AIRJHIGH SIGNALFINANCIAL10-K

AIRJ experienced a severe cash depletion with cash reserves dropping to just $59K while operating losses remain substantial despite some improvement.

The company's cash position has reached critically low levels, dropping from $1.3M to $59K, creating immediate liquidity concerns for this pre-revenue technology company. While operating losses improved meaningfully and the company reduced total liabilities, the cash burn trajectory suggests urgent need for additional financing to continue operations.

Comparing 2026-03-31 vs 2025-03-25View on EDGAR →
FINANCIAL ANALYSIS

AIRJ shows a mixed financial picture with meaningful operational improvements offset by severe cash constraints. Operating losses improved substantially from -$65.9M to -$13.6M, accompanied by reduced R&D expenses and better operating cash flow performance. However, the company's cash position collapsed to just $59K, creating an immediate liquidity crisis that overshadows the operational improvements and signals urgent financing needs for this early-stage water harvesting technology company.

FINANCIAL STATEMENT CHANGES
Cash & Equivalents
Balance Sheet
-95.4%
$1.3M$59K

Cash declined 95.4% — significant cash burn or deployment; verify adequacy of remaining liquidity runway.

Operating Income
P&L
+79.4%
-$65.9M-$13.6M

Operating leverage kicking in — revenue growth outpacing cost growth, a hallmark of scaling businesses.

Operating Cash Flow
Cash Flow
+76.8%
-$24.3M-$5.6M

Operating cash flow surged 76.8% — exceptional cash generation, highest quality earnings signal.

R&D Expense
P&L
-50.1%
$2.0M$1.0M

R&D spending cut 50.1% — could signal cost discipline or concerning reduction in innovation investment.

Current Liabilities
Balance Sheet
-43.7%
$4.0M$2.3M

Current liabilities reduced — improved short-term financial position and working capital health.

Total Liabilities
Balance Sheet
-38.3%
$117.7M$72.7M

Liabilities reduced 38.3% — deleveraging improves balance sheet strength and financial flexibility.

Current Assets
Balance Sheet
-24.3%
$31.5M$23.8M

Current assets declined 24.3% — monitor working capital adequacy and short-term liquidity.

LANGUAGE CHANGES
NEW — 2026-03-31
PRIOR — 2025-03-25
ADDED
As of March 1, 2026, there were 68,447,740 shares of the registrant s Class A common stock, par value $0.0001 per share, issued and outstanding.
Wh/L are to watt-hours per liter, the unit of measurement for energy required to remove a liter of water from the air by AirJoule and other methods of dehumidification.
XMS are to XMS XPDI Sponsor Holdings II LLC, an entity owned by professionals of XMS Capital Partners, LLC, a global independent financial services firm, primarily providing strategic and financial advisory services; XMS Capital are to XMS Capital Partners, LLC, an entity experienced in providing strategic and financial advisory services, including advising clients on mergers and acquisitions, capital structure, financings, takeover and activist preparation, and restructurings; and XPDB are to Power Digital Infrastructure Acquisition II Corp., a special purpose acquisition company.
iii CAUTI ONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This Report, including, without limitation, statements under the heading Item 7.
Overview We are an advanced technology company whose purpose is to free the world from its water and energy constraints by delivering groundbreaking sorption technologies.
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REMOVED
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C.
As of March 1, 2025, there were 55,997,661 shares of the registrant s Class A common stock, par value $0.0001 per share, issued and outstanding.
iii CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This Report, including, without limitation, statements under the heading Item 7.
Overview We are a water harvesting technology company that produces pure distilled water by harvesting the water vapor in the atmosphere.
Our proprietary AirJoule system, once commercialized, will provide cost-effective water to businesses and consumers around the world and help address growing concerns around water scarcity.
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