Company: AIRJW
Filing Date: 2025-03-25
Form Type: 10-K
Source: 0001013762-25-002263
Chunk: 140

Company: AirJoule Technologies Corp.
Filing Date: 2025-03-25
Form: 10-K
Item: Item 1
Chunk 140
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256,047)
  
    Net income (loss) 
    $215,695,562  
    $(11,379,116) 
    $227,074,678 

General and Administrative

General and administrative expenses for the year ended December 31,
2024 was $9.0 million as compared to $7.5 million for the year ended December 31, 2023. The $1.5 million increase was primarily related
to increases in professional services such as legal and audit and accounting offset by the reimbursement of costs incurred per the statement
of work with AirJoule, LLC. We expect that our general and administrative expenses will increase in future periods commensurate with the
expected growth of our business and increased expenditures associated with our status as an exchange listed public company.

28

Research and Development

Research and development expenses for the year ended December 31, 2024
was $2.0 million as compared to $3.3 million for the year ended December 31, 2023. The $1.3 million decrease was primarily related to
the reimbursement of costs incurred per the statement of work with AirJoule, LLC, partially offset by an increase in personnel and prototype
related costs as the Company continues to develop its products and technology. We expect that our research and development expenses will
increase in future periods commensurate with the expected growth of our business.

Sales and Marketing

Sales and marketing for the year ended December 31, 2024 was $0.2 million
as compared to $0.5 million for the year ended December 31, 2023. In 2023, we incurred non-recurring expenses related to business development
that ended in July 2023. We expect that our sales and marketing expenses will increase in future periods commensurate with the expected
growth of our business.

Transaction Costs Incurred in Connection with
Business Combination

Transaction costs incurred in connection with the business combination
include the non-cash recognition of earnout liabilities of approximately $53.7 million and transaction costs incurred by our Predecessor
of approximately $1.0 million, which were paid in 2024.

Depreciation and Amortization

Depreciation and amortization expense for the year ended December 31,
2024 and 2023 was $6,517 and $4,341, respectively.

Interest Income

Interest income was $0.9 million and $11,541 for the year ended December