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Montana Technologies Corporation(AIRJ) - 2024 Q2 - Quarterly Results
AIRJMontana Technologies Corporation(AIRJ)2024-08-23 12:48

Financing and Investment - Montana Technologies completed a 12millionprivateplacementfinancing,issuingapproximately1.2millionsharestosupportthecommercializationoftheAirJoulesystem[12].−TheinvestmentinAirJoule,LLCisvaluedatapproximately12 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 54,693,103relatedtobusinesscombinations,highlightingstrategicgrowthinitiatives[21].FinancialPerformance−NetincomeforJune2024reached54,693,103 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 3,872,471inJune2023[23].−TotaloperatingexpensesforJune2024were3,872,471 in June 2023[23]. - Total operating expenses for June 2024 were 60,729,375, compared to 3,876,022inJune2023,indicatingasubstantialincreaseinoperationalcosts[21].−Thecompanyreportedagainof3,876,022 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 0.25inJune2024,comparedtoalossof0.25 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 17,576,561in2024,comparedto17,576,561 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,endingtheperiodwith34,272,815, ending the period with 34,648,611 in cash compared to 3,523,090inthepreviousyear[23].−EquitylossfrominvestmentinAirJoule,LLCwas3,523,090 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 35millionincash,providingsufficientliquiditytosupportoperationsthroughexpectedcommercializationin2026[2].−Anew30,000squarefootmanufacturingfacilityisbeingbuiltinNewark,Delaware,withanexpectedoperationaldateinmid−2025[11].−Thecompanyexpandeditsbusinessdevelopmentandoperationsteamsbyhiringseveralkeypersonneltoenhancecommercializationefforts[9].−Researchanddevelopmentexpensestotaled35 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].