Company: AIRJW
Filing Date: 2025-03-25
Form Type: 10-K
Source: 0001013762-25-002263
Chunk: 724

Company: AirJoule Technologies Corp.
Filing Date: 2025-03-25
Form: 10-K
Item: Item 3
Chunk 724
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, services and payroll which
fluctuate during the year, driven primarily by the timing and extent of activities required for new and existing projects. The Company’s
management expects that future operating losses and negative operating cash flows may increase from historical levels because of additional
costs and expenses related to the development of its technology and the development of market and strategic relationships with other businesses
and customers. 

With the consummation of the Business Combination and Subscription
Agreements (as defined below), the Company received gross proceeds of approximately $43.4 million in the first quarter of 2024, approximately
$6.0 million in May 2024 and approximately $12.4 million in June 2024, which will be utilized to fund our product development, operations
and growth plans.

Future capital requirements will depend on many factors, including
the timing and extent of spending by the Company and its joint ventures to support the launch of its product and research and development
efforts, the degree to which it is successful in launching new business initiatives and the cost associated with these initiatives, the
timing and extent of contributions made to its joint ventures by the other partners and the growth of the Company’s business generally.
In March 2024, the Company contributed $10.0 million in cash to the AirJoule JV. The Company has also agreed to contribute up to an additional
$90.0 million in capital contributions to the AirJoule JV based on a business plan and annual operating budgets to be agreed between the
Company and GE Vernova. In general, for the first six years, GE Vernova has the right, but not the obligation, to make capital contributions
to the AirJoule JV. See Note 5 - Equity Method Investment for further information.

In order to finance these opportunities and associated costs, it is
possible that the Company would need to raise additional financing if the proceeds realized to date are insufficient to support its business
needs. While management believes that the proceeds realized to date will be sufficient to meet its currently contemplated business needs,
there is no guarantee that this will be the case. If additional financing is required by the Company from outside sources, the Company
may not be able to raise it on terms acceptable to it or at all. If the Company is unable to raise additional capital on acceptable terms
when needed, its product development business, results of operations and financial condition would be materially and adversely affected.

F-8

Note 3 — SUMMARY OF SIGN