AirJoule Technologies : Q1 2026 Earnings Call and Q&A Presentation
AIRJ
Published on 05/15/2026 at 09:47 am EDT
TM
Q1 2026 Earnings Presentation
May 15, 2026
https://airjouletech.com
PRESENTERS
Matt Jore
Founder & Chief Executive
Officer
Pat Eilers
Executive Chairman
Bryan Barton
Chief Commercialization
AirJoule Technologies | May 2026 Slide 3
Officer
Stephen Pang
Chief Financial Officer
Freeing the world of its water and energy constraints by delivering groundbreaking sorption technologies.
AirJoule is the leading platform technology that unleashes the power of water from air.
WATER RESILIENCE TAILWINDS HAVE ACCELERATED
HYPERSCALER PROJECT CANCELLATIONS, INVESTOR PRESSURE, AND STATE LEGISLATION POINT TO A WIDENING WATER GAP
Hyperscaler Pressure & State Legislation
Industry Water Sustainability and AirJoule's Role
20+ proposed data center projects canceled after local pushback in Q1 2026 alone, representing $41.7B in investment and 3.5 GW of demand
Investors representing more than $1T in assets pressing
hyperscalers for site-by-site water disclosure
At least a dozen U.S. states have introduced data-center moratorium bills this year
The most efficient hyperscale facilities operate at WUE
near 0.15 L/kWh
Even efficient sites consume millions of gallons per year
due to evaporation, line losses, and high-purity water needs
AirJoule complements industry water-sustainability efforts with on-site, behind-the-meter water generation
Q1 2026 MILESTONES AT A GLANCE
DISCIPLINED EXECUTION TOWARDS 2026 OBJECTIVES
Core Performance
Core performance improving through optimization
Prime Build
First full-scale system built and operational at Newark
Dehumidification
Up to ~40% energy savings vs. desiccant wheels
Certification
UL & NSF preliminary technical reviews initiated
Industry Recognition
Cleantech Breakthrough Water Tech of the Year
Q1 2026 Commercial Engagement
Net Zero Innovation Hub - kicked off technology program and presented AirJoule to consortium members; first Prime planned for
European deployment in H2 2026
Data Centers - detailed economic and technical analysis with a leading hyperscale operator
U.S. Military - ERDC CRADA progressing; Core AWG variant targeted for tactical distributed water generation
Red Dot Ranch - Pescadero, CA Core pilot completed in Q1 2026; collaboration expansion expected over coming quarters
Arizona State University - ongoing third party validation and technical evaluation
Middle East - TenX exclusive distribution agreement across six Gulf countries
PRODUCT PORTFOLIO
AirJoule Prime
DISTINCT OFFERINGS MEETING THE NEEDS OF CUSTOMERS ACROSS KEY MARKET SEGMENTS AND REGIONS
AirJoule Core AWG / DH
Commercial Water Systems & Industrial Dehumidification
Manage up to 250L per day for small-to-medium applications
Heat pump compatible to eliminate need for 'waste heat'
Ideal footprint for single-unit deployment and HVAC integration
Water for purpose: potable, distilled, or remineralized
Flagship Product Platform for Industrial and Mass Water
Produce up to 2000L per day for large applications
Premier modular, scalable commercial platform
Designed to achieve best-in-class capex per liter produced
Leverages external "waste heat" from customer or heat recovery
AIRJOULE CORE - DEHUMIDIFICATION
UP TO ~40% ENERGY SAVINGS VS. CONVENTIONAL DESICCANT WHEELS
1,000
800
600
400
200
Electrical Energy Demand
Major energy savings
Lower-temperature regeneration combined with adsorption-heat recovery drives energy savings
MWh / yr
MWh / yr
651
391
Energy savings expected to widen as AirJoule prepares for product launch
Distilled water co-product
AirJoule extracts pure distilled water that complies with FDA and California drinking water standards
Simpler installation
No gas piping, no burner, no reactivation exhaust duct, no post-cooling coil.
AirJoule CORE DH Desiccant Wheel
40,000 sq ft area | 20 ft ceiling | 0.2 ACH infiltration RH controlled 35-45% | 25ยบ C indoor / 70% outdoor RH
AIRJOULE PRIME - FIRST FULL SCALE BUILD COMPLETE
16-CHAMBER UNIT BUILT AND OPERATIONAL AT NEWARK; EUROPEAN DEPLOYMENT VIA NET ZERO INNOVATION HUB PLANNED
Mechanical Build
Complete
First full-scale 16-chamber Prime built; system operational at Newark facility
Commissioning & Shake-Down
Underway
Outdoor commissioning at Newark over the next several weeks
European Deployment
Planned for H2 2026
First Prime planned for deployment in Europe via Net Zero Innovation Hub for Data Centers
Additional Prime Build
Planned for Q2 2026
Prime system will serve as on-site customer showcase unit
Pics of Prime build
Build & Deployment Plan
AIRJOULE PRIME: EASING PRESSURE ON LOCAL WATER RESOURCES
Reduces external water requirements s eases permitting process 100MW Data Center Generates $3M - $5M per day revenue AirJoule capex can be recovered in days of avoided permit delay
Minimal capex compared to full data center build
$3B - $5B Total Capex for 100MW Data Center
AirJoule capex represents just 1 - 3% of total facility build.
