Group 1 - Montana Renewables, LLC has received approval for its Excise Tax Registration from the IRS, enabling it to claim clean fuel Production Tax Credits (PTC) under Internal Revenue Code Section 45Z for production from December 31, 2024, to January 1, 2028 [1] - The Section 45Z PTC replaces the previous Blenders Tax Credit, providing a transferable federal income tax credit for clean fuels [1][2] - Montana Renewables operates a U.S. qualified production facility and is recognized as a producer of clean transportation fuel and sustainable aviation fuel (SAF) [1][3] Group 2 - The transition from the Blenders Tax Credit to the Producers Tax Credit is expected to support domestic agriculture and incentivize cash crops in Montana, such as camelina [2] - Montana Renewables is the largest SAF producer in North America as of 2024, focusing on sustainable fuels and contributing to a greener future [3] - The company utilizes low-carbon feedstocks and agricultural byproducts, including tallow and used cooking oil, to produce renewable transportation fuels with lower emissions compared to conventional fossil fuels [3] Group 3 - Sustainable Aviation Fuel (SAF) is designed to reduce the aviation industry's carbon footprint and is compatible with existing aviation fueling infrastructure and aircraft engine technology [4]

Core Points - Sandfire Resources America Inc. has entered into a fourth variation agreement to its bridge loan agreement with its largest shareholder, Sandfire BC Holdings, and its subsidiary, Tintina Montana [1][2] - The borrowing capacity under the bridge loan has been increased from up to US$40 million to up to US$50 million, allowing for one or more advances [2] Financial Details - The Fourth Variation allows for an increase in the total borrowing amount to US$50 million, which is a US$10 million increase from the previous limit [2] - All other terms and conditions of the bridge loan remain unchanged except as amended by the Fourth Variation [2]

Market Overview - AirJoule Technologies Corporation's Total Addressable Market (TAM) is estimated at approximately $455 billion, with $100 billion in atmospheric water harvesting and $355 billion in HVAC sectors[178]. Revenue and Financial Performance - As of September 30, 2024, the company has not earned any revenue from the sale of AirJoule systems[182]. - Loss from operations for Q3 2024 was $(2,376,855), an improvement of $2,177,762 compared to a loss of $(4,554,617) in Q3 2023[213]. - Total other income for Q3 2024 was $36,125,418, compared to $6,264 in Q3 2023, an increase of $36,119,154[213]. - Net income for Q3 2024 was $35,016,858, compared to a net loss of $(4,548,353) in Q3 2023, an improvement of $39,565,211[213]. - Interest income for the three and nine months ended September 30, 2024, was $0.4 million and $0.6 million, respectively, compared to $6.3 million and $9.8 million for the same periods in 2023, reflecting a significant decrease due to changes in cash balance[222]. - A gain of $333.5 million was recognized for the nine months ended September 30, 2024, on the contribution to AirJoule, LLC, attributed to the fair value of the intellectual property transferred[222]. - Equity loss from the investment in AirJoule, LLC amounted to $2.3 million for the three months and $3.0 million for the period from March 4, 2024, to September 30, 2024[224]. - The change in fair value of Earnout Shares liability resulted in a gain of $31.8 million and $37.2 million for the three and nine months ended September 30, 2024, respectively[224]. Expenses - Operating expenses are categorized into general and administrative, research and development, sales and marketing, transaction costs, and depreciation and amortization[183][184][185]. - General and administrative expenses for Q3 2024 were $2.4 million, down from $3.6 million in Q3 2023, a decrease of $1.1 million[214]. - Research and development expenses for Q3 2024 were $(0.1) million compared to $0.8 million in Q3 2023, a decrease of $0.9 million[216]. - Sales and marketing expenses for Q3 2024 were $23,639, significantly lower than $167,890 in Q3 2023, a decrease of $144,251[218]. - Research and development expenses for the nine months ended September 30, 2024 were $1.8 million, down from $2.5 million in the same period of 2023, a decrease of $0.7 million[217]. - General and administrative expenses for the nine months ended September 30, 2024 were $6.5 million, an increase of $0.9 million from $5.6 million in the same period of 2023[215]. - Transaction costs related to the business combination included non-cash recognition of earnout liabilities of approximately $53.7 million[219]. - Depreciation expense for Q3 2024 was $2,136, compared to $1,086 in Q3 2023, an increase of $1,050[221]. Cash Flow - Net cash used in operating activities for the nine months ended September 30, 2024, was $21.6 million, compared to $4.0 million for the same period in 2023[239]. - Net cash used in investing activities was $10.0 million for the nine months ended September 30, 2024, primarily due to contributions made to AirJoule, LLC[241]. - Net cash provided by financing activities was $61.9 million for the nine months ended September 30, 2024, mainly from the issuance of common stock related to private placements[242]. Future Outlook - Future capital requirements will depend on the success of product launches and research and development efforts, with potential additional contributions of up to $90 million to the AirJoule joint venture[231]. - The company is classified as an emerging growth company under the JOBS Act, allowing it to delay compliance with certain accounting standards[244]. Partnerships and Business Strategy - The company has established partnerships with Pacific Northwest National Laboratory, BASF, and CATL to accelerate manufacturing and commercialization efforts[179]. - The company is focused on scaling manufacturing through global joint ventures to address water scarcity and global warming[177]. - The company aims to provide energy-efficient solutions for water generation and HVAC systems, addressing rising water stress and demand for comfort cooling[178]. - The company has a history of losses and is dependent on revenue from a single product, which poses risks to future viability[177]. Corporate Changes - The company changed its name from Montana Technologies Corporation to AirJoule Technologies Corporation effective November 13, 2024[180]. - The Earnout Shares liability is estimated using a Monte Carlo simulation, assuming $50 million of Annualized EBITDA per production line over a five-year period[192].

