-0.73
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	-1,577.28%	-871.90%	32,367.51%	513.04%	884.30%	10,890.87%	-94.30%	-78.00%	-113.24%	83.84%	-111.18%
EBIT Growth	-1,577.68%	-872.26%	32,123.97%	512.85%	884.06%	10,886.84%	-94.30%	-78.02%	-113.25%	83.82%	-111.21%
NOPAT Growth	-1,446.47%	-797.36%	-6,456.37%	-124.45%	22.65%	5.17%	90.64%	-129.42%	14.63%	-14.89%	29.54%
Net Income Growth	-682.12%	-279.73%	21,852.87%	542.09%	869.88%	-383.61%	-91.80%	-81.29%	-111.46%	-56.71%	-434.88%
EPS Growth	0.00%	0.00%	21,000.00%	400.00%	608.33%	-1,150.00%	-96.89%	-91.67%	-105.74%	81.00%	-384.62%
Operating Cash Flow Growth	-726.00%	-627.65%	-699.55%	-958.81%	-81.89%	-156.32%	101.12%	79.95%	53.01%	40.79%	-3,344.25%
Free Cash Flow Firm Growth	163.68%	0.00%	8,720.16%	34.37%	12.59%	-180.01%	-201.14%	-272.68%	-282.33%	89.56%	108.14%
Invested Capital Growth	-64.86%	-102.22%	-160.78%	-249.48%	-206.68%	3,627.32%	243.05%	275.15%	346.98%	9.82%	-14.98%
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	-49.77%	35.02%	9,133.05%	-95.30%	184.40%	794.05%	207.18%	-81.86%	-271.20%	51.46%	25.83%
EBIT Q/Q Growth	-49.75%	35.01%	9,129.70%	-95.30%	184.41%	794.10%	207.15%	-81.87%	-271.45%	51.43%	25.76%
NOPAT Q/Q Growth	-49.75%	35.01%	-1,748.68%	87.53%	48.39%	20.33%	-82.52%	-205.71%	80.80%	-7.22%	-11.93%
Net Income Q/Q Growth	-49.72%	34.96%	6,237.17%	-92.60%	160.74%	-140.86%	204.00%	-83.11%	-259.64%	-458.80%	-122.24%
EPS Q/Q Growth	-50.00%	33.33%	5,325.00%	-94.26%	154.17%	-263.93%	113.00%	-84.62%	-275.00%	-442.86%	-94.74%
Operating Cash Flow Q/Q Growth	-108.01%	51.91%	-509.94%	-73.55%	64.27%	32.23%	102.68%	-3,194.61%	16.26%	14.60%	-46.60%
Free Cash Flow Firm Q/Q Growth	-0.15%	60.17%	45.90%	-42.42%	-16.33%	-213.82%	-82.31%	1.70%	11.65%	93.41%	242.18%
Invested Capital Q/Q Growth	0.25%	-106.35%	-2,653.08%	14.73%	28.46%	310.03%	10.31%	4.40%	0.88%	-5.48%	-14.60%
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%	100.00%	67.93%	110.15%	103.76%	87.93%	112.41%	263.35%	62.61%	63.87%	77.17%
Interest Burden Percent	99.86%	99.94%	100.00%	97.10%	94.50%	-5.10%	86.95%	34.57%	135.41%	1,527.16%	3,783.53%
Effective Tax Rate	0.00%	0.00%	32.07%	-10.15%	-3.76%	0.00%	-12.41%	-163.35%	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)	-3.55%	-8.18%	70.74%	113.93%	124.47%	175.21%	20.94%	14.69%	-0.34%	-3.48%	-28.84%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	-124.46%	-175.78%	-162.94%	-144.03%	-13.40%	11.90%
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)	0.21%	0.44%	27.44%	75.67%	86.08%	175.21%	20.94%	14.69%	-0.34%	-3.48%	-28.84%
Return on Equity Simple (ROE_SIMPLE)	50.51%	0.00%	86.33%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-3.19	-2.07	-38	-4.78	-2.47	-1.96	-3.59	-11	-2.11	-2.26	-2.53
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)	-174.44%	-106.54%	118.20%	9.64%	20.18%	-79.38%	9.38%	6.61%	-0.96%	-80.86%	-174.88%
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%
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)	-4.55	-2.96	267	13	36	319	15	2.76	-4.73	-2.30	-1.71
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-4.55	-2.96	267	13	36	319	15	2.76	-4.73	-2.30	-1.70
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	2.47	2.51	1.25	1.69	0.97	0.97	0.99	0.87	0.70
Price to Tangible Book Value (P/TBV)	0.00	0.00	2.47	2.51	1.25	1.69	0.97	0.97	0.99	0.87	0.70
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	0.00	2.86	3.09	1.47	1.98	5.37	7.31	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%	0.00%	34.91%	32.40%	68.26%	50.59%	18.62%	13.67%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	5.16	0.00	0.00	0.00	0.00	1.80	0.97	0.96	0.99	0.86	0.65