DATA CENTERS FACE INCREASING SCRUTINY OVER WATER USAGE
Operational resiliency
On-site Distilled Water Generation
Reducing dependence on municipal supply, drought, or allocation cuts
Water stewardship and community license
Net-Positive Water for the Local Community
Water-neutral facilities, water-positive campuses
AirJoule Prime system operating outside at the Newark, DE facility
2026 OUTLOOK
Product Launches
AirJoule Core AWG
Commercial Launch
Q4 2026
First commercial products following certifications
AirJoule Prime Showcase Operational
Full-scale system at Newark for customer validation
Build Completed
AirJoule Core DH Commercial Launch
AirJoule Core optimization for industrial dehumidification (dry-storage
and anti-corrosion markets)
In
Development
Customer Deployments
Net Zero Innovation Hub
for Data Centers
AirJoule system showcase deployment in H2 2026
On Track
Middle East Deployments
Exclusive distribution agreement with TenX in six Gulf countries
Strategic Customers
Planning
Planning deployments with customers in residential and industrial dehumidification applications
Planning
Manufacturing & Scale
Newark Production
Operational
Contactor coating and system assembly for 2026-2027 demand
Contract Manufacturing
Evaluating
Preparing documentation and initiating partner conversations
BOM Cost Reduction
In Progress
Design simplification and supplier optimization across subsystems
Milestones lay the foundation for initial commercialization in 2026 and scaled commercial activity in 2027+
$ in millions
Q1 2026
Operating expenses, gross
$(4.4)
SOW expense reduction
0.8)
Operating loss
$(3.6)
Other income
2.2)
Loss from investment in AirJoule JV
(63.1)
Income tax benefit / (expense)
14.7)
Net income / (loss)
$(49.8)
Cash used in operations
$(2.3)
Cash used in investing
(10.0)
Cash from financing
21.6
Net cash flow
$9.2)
Ending cash balance
$31.1)
FINANCIAL RESULTS
$3.5
$3.3
$2.0
Q1 2026 Operating Expenses (1)
$0.2
Ending Cash (3/31/26) (1)
$3.9
$0.2
$31.1
$21.8
AirJoule Technologies (AIRJ)
Net operating expenses of $3.6 million in Q1 2026
Includes $0.8 million in expense reduction from AirJoule JV pursuant to Statement of Work reimbursement
Includes $1.3 million of non-cash stock compensation
Other income primarily includes:
$1.4 million (non-cash) gain from the decrease in fair value of our earnout shares liability
$0.4 million (non-cash) gain from the decrease in
fair value of our subject vesting shares liability
$63.1 million (non-cash) equity loss from investment in AirJoule JV
Includes $55.2 million of (non-cash) impairment of in-process R&D and $5.0 million adjustment to carrying value of investment in AirJoule JV
Funded $10.0 million in capital contributions to
AirJoule JV in Q1 2026
Raised $22.1 million of net proceeds via public offering; ended Q1 2026 with $31.1 million of cash
AirJoule JV (1)
$5.5 million in operating expenses
Ended Q1 2026 with $3.9 million of cash
G&A R&D
1. AIRJ accounts for its investment in the AirJoule JV through the equity method
AirJoule Technologies | May 2026
Slide 12
BALANCE SHEET AND LIQUIDITY
SUFFICIENTLY FUNDED THROUGH 2027
$31.1M
AIRJ Corporate Cash (3/31/26)
$3.9M
AirJoule JV Cash (3/31/26)
$35.0M
Combined Cash Position (3/31/26)
Key Financial Metrics
Combined 2026 cash burn (AIRJ corporate + JV)
~$25M
2026 JV operating budget
~$17 - $19M
2026 AIRJ corporate cash spend ~$7M
Cash runway Through 2027
Slide 13
AirJoule Technologies | May 2026
INVESTMENT HIGHLIGHTS
TRANSFORMATIONAL TECHNOLOGY
AirJoule uses Waste Heat to Produce Pure Distilled Water from Air
LARGE ADDRESSABLE MARKET
Water and Energy Efficiency
GLOBAL PARTNERSHIPS IN PLACE
ENERGETICS DRIVE CUSTOMER RETURNS
Targeted Paybacks of Less than 4 Years
AirJoule Technologies | May 2026 Slide 14
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Disclaimer
Airjoule Technologies Corporation published this content on May 15, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 15, 2026 at 13:45 UTC.