Pre-revenue AirJoule lost $8.5M in Q2 2026, mostly from non-cash share revaluations; cash rose to $41.4M on stock sales, but $21.5M went out after quarter-end on JV funding and the BitSink deal.
Revenue
$0K
Net income
-$8.5M
Diluted EPS
$-0.12
AirJoule's Q2 2026: no revenue yet, a small and steady cash burn, and a paper loss driven by its own rising share price
AirJoule Technologies makes machines that pull pure, distilled water out of the air using low-grade waste heat, and it sells them through a 50/50 joint venture with GE Vernova. It had no revenue in the second quarter of 2026 (or in the first half), so this report is about how fast it spends cash, how long that cash lasts, and whether the products are getting closer to sale. It booked a net loss of $8.5 million (−$0.12 per share) against a net profit of $2.5 million a year earlier. That reversal says almost nothing about the business itself. The loss from running the company was flat at $4.1 million. The rest came from accounting entries that revalue shares AirJoule may have to hand out in the future, and those entries went from gains last year to losses this year because the stock price went up.
At a glance
$41.4 million in cash at June 30, up from $21.8 million at the end of 2025. All of the increase came from selling new shares (about $35.9 million net), not from the business.
$16.3 million of cash went out in the first half: $3.8 million to run the company and $12.5 million paid into the GE Vernova joint venture. The joint venture, not the head office, is where most of the money goes.
After the quarter ended, $21.5 million more went out: a $3.5 million joint-venture payment in August and $18 million in cash to buy BitSink, a data-center cooling equipment maker, on September 10. By our rough arithmetic that leaves about $20 million before counting third-quarter running costs.
The numbers
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Operating margin (operating profit as a share of revenue) doesn't mean anything with zero revenue, so it is left out. A year-over-year percentage change isn't shown for net income or EPS because a move from a profit to a loss has no meaningful percentage.
Takeaway: Ignore the net-loss line. What matters is the cash. AirJoule raised $35.9 million in new shares in the first half, then spent $21.5 million of its $41.4 million balance within ten weeks of the quarter's end, mostly on an acquisition outside its core water product. It still owes the GE Vernova joint venture up to about $61 million more. More share sales look likely well before the water product brings in meaningful revenue.
Where the money actually goes
The listed company is mostly a holding company. Its largest asset is its $263.5 million stake in AirJoule, LLC, the joint venture with GE Vernova that develops and will build the products. AirJoule doesn't consolidate the venture. It uses the equity method: instead of counting the venture's revenue and costs line by line, it books a single line for its half of the venture's profit or loss. The venture lost $5.0 million in Q2 (vs. $4.1 million a year earlier), and AirJoule's half was the $2.5 million shown above.
The head office's own spending is small and stable. G&A (salaries, legal, audit and other overhead) was $3.8 million, which management calls "relatively flat." R&D at the parent fell to $0.2 million because, according to the filing, more of it is now reimbursed by the joint venture under a statement of work and royalty fees were lower. In other words, development spending has moved into the venture rather than shrunk. The venture's own operating expenses rose to $5.0 million from $4.2 million.
Cash going into the venture is the bigger outflow. AirJoule paid in $12.5 million in the first half (vs. $10.0 million a year earlier) and another $3.5 million in August. Under the joint-venture agreement it still owed $64.8 million at June 30. Each payment depends on a business plan and budget that AirJoule and GE Vernova agree on, so the timing can move, but the amount is a real commitment.
What the headline numbers hide
The Q2 loss is mostly a share-price effect. When AirJoule went public through a SPAC (a listed shell company that merges with a private one), it agreed to hand out extra "earnout" and "subject vesting" shares if later milestones and share-price targets are met. These promises are carried on the balance sheet as liabilities and revalued every quarter. A higher stock price makes them worth more, which counts as a loss. In Q2 2026 the stock rose and the two revaluations cost $5.1 million. In Q2 2025 the stock fell and they added $7.2 million. That $12.3 million swing more than accounts for the $11.0 million move from profit to loss. None of it is cash.
