Company: AIRJW
Filing Date: 2025-05-05
Form Type: 424B3
Source: 0001213900-25-039770
Chunk: 185

Company: AirJoule Technologies Corp.
Filing Date: 2025-05-05
Form: 424B3
Chunk 185
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 presentation
after completion of the Business Combination. See Note 4 — Recapitalization for further details of the Business Combination.

<div align='center'>F-7

AIRJOULE TECHNOLOGIES CORPORATION
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</div>

Note 1 — ORGANIZATION AND BUSINESS OPERATIONS (cont.)

On January 25, 2024, Legacy Montana entered
into a joint venture formation framework agreement (the “Framework Agreement”) with GE Ventures LLC (“GE Vernova”),
a Delaware limited liability company and, solely for the purposes specified therein, GE Vernova LLC, a Delaware limited liability company,
pursuant to which Legacy Montana and GE Vernova agreed, subject to the terms and conditions of the Framework Agreement, including certain
closing conditions specified therein, to form a joint venture (the “AirJoule JV”) in which Legacy Montana and GE Vernova will
each hold a 50% interest. The joint venture transaction closed on March 4, 2024. AirJoule, LLC, the entity formed under this agreement,
is included under the equity method of accounting within these financial statements. See Note 5 — Equity Method Investment
for further details.

Note 2 — LIQUIDITY AND CAPITAL RESOURCES

The Company’s primary sources of liquidity
have been cash contributions from founders or equity capital raised from other investors. As of December 31, 2024, the Company had
retained earnings of $198.5 million and $27.4 million of working capital including $28.0 million in cash, cash equivalents
and restricted cash. The Company had restricted cash of approximately $30,000 which is included in cash, cash equivalents and restricted
cash on the consolidated balance sheets and represents cash deposited by the Company into a separate account and designated as collateral
for a standby letter of credit in the same amount in accordance with a contractual agreement.

The Company assesses its liquidity in terms of
its ability to generate adequate amounts of cash to meet current and future needs. Its expected primary uses of cash on a short and long-term
basis are for working capital requirements, capital expenditures, capital contributions to its joint ventures and other general corporate
services. The Company’s primary working capital requirements are for project execution activities including purchases of materials,
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