AirJoule Technologies Reports $215.7 Million Net Income in 2024, Driven by Intellectual Property Gain

Power & Digital Infrastructure Acquisition II Corp., now known as AirJoule Technologies Corporation, reported significant financial developments in its recent 10-K filing for the fiscal year ending December 31, 2024. The company recorded a net income of $215.7 million, a substantial increase from a net loss of $11.4 million in the previous year. This dramatic shift is primarily attributed to a $333.5 million gain recognized from the contribution of intellectual property to its joint venture, AirJoule, LLC, which was formed in collaboration with GE Vernova. The company also reported total operating expenses of $65.9 million, which included $54.7 million in transaction costs related to the business combination.

In terms of operational changes, AirJoule has made strides in its strategic partnerships and product development. The company is focused on commercializing its AirJoule technology, which aims to harvest water vapor from the atmosphere to produce distilled water and dehumidified air. The company plans to manufacture units capable of producing 1,000 liters of water per day by 2025, with commercial sales expected to begin in 2026. The joint venture with GE Vernova is expected to enhance manufacturing capabilities and accelerate market penetration, particularly in sectors such as data centers and HVAC applications.

AirJoule's operational metrics indicate a growing focus on research and development, with R&D expenses decreasing to $2.0 million from $3.3 million in the previous year, reflecting a shift in resource allocation as the company prepares for commercialization. The company also reported a headcount of 17 employees as of December 31, 2024, with plans to expand as operations scale. The strategic partnerships with GE Vernova and Carrier Global Corporation are expected to provide access to established supply chains and sales channels, facilitating a quicker transition from pilot deployments to full-scale commercialization.

Looking ahead, AirJoule anticipates significant growth opportunities in a total addressable market estimated at approximately $450 billion. The company aims to leverage its proprietary technology to address the increasing demand for water and energy-efficient solutions in various industries. However, the filing also highlights potential risks, including reliance on a limited number of customers and the challenges associated with scaling production and technology deployment. The company remains committed to navigating these challenges while focusing on its long-term growth strategy and operational efficiency.