The first-half loss of $58.4 million is mostly a write-down. In Q1 a "sustained decline in the Company's stock price" made the joint venture test its intangible assets. It wrote down $110.3 million of in-process R&D (the accounting value of technology still being developed) and $76.1 million of goodwill (the premium paid in a deal above the value of identifiable assets). AirJoule's share flowed through the $65.7 million six-month equity loss. Also in that number is a $5.0 million correction. A 2025 payment into the venture that was really attributable to GE Vernova had been recorded as an addition to AirJoule's investment; it should have been expensed. The company called the error not material.
There's a related control weakness. Management concluded that disclosure controls were not effective at June 30, citing a material weakness in accounting for "complex, non-routine transactions." The $5.0 million correction fits that description. This matters more now that the company is integrating an acquisition with earnout terms, which is exactly that kind of transaction.
The tax benefit flatters the bottom line and isn't cash. The $2.9 million Q2 income tax benefit (and $17.7 million for the half) comes from shrinking a deferred tax liability (from $63.0 million to $45.3 million), not from refunds. Taxes paid were zero.
Small wording inconsistency. The MD&A says the Q2 equity loss was "primarily as a result of the impairment" to in-process R&D. The joint venture's own Q2 figures show no impairment in Q2, and the $2.5 million equals half the venture's $5.0 million operating loss. The impairment belongs to Q1.
Dilution is the real cost of funding. Shares outstanding rose from 61.2 million to 72.4 million (+18%) in six months: 7.1 million shares at $3.25 in January and 3.7 million at $4.10 in June. The BitSink deal added 1.86 million more and can add up to 8.26 million more if BitSink hits revenue targets in 2027–2029. A $30 million equity line (a standing agreement to sell shares to B. Riley over time) remains unused.
The BitSink acquisition changes what AirJoule is
On September 10, after the quarter, AirJoule bought BitSink, a South Carolina maker of liquid-cooling, power-distribution and rack equipment, mainly for crypto-mining and AI data centers. Upfront consideration was $18 million in cash plus about $9 million in stock, with up to $40 million more in stock if revenue targets are met. The press release calls BitSink "profitable" and says it has deployed 220+ MW of equipment, but it gives no revenue or profit figures. Investors can't yet judge the price paid.
Two consequences follow. First, AirJoule should report revenue for the first time in its Q3 2026 results, because BitSink is a wholly owned subsidiary and its sales will be consolidated from September 10. Any "revenue growth" in coming quarters will therefore come mostly from an acquired cooling business, not from water-from-air machines. Second, the cash spent nearly halves AirJoule's June 30 balance. The 10-Q (filed August 14, before the deal) said existing cash would last "at least the next twelve months." That statement predates the $18 million outlay.
Commercial progress on the core product
Commercial sales are targeted for "late 2026" for the Core and larger Prime systems, per the filing.
Kubota (July 2026): an exclusive agreement for Kubota to sell AirJoule systems for multi-unit residential developments in Texas and California. Kubota bought two Core units for deployments near Corpus Christi and Irvine, expected in Q3 2026. This is a pilot; broader collaboration depends on results.
GE Vernova showcase (July 2026): a Core unit is running at GE Vernova's new research campus in Niskayuna, NY, as a demonstration for GE Vernova's customers.
CATL joint venture: the 2021 joint venture with battery maker CATL is still dormant. Neither side has funded it, and it has never had a business plan or budget.
Outlook and our read
Management gives no revenue or earnings guidance. It expects operating losses and cash burn "may increase from historical levels" as the products launch, and G&A and sales and marketing spending to rise.
Our view: the head office's own burn (about $2 million a quarter in operating cash) is modest. Joint-venture funding and now the BitSink deal are what drain cash. With roughly $20 million left after the post-quarter outlays (our estimate, before Q3 operating costs) and about $61 million still owed to the joint venture, AirJoule will very likely raise more equity in the next few quarters, through the unused equity line or another offering, unless BitSink throws off meaningful cash. Things to watch in the Q3 10-Q, due around mid-November 2026: BitSink's first consolidated revenue and margins, the updated cash balance and whether the twelve-month liquidity statement still holds, results from the two Kubota pilots, and whether any water-system sales actually occur before year-end as targeted.