Company: AIRJW
Filing Date: 2025-03-25
Form Type: 10-K
Source: 0001013762-25-002263
Chunk: 383

Company: AirJoule Technologies Corp.
Filing Date: 2025-03-25
Form: 10-K
Item: Item 1B
Chunk 383
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 been cash from contributions
from founders or equity capital raised from other investors. We had retained earnings of $198.5 million as of December 31, 2024. As of
December 31, 2024, we had $27.4 million of working capital including $28.0 million in cash, cash equivalents and restricted cash.

We assess liquidity in terms of our ability to generate adequate amounts
of cash to meet current and future needs. Our expected primary uses of cash on a short and long-term basis are for working capital requirements,
capital expenditures and other general corporate services. Our 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. 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 described above and in Note 4 – Recapitalization), we received gross proceeds of approximately $43.4 million
in the first quarter of 2024 and approximately $6.0 million in May 2024. Additionally, in June 2024, we received gross proceeds of approximately
$12.4 million from existing and new investors for 1,238,500 million shares of Class A common stock pursuant the June 2024 PIPE Subscription
Agreements entered into on June 5, 2024.

Our future capital requirements will depend on many factors, including
the timing and extent of spending to support the launch of our product and research and development efforts, the degree to which we are
successful in launching new business initiatives and the cost associated with these initiatives, and the growth of our business generally.
Pursuant to the A&R Joint Venture Agreement, we contributed $10.0 million in cash to the AirJoule JV at the JV closing and in June
2024, GE Vernova contributed $100 to the AirJoule JV. We have 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