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	0.00	0.46	0.74	0.00	1.32	4.87	6.28	0.00	19.26	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.46	0.74	0.00	1.32	4.88	6.28	0.00	19.28	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)	0.00	1.43	0.29	1.01	0.00	0.00	0.00	0.00	0.00	0.00	5.05
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	0.00	-0.01	-0.77	-1.15	-1.02	-0.13	-0.84	-0.79	-0.72	-0.10	-0.11
Leverage Ratio	1.07	1.07	1.39	1.49	1.34	1.50	1.57	1.46	1.35	1.37	1.29
Compound Leverage Factor	1.07	1.07	1.39	1.45	1.26	-0.08	1.37	0.50	1.83	20.86	48.98
Debt to Total Capital	0.00%	0.00%	0.00%	0.06%	0.05%	0.05%	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%	0.00%	0.06%	0.05%	0.05%	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	113.53%	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	-13.53%	100.00%	100.00%	99.94%	99.95%	99.95%	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	0.00	-1.39	-1.19	-0.09	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	0.00	8.02	7.68	0.58	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	16.28	-36.21	4.74	3.20	3.04	5.86	2.68	2.83	2.81	2.76	2.60
Noncontrolling Interest Sharing Ratio	105.86%	105.42%	61.21%	33.58%	30.84%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.05	0.08	2.39	10.15	7.46	7.83	14.75	12.67	14.15	10.52	23.23
Quick Ratio	0.04	0.06	2.35	9.78	7.25	6.97	14.18	12.29	13.73	10.19	22.51
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	179	287	419	241	202	-230	-424	-416	-368	-24	34
Operating Cash Flow to CapEx	-74,896.44%	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%
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	99	-6.28	-173	-147	-105	221	247	258	260	246	210
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	-182	-289	-457	-246	-204	228	420	405	366	22	-37
Enterprise Value (EV)	510	402	119	201	-39	398	240	248	258	211	137
Market Capitalization	397	402	490	579	333	426	263	279	284	233	169
Book Value per Share	($0.75)	($0.33)	$4.73	$4.24	$4.76	$4.85	$4.82	$4.79	$4.74	$4.42	$3.98
Tangible Book Value per Share	($0.75)	($0.33)	$4.73	$4.24	$4.76	$4.85	$4.82	$4.79	$4.74	$4.42	$3.98
Total Capital	99	-5.90	198	230	266	252	270	289	286	268	241
Total Debt	0.00	0.00	0.00	0.14	0.13	0.12	0.00	0.00	0.00	0.00	0.00
Total Long-Term Debt	0.00	0.00	0.00	0.14	0.13	0.12	0.00	0.00	0.00	0.00	0.00
Net Debt	-0.29	-0.38	-371	-377	-371	-28	-23	-31	-26	-22	-31
Capital Expenditures (CapEx)	0.00	0.00	0.00	0.01	0.01	0.00	0.00	0.01	0.01	0.00	0.02
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-8.20	-6.30	-11	-2.23	-1.59	-0.58	-0.21	-1.01	-0.11	-0.30	0.30
Debt-free Net Working Capital (DFNWC)	-7.90	-5.93	16	32	29	27	23	29	26	22	31
Net Working Capital (NWC)	-7.90	-5.93	16	32	29	27	23	29	26	22	31
Net Nonoperating Expense (NNE)	1.36	0.89	-220	-18	-37	12	-18	-13	1.91	20	47
Net Nonoperating Obligations (NNO)	-0.29	-0.38	-371	-377	-371	-31	-23	-31	-26	-22	-31
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	$0.00	($0.16)	$0.00	$0.50	$1.26	($2.12)	$0.27	$0.04	($0.07)	($0.39)	($0.74)
Adjusted Weighted Average Basic Shares Outstanding	17.80M	37.44M	0.00	54.32M	55.79M	52.03M	56.05M	59.25M	60.45M	59.14M	67.15M
Adjusted Diluted Earnings per Share	$0.00	($0.16)	$0.00	$0.48	$1.22	($2.00)	$0.26	$0.04	($0.07)	($0.38)	($0.74)
Adjusted Weighted Average Diluted Shares Outstanding	17.80M	37.44M	0.00	56.12M	57.35M	53.53M	57.11M	60.18M	60.45M	59.14M	67.15M
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	17.80M	0.00	55.78M	55.84M	56.00M	60.24M	60.44M	60.68M	68.45M	68.47M
Normalized Net Operating Profit after Tax (NOPAT)	-3.19	-2.07	-38	-3.04	-1.66	-1.96	-2.23	-2.91	-2.11	-2.26	-2.53
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%	0.00%	-1.15%	-0.88%

