The company has recorded zero revenue over the past ten quarters, while SG&A expenses of $3.4 million in 2026Q1 continue to significantly outpace R&D spending of $215.5 thousand.
AirJoule Technologies Corporation (AIRJ) annual income statement — 5-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 |
|---|
| Sales/Revenue | 0 | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | - | - | - | - | - | - |
| Cost of Goods Sold | 11.2K | 0 | 0 | 0 | 0 | 0 |
| COGS % of Revenue | - | - | - | - | - | - |
| Gross Profit | -11.2K | 0 | 0 | 0 | 0 | 0 |
| Gross Margin % | - | - | - | - | - | - |
| Gross Profit Growth % | - | - | - | - | - | - |
| Operating Expenses | 13.96M | 13.59M | 65.91M | 11.39M | 2.79M | 2.25M |
| OpEx % of Revenue | - | - | - | - | - | - |
| Selling, General & Admin | 13.33M | 12.57M | 9.19M | 8.08M | 1.05M | 1.07M |
| SG&A % of Revenue | - | - | - | - | - | - |
| Research & Development | 607.33K | 1.01M | 2.02M | 3.31M | 1.74M | 1.18M |
| R&D % of Revenue | - | - | - | - | - | - |
| Other Operating Expenses | 14.27K | 9.84K | 54.7M | 4.34K | 4.34K | 509 |
| Operating Income | -13.96M | -13.59M | -65.91M | -11.39M | -2.79M | -2.25M |
| Operating Margin % | - | - | - | - | - | - |
| Operating Income Growth % | - | 79.39% | -478.66% | -307.84% | -23.88% | - |
| EBITDA | -13.92M | -13.54M | -65.88M | -11.37M | -2.77M | -2.25M |
| EBITDA Margin % | - | - | - | - | - | - |
| EBITDA Growth % | -11.22% | 79.44% | -479.65% | -310.5% | -22.83% | - |
| D&A (Non-Cash Add-back) | 38.61K | 41.74K | 35.8K | 25.56K | 24.34K | 509 |
| EBIT | -102.56M | -27.32M | -11.22M | -11.38M | -2.79M | -2.31M |
| Net Interest Income | 1.05M | 997.69K | 932.37K | 11.54K | 4.19M | 895 |
| Interest Income | 1.05M | 997.69K | 932.37K | 11.54K | 4.19M | 895 |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -103.58M | -13.74M | 362.86M | 11.54K | 0 | -54.9K |
| Pretax Income | -117.54M | -27.32M | 296.95M | -11.38M | -2.79M | -2.31M |
| Pretax Margin % | - | - | - | - | - | - |
| Income Tax | -32.74M | -18.28M | 81.26M | 0 | 0 | 0 |
| Effective Tax Rate % | 27.86% | 66.91% | 27.36% | 0% | 0% | 0% |
| Net Income | -84.79M | -9.04M | 215.7M | -11.38M | -2.79M | -2.31M |
| Net Margin % | - | - | - | - | - | - |
| Net Income Growth % | -322.54% | -104.19% | 1995.54% | -307.43% | -20.93% | - |
| Net Income (Continuing) | -84.79M | -9.04M | 215.7M | -11.38M | -2.79M | -2.31M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1.22 | -0.15 | 4.03 | -0.31 | -0.08 | -0.02 |
| EPS Growth % | -305.11% | -103.72% | 1400% | -287.5% | -429.8% | - |
| EPS (Basic) | - | -0.15 | 4.15 | -0.31 | -0.08 | -0.02 |
| Diluted Shares Outstanding | 69.74M | 59.14M | 53.53M | 36.51M | 35.94M | 35.94M |
| Basic Shares Outstanding | 69.74M | 59.14M | 52.03M | 36.51M | 35.94M | 35.94M |
| Dividend Payout Ratio | - | - | - | - | - | - |
Quick answers to the most common questions about buying AIRJ stock.
For fiscal year 2025, AirJoule Technologies Corporation (AIRJ) reported total revenue of $0.0M.
AirJoule Technologies Corporation (AIRJ) reported a net loss of $9.0M for the fiscal year ending 2025.
Key Metrics
Top Statement Risk
Pre-revenue commercialization execution risk
Metrics are mathematically derived from official filings.
Pre-Revenue Status Limits Visibility
As indicated by the company's financial statements, AIRJ has recorded zero revenue over the past ten quarters, underscoring its status as a pre-commercial entity that remains entirely dependent on external capital to fund its ongoing research and development initiatives and operational overhead.
The absence of top-line growth suggests that the company is still in the critical transition phase from laboratory-scale prototyping to industrial-scale deployment. Investors should monitor the timing of initial commercial contracts, as the current lack of revenue makes it impossible to assess the durability or scalability of the underlying business model.
Operating Expenses Outpace R&D Investment
Based on reported figures, AIRJ's quarterly SG&A expenses have consistently exceeded R&D spending, with SG&A reaching $3.4 million in 2026Q1, which highlights a heavy administrative burden for a firm that has yet to generate any meaningful commercial revenue from its proprietary technology.
The disproportionate allocation toward administrative and general costs relative to technical development warrants further investigation into the company's operational efficiency. This cost structure may indicate that the firm is prioritizing corporate infrastructure and public company compliance over the rapid acceleration of its core material science engineering.
Net Income Volatility Masks Burn
According to historical income statements, AIRJ has reported erratic net income swings, including a $181.6 million gain in 2024Q1 followed by significant losses, suggesting that non-operating items and accounting adjustments are currently obscuring the underlying cash burn inherent in the company's development-stage operations.
The extreme variance in net income appears disconnected from the company's actual operational progress, likely driven by SPAC-related accounting noise or non-recurring financial events. Analysts should focus on operating cash flow rather than GAAP net income to gauge the true sustainability of the firm's current capital position.
Capital Intensity Risks Remain Unproven
While management emphasizes an asset-light strategy, the persistent quarterly operating losses, which reached $3.6 million in 2026Q1, suggest that the path to profitability may be more capital-intensive than the current business model implies, potentially necessitating further dilutive financing to reach commercial viability.
The reliance on third-party manufacturing partnerships like BASF is intended to mitigate capital expenditure, but this approach may introduce unforeseen margin pressures if the company lacks sufficient leverage to control production costs. The market should remain cautious regarding the potential for future margin compression if the firm is forced to internalize more of the supply chain to ensure product quality.