Start here if you're new
what it is
AirJoule builds a machine that pulls distilled water from air.
how it gets paid
Last year Airjoule Tech made n/a in revenue. Atmospheric water harvesting was the main engine at $0M, or 35% of sales.
what just happened
Q3 2025: company reported $26.0M in cash, cash equivalents, and restricted cash; commercial revenue is still the missing proof point. Per-share results are in the 10-Q filed Nov 14, 2025.
At a glance
n/a balance sheet
28.3x trailing p/e — priced about right
-$1.30 fy2024 eps est
~$220M market cap
small cap
What they do
AirJoule builds a machine that pulls distilled water from air.
You are buying a patent story, not a factory. AirJoule says its system can use waste heat in industrial sites and cut HVAC energy use. It has 17 employees and $0M long-term debt, so the balance sheet is clean and the top line is empty.
How they make money
n/a
annual revenue
Reported commercial product revenue
$0M
Planned segments (not filing revenue splits)
—
The products that matter
water harvesting technology
AirJoule Technology
$0 revenue · launch planned for 2026
this is the whole story. commercial launch is planned for 2026, and the company reported $0 commercial revenue in Q3 2025. until that changes, you are underwriting a promise.
pre-revenue
testbed facility
Net Zero Innovation Hub
planned for 2026
the planned 2026 facility is meant to show the technology at work. with $0 commercial revenue today, it reads as proof-building infrastructure before it reads as profit.
2026 buildout
Key numbers
17
employees
A 17-person team is tiny. That tells you the company is still in build mode.
$0M
debt
No debt means no lender pressure. It also means growth is not being funded by a balance sheet.
-$1.30
FY24 EPS
That loss says the business is still burning money.
$26M
cash (Q3'25)
Cash, cash equivalents, and restricted cash at Sept 30, 2025 — per the company Q3 2025 business update.
Financial health
n/a
strength
- balance sheet grade n/a
- long-term debt $0M (0% of capital)
n/a — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for AIRJ right now.
source: institutional data · return history unavailable
What just happened
missed estimates
Q3 2025: $0M commercial revenue and $26.0M cash (incl. restricted).
The Nov 13, 2025 update emphasizes manufacturing, partnerships, and runway — not product sales. Condensed statements are in Form 10-Q for the period ended Sept 30, 2025 (filed Nov 14, 2025).
$0M
commercial revenue
$26M
cash (Q3'25)
10-Q
Nov 14, 2025
the number that mattered
$26M liquidity vs. a pre-revenue story — how long the company can fund productization before sales need to show up.
source: AirJoule Q3 2025 business update (Nov 13, 2025) · SEC Form 10-Q (period ended Sept 30, 2025)
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What could go wrong
the core risk is simple: the planned 2026 AirJoule launch still has to become paying demand. until then, AIRJ has valuation, partners, and a timetable — but not commercial proof.
high
pre-revenue launch risk
AIRJ has reported $0 commercial revenue, and its first product launch is planned for 2026. a ~$220M market cap is already leaning on future sales that do not exist yet.
until sales arrive, the commercial story is entirely future tense.
med
cash burn before commercialization
The Q3 2025 update shows ongoing investment ahead of commercial revenue; the company reported $26M in cash at Sept 30, 2025. If launch timing slips, financing risk moves from background issue to the main event.
a delay would pressure the valuation and the cash balance at the same time.
med
partner dependency
strategic credibility leans on relationships with Carrier and GE Vernova. your upside depends on those relationships translating into adoption, timelines, and actual orders.
partner logos help the story. revenue is what confirms it.
med
proof-building spend
the Net Zero Innovation Hub is planned for 2026 as a showcase for the technology. that can help validate the product, but it also adds another execution step before the business has commercial revenue.
you could see more spending before you see clear demand.
a slip on commercialization leaves ~$220M of equity value leaning on $26M of cash and no revenue cushion.
source: institutional data · regulatory filings · risk analysis
Pay attention to
launch window
2026 commercial product launch
this is the first real proof point. if the launch slips or lands without clear sales traction, the valuation argument gets weaker fast.
cash
cash balance versus quarterly losses
$26M in cash at Sept 30, 2025 is manageable for now — but pre-revenue burn means runway is the real metric to track.
partners
Carrier and GE Vernova updates
for this company, partner progress is one of the few outside signals that the product is moving from technical promise to customer demand.
facility spend
Net Zero Innovation Hub milestones
a demonstration site helps prove performance. the risk is simple: more buildout, more time, and still no paying customers.
Analyst rankings
chart momentum
average
momentum rank 3 — the stock is moving with the broader market, no unusual signal.
source: institutional data
Institutional activity
institutional ownership data for AIRJ is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$4
current price
n/a
target midpoint · n/a from current
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