Financials Breakdown Chart

Key Financial Trends

AirJoule Technologies Corp. (NASDAQ: AIRJ) remains a pre-revenue development-stage company, and the latest quarter shows a business still heavily dependent on financing rather than operating cash flow. In Q1 2026, the company reported no revenue and a net loss of $49.8 million, versus a net loss of $22.4 million in Q4 2025 and a smaller loss of $4.0 million in Q3 2025. The swing in losses was driven largely by large non-operating items, especially interest and investment-related losses.

Operating performance remains weak on a cash basis. Q1 2026 operating cash flow was negative $2.3 million, slightly worse than negative $1.6 million in Q4 2025, but better than the much larger negative $3.8 million in Q3 2025. Since the company is not generating sales, investors should view these quarterly losses as part of the firm’s ongoing cash burn while it develops its technology.

Balance sheet liquidity is still the main positive. As of March 31, 2026, AirJoule held $31.1 million in cash and equivalents and $32.8 million in current assets, compared with $55.2 million in total liabilities. That leaves the company with a sizable equity base of $241.3 million, but much of that is offset by noncurrent liabilities, including $48.2 million in deferred tax liabilities and $5.6 million in other noncurrent operating liabilities.

There are signs of financing support, but also dilution risk. In Q1 2026, AirJoule raised $22.2 million through issuance of common equity, which helped offset the operating and investing cash outflows and produced a net increase in cash of $9.2 million for the quarter. That kind of financing is helpful for liquidity, but it also suggests ongoing reliance on capital markets and possible shareholder dilution over time.

Looking at the trend over the last four years, the company has moved from occasional large accounting-driven profits to more consistent operating losses. In 2024, quarterly results were highly volatile, including a huge Q1 2024 profit driven by other income items, followed by losses later in the year. In 2025 and into Q1 2026, the pattern shifted toward recurring operating losses and cash consumption, with no revenue to absorb the expense base.

Cash balance remains meaningful: AirJoule ended Q1 2026 with $31.1 million in cash and equivalents.
Liquidity improved in the latest quarter: Net cash increased by $9.2 million in Q1 2026.
Equity financing provided support: The company raised $22.2 million from common stock issuance in Q1 2026.
Current liabilities are low relative to current assets: Current assets of $32.8 million exceeded current liabilities of $1.4 million.
No revenue yet: AirJoule reported $0 in revenue in Q1 2026 and prior quarters shown.
Q1 2026 results were distorted by non-operating items: The quarter included a very large negative interest and investment income line, which weighed heavily on earnings.
Balance sheet is still asset-heavy: A large portion of assets sits in noncurrent operating assets, which may not be quickly liquid.
Net loss widened sharply: Losses increased to $49.8 million in Q1 2026 from $22.4 million in Q4 2025.
Operating cash flow is negative: Q1 2026 operating cash flow was negative $2.3 million.
Ongoing dilution risk: Continued reliance on equity issuance could pressure per-share value over time.

Bottom line: AirJoule Technologies appears to have enough liquidity for the near term, but the company is still in a high-burn, pre-revenue phase. For retail investors, the key questions are whether the company can convert its technology into commercial revenue and whether it can do so before repeated financing needs dilute shareholders further.

07/21/26 02:44 AM 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, falling from $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%.

Montana Technologies' total liabilities were at $72.70 million at the end of 2025, a 38.3% decrease from 2024, and a 517.5% increase since 2021.

In the past 4 years, Montana Technologies' cash and equivalents has ranged from $375.80 thousand in 2023 to $28.02 million in 2024, and is currently $21.85 million as of their latest financial filing in 2025.

Over the last 3 years, Montana Technologies' book value per share changed from -0.26 in 2022 to 4.42 in 2025, a change of -1,826.9%.

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Financial statements for NASDAQ:AIRJW last updated on 7/9/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Montana Technologies (AIRJW) Financials

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Montana Technologies (AIRJW) Financials

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