The firm exhibits a persistent negative free cash flow trend, highlighted by a peak quarterly cash outflow of $11.2 million in 2024Q2, which underscores the instability of its current liquidity profile.
| Cash from Operations | -8.05M | -5.63M | -24.26M | -5.1M | -2.85M | -1.89M |
| Operating CF Margin % | - | - | - | - | - | - |
| Operating CF Growth % | -3170.5% | 76.78% | -375.62% | -79.02% | -50.78% | - |
| Net Income | -73.74M | -9.04M | 215.7M | -11.38M | -2.79M | -2.31M |
| Depreciation & Amortization | 44K | 41.74K | 35.8K | 25.56K | 24.34K | 509 |
| Stock-Based Compensation | 4.28M | 4.87M | 1.32M | 52K | 0 | 0 |
| Deferred Taxes | -31.06M | -18.28M | 81.26M | 0 | 0 | 0 |
| Other Non-Cash Items | 63.03M | 14.19M | -308.2M | 0 | 0 | 54.9K |
| Working Capital Changes | 213.87K | 2.59M | -14.37M | 6.2M | -80.74K | 364.29K |
| Change in Receivables | 435.33K | 2.1M | -2.73M | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -167.64K | 19.13K | -2.46M | 2.44M | -92.03K | 155.2K |
| Cash from Investing | -22.65M | -17.77M | -10.02M | 0 | 167.55K | -13.02K |
| Capital Expenditures | -34.49K | -18.01K | -19.06K | -98.95K | 0 | -13.02K |
| CapEx % of Revenue | - | - | - | - | - | - |
| Acquisitions | -7.75M | -17.75M | -10M | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - |
| Other Investing | 132.21K | 0 | 0 | 98.95K | 167.55K | 0 |
| Cash from Financing | 38.8M | 17.23M | 61.93M | 265.3K | 4.97M | 4.54M |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | 38.41M | 17.23M | 61.75M | 255.86K | 5.27M | 5.09M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 391.9K | 0 | 176.46K | 9.44K | -297.03K | -545.11K |
| Net Change in Cash | 8.09M | -6.17M | 27.65M | -4.84M | 2.12M | 2.64M |
| Free Cash Flow | -8.09M | -5.65M | -24.28M | -5.2M | -2.85M | -1.9M |
| FCF Margin % | - | - | - | - | - | - |
| FCF Growth % | 54.53% | 76.72% | -366.94% | -82.5% | -49.74% | - |
| FCF per Share | -0.12 | -0.10 | -0.45 | -0.14 | -0.08 | -0.05 |
| FCF Conversion (FCF/Net Income) | 0.11x | 0.62x | -0.11x | 0.45x | 1.02x | 0.82x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 |
Pre-revenue commercialization execution risk
As reported in financial statements, AIRJ exhibits a profound disconnect between net income and operating cash flow, with the OCF/NI ratio fluctuating wildly, including a negative 0.89 in 2025Q2, which suggests that GAAP earnings are currently driven by non-cash accounting noise rather than operational cash generation.
The extreme volatility in net income, contrasted with consistently negative operating cash flows, indicates that the company's reported earnings are not reflective of its underlying cash-generating capability. Investors should monitor this divergence, as it suggests that the firm's path to self-sustaining operations remains highly speculative and dependent on non-operating accounting adjustments.
Based on AIRJ's reported figures, the company has maintained a consistent pattern of negative free cash flow over the last ten quarters, with a peak cash outflow of $11.2 million in 2024Q2, highlighting the significant capital requirements necessary to sustain its current research and development trajectory.
The lack of positive free cash flow suggests that the company is currently in a deep investment phase where cash burn is the primary operational reality. This trajectory warrants further investigation into how long the current cash reserves can support these outflows before additional dilutive financing becomes a necessity.
According to recent SEC filings, AIRJ's working capital changes have been highly erratic, swinging from a $2.0 million inflow in 2025Q1 to a $807.7 thousand outflow in 2024Q4, which may indicate inconsistent management of payables and receivables as the company attempts to scale its early-stage operations.
These fluctuations in working capital suggest that the company lacks a stable operational rhythm, which is common for pre-revenue entities. The inability to maintain a predictable working capital cycle may imply that the firm is struggling to align its cash outflows with its operational milestones.
As indicated by the company's financial statements, the cash flow statement is heavily impacted by stock-based compensation and net acquisition activity, such as the $10.0 million outflow in 2024Q1, which obscures the true underlying cash burn required to maintain the firm's core research and development activities.
The reliance on stock-based compensation to manage cash expenses suggests that the company is attempting to preserve liquidity by diluting shareholders. Furthermore, the sporadic acquisition activity appears to be a significant drain on cash that may not be yielding immediate operational benefits, warranting caution regarding the firm's capital allocation strategy.
Quick answers to the most common questions about buying AIRJ stock.
AirJoule Technologies Corporation (AIRJ) generated $-5.6M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
AirJoule Technologies Corporation (AIRJ) reported negative free cash flow of $5.7M in 2025, indicating capital requirements exceeded cash from operations.
AirJoule Technologies Corporation (AIRJ) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.