Financial Performance - Net income for September 2024 was $35,016,858, compared to a net loss of $4,548,353 in September 2023, representing a significant turnaround[13]. - Total revenue for the year 2024 reached $230,002,045, a substantial increase from a loss of $8,420,824 in the previous year[14]. - The company reported a loss from operations of $63,106,230 in 2024, down from $8,430,639 in 2023, reflecting improved operational efficiency[13]. - Basic net income per share for Class A common stock was $0.63 in 2024, a recovery from a loss of $0.12 in 2023[13]. - The company experienced a total other income of $36,125,418 in 2024, a notable increase from $6,264 in 2023, reflecting enhanced financial performance[13]. Assets and Liabilities - The company reported total current assets of $33.6 million as of September 30, 2024, compared to $502,767 at the end of 2023[11]. - Total liabilities increased to $108.7 million as of September 30, 2024, from $6.5 million at the end of 2023[11]. - The cash balance at the end of the period increased to $30,687,544 in 2024, up from $1,329,444 in 2023, indicating improved liquidity[14]. Cash Flow and Financing - Cash flows from operating activities showed a net cash used of $21,561,224 in 2024, compared to $4,047,533 in 2023, highlighting increased operational expenditures[14]. - The company raised $61,750,000 from the issuance of common stock in 2024, contributing to a net cash provided by financing activities of $61,889,003[14]. Research and Development - Research and development expenses decreased to $1,809,814 in 2024 from $2,518,836 in 2023, indicating a focus on cost management[13]. Business Development and Operations - AirJoule Technologies ended Q3 2024 with $30.7 million in cash and cash equivalents, providing sufficient liquidity to support operations through expected commercial sales in 2026[2]. - The Newark, Delaware facility is expected to have its initial manufacturing line and assembly operations operational by mid-2025, transitioning product development from Polson, MT[5]. - AirJoule Technologies anticipates delivering its first commercial-scale preproduction units by mid-2025, with expectations of superior water production and energy efficiency[3]. - The company signed MOUs with TenX Investment, Climate Impact Corporation, and Clairity Technology to advance atmospheric water harvesting and industrial dehumidification applications[3]. - AirJoule Technologies opened its first international office in the UAE to enhance business development in the Gulf Cooperation Council region[2]. - The company has a strong interest in its technology demonstrated at the Water, Energy, Technology, and Environment Exhibition in Dubai, indicating market demand for innovative water solutions[4]. Stock Information - AirJoule Technologies' stock and warrants continue to trade on the Nasdaq under the ticker symbols "AIRJ" and "AIRJW" respectively[2]. Equity Adjustments - The change in fair value of Earnout Shares liability was reported at $31,759,000 in 2024, compared to no previous value, suggesting significant adjustments in equity[13].

Core Points - The company has changed its name from Montana Technologies Corporation to AirJoule Technologies Corporation to better reflect its focus on AirJoule® technology for atmospheric water harvesting [1][2] - The new name aligns with the company's joint venture with GE Vernova, aimed at advancing and commercializing products utilizing AirJoule® technology [2][4] - The CEO emphasized that the name change enhances the company's visibility and strengthens connections with customers, partners, and investors who share the vision for addressing global water needs [3] Company Overview - AirJoule Technologies Corporation (NASDAQ: AIRJ) is the developer of AirJoule®, a technology that efficiently harvests water from the atmosphere while providing sustainable air dehumidification [4] - The technology is designed to reduce energy consumption and generate cost efficiencies, and is being commercialized through partnerships with GE Vernova, Carrier Global Corporation, and BASF [4]

Core Viewpoint - Montana Technologies Corporation is set to report its third quarter 2024 financial results on November 13, 2024, and will host a conference call to discuss these results [1]. Group 1: Financial Reporting - The company will announce its third quarter 2024 financial results after market close on November 13, 2024 [1]. - A conference call and Q&A session will take place at 5:00 PM ET on the same day to discuss the financial results [1]. Group 2: Company Overview - Montana Technologies Corporation (NASDAQ: AIRJ) specializes in the development of AirJoule®, a technology for atmospheric water harvesting that efficiently extracts water from the air [3]. - The AirJoule® technology aims to reduce energy consumption and create cost efficiencies, and is being commercialized through a joint venture with GE Vernova and partnerships with Carrier Global Corporation and BASF [3].

