Company: AIRJW
Filing Date: 2025-03-25
Form Type: 10-K
Source: 0001013762-25-002263
Chunk: 688

Company: AirJoule Technologies Corp.
Filing Date: 2025-03-25
Form: 10-K
Item: Item 3
Chunk 688
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its corporate name to AirJoule Technologies Corporation, pursuant to an amended and restated certificate of incorporation filed with the
Delaware Secretary of State.

AirJoule Technologies LLC

Effective November 13, 2024, Montana Technologies LLC changed its corporate
name to AirJoule Technologies LLC, pursuant to an amended and restated certificate of incorporation filed with the Delaware Secretary
of State.

Statement of Work – Related Party

In November 2024, we executed a statement of work with AirJoule, LLC
under the Master Services Agreement, dated as of March 4, 2024, by and between us and AirJoule, LLC, pursuant to which we will provide
AirJoule, LLC with engineering and administrative services. Once each calendar year, unless otherwise agreed by the Board of Managers
of AirJoule, LLC, or the AJ Board, we will provide equity awards to AirJoule, LLC employees in amounts approved by the AJ Board.

Components of Our Results of Operations

Revenue

We anticipate that we will earn revenue from the sale of various key
components that will be used in the assembly of AirJoule systems. As of December 31, 2024, no revenue has been earned from our operations.

Operating Expenses

We classify our operating expenses into the following categories:

    ●
    General and administrative: General and administrative expenses consist primarily of personnel-related expenses for our executives, consultants and advisors. These expenses also include non-personnel costs, such as rent, office supplies, legal, audit and accounting services and other professional fees.

    ●
    Research and development: Research and development expenses include internal personnel, parts, prototypes and third-party consulting costs related to preliminary research and development of our products.

    ●
    Sales and marketing: Sales and marketing expenses consist primarily of business development professional fees, advertising and marketing costs.

    ●
    Transaction costs incurred in connection with business combination: Transaction costs represent the initial recognition of the earnout shares liability and fees incurred for financial advisory, legal and other professional services that were directly related to the Business Combination.

    ●
    Depreciation and amortization: Depreciation and amortization expense consists of depreciation of property and equipment.

27

Results of Operations

The following tables set forth the results of our operations for the
periods presented, as well as the changes between periods. The period-to-period comparison of financial results is not necessarily indicative
of future results.

The year ended December