Core Insights - Calumet, Inc. reported a net loss of $100.6 million for Q3 2024, with a basic loss per common share of $1.18, compared to a net income of $99.8 million in Q3 2023 [1][2] - The company achieved an Adjusted EBITDA of $49.8 million in Q3 2024, down from $75.4 million in the same quarter last year [1][2] - Montana Renewables set a new record for Sustainable Aviation Fuel (SAF) production, and the specialties business reached its highest production levels in over five years [1][2] - Calumet announced a conditional commitment for a $1.44 billion loan from the Department of Energy (DOE) to support renewable fuels and biomass energy facility expansion [1][2][3] - The company successfully transitioned from a Master Limited Partnership (MLP) to a C-Corporation structure [1][2] Financial Performance - Q3 2024 sales totaled $1,100.4 million, a decrease from $1,149.4 million in Q3 2023 [2][13] - Gross profit for Q3 2024 was $4.9 million, significantly lower than $261.5 million in Q3 2023 [2][13] - The Adjusted gross profit for Q3 2024 was $46.5 million, down from $56.7 million in the same quarter last year [2][13] - Total corporate costs for Q3 2024 were $(19.1) million, compared to $(14.6) million in Q3 2023 [2] Operational Highlights - The Specialty Products and Solutions segment reported an Adjusted EBITDA of $42.6 million in Q3 2024, up from $38.6 million in Q3 2023 [2] - The Performance Brands segment achieved an Adjusted EBITDA of $13.6 million in Q3 2024, slightly higher than $13.2 million in Q3 2023, driven by a 19% increase in year-over-year volumes [2] - The Montana/Renewables segment reported Adjusted EBITDA of $12.7 million in Q3 2024, down from $38.2 million in the prior year, reflecting improved operating results and higher volumes despite lower results from the specialty asphalt plant [2] Production Metrics - Total sales volume for Q3 2024 was 92,275 barrels per day (bpd), compared to 82,787 bpd in Q3 2023 [4] - The total feedstock runs for Q3 2024 were 81,480 bpd, slightly down from 82,409 bpd in Q3 2023 [4] - The Montana/Renewables segment produced 22,341 bpd in Q3 2024, an increase from 19,197 bpd in Q3 2023 [4] Strategic Initiatives - The company is focused on executing strategic initiatives to enhance shareholder value, including the expansion of renewable fuel production capabilities [1][2] - The DOE loan commitment is expected to position Montana Renewables as one of the largest SAF producers globally, with a production capacity of approximately 300 million gallons of SAF [1][3]

Financing and Investment - Montana Technologies completed a $12 million private placement financing, issuing approximately 1.2 million shares to support the commercialization of the AirJoule system[12]. - The investment in AirJoule, LLC is valued at approximately $342.9 million[19]. - The company incurred transaction costs of $54,693,103 related to business combinations, highlighting strategic growth initiatives[21]. Financial Performance - Net income for June 2024 reached $194,985,187, a significant increase from a net loss of $3,872,471 in June 2023[23]. - Total operating expenses for June 2024 were $60,729,375, compared to $3,876,022 in June 2023, indicating a substantial increase in operational costs[21]. - The company reported a gain of $333,500,000 from its contribution to AirJoule, LLC, which positively impacted overall income[21]. - Basic net income per share for Class A common stock was $0.25 in June 2024, compared to a loss of $0.08 in June 2023[21]. - Cash flows from operating activities showed a net cash used of $17,576,561 in 2024, compared to $1,856,812 in 2023, reflecting increased operational expenditures[23]. - The company experienced a net increase in cash of $34,272,815, ending the period with $34,648,611 in cash compared to $3,523,090 in the previous year[23]. - Equity loss from investment in AirJoule, LLC was $607,170, reflecting the company's ongoing involvement in this venture[23]. - The weighted average Class A common stock outstanding increased to 49,560,529 in June 2024 from 32,667,171 in June 2023, indicating potential dilution effects[21]. Operations and Development - The company ended the quarter with $35 million in cash, providing sufficient liquidity to support operations through expected commercialization in 2026[2]. - A new 30,000 square foot manufacturing facility is being built in Newark, Delaware, with an expected operational date in mid-2025[11]. - The company expanded its business development and operations teams by hiring several key personnel to enhance commercialization efforts[9]. - Research and development expenses totaled $1,896,961 for the year ending June 2024, up from $1,704,087 in the previous year, indicating ongoing investment in innovation[21]. Strategic Partnerships and Technology - The company signed a Memorandum of Understanding with TenX to deploy AirJoule units for water security projects in the UAE[7]. - Collaboration with Climate Impact Corporation aims to develop solar-powered hydrogen production using AirJoule technology in Australia[8]. - AirJoule technology is expected to significantly reduce power consumption in HVAC systems compared to conventional moisture removal methods[5]. - AirJoule's atmospheric water harvesting capabilities are positioned to outperform competing technologies, targeting industries such as agriculture and manufacturing[6].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2024 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______________ to ______________ Commission File Number 001-41151 MONTANA TECHNOLOGIES CORPORATION (Exact name of registrant as specified in its charter) | --- | --- | ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______________ to ______________ Commission File Number 001-41151 MONTANA TECHNOLOGIES CORPORATION (Exact name of registrant as specified in its charter) | --- | --- | ...