RONAN, Mont., May 14, 2026 (GLOBE NEWSWIRE) -- AirJoule Technologies Corporation $(AIRJ)$ ("AirJoule Technologies" or "AIRJ"), a leading platform technology that unleashes the power of water from air, today announced its results for the first quarter of 2026 and provided a business update on its progress toward commercialization.

"In the first quarter of 2026, we delivered disciplined progress against the objectives we set out for the year," said Matt Jore, Chief Executive Officer of AirJoule Technologies. "Through our 50/50 joint venture with GE Vernova, we completed the first full-scale build of our flagship AirJoule Prime system (2,000 liters per day) at our Newark, Delaware facility. We advanced the AirJoule Core platform (250 liters per day), with the design now locked. We introduced a Core product roadmap with two variants, targeting both water generation and energy-efficient dehumidification. And we deepened customer engagements across various applications including data centers, residential development, military, and industrial dehumidification. The work we are doing lays the foundation for initial commercialization in 2026 and for scaled commercial activity in 2027 and beyond."

First Quarter 2026 Highlights

Product Development and Manufacturing

   -- AirJoule Prime First Full-Scale Build Complete: AIRJ completed the first 
      full-scale build of its AirJoule Prime system at its Newark, Delaware 
      facility, with the first unit currently operational. The Prime system 
      contains 16 vacuum chambers, with the balance of the bill of materials 
      primarily consisting of off-the-shelf components. AIRJ engineered the 
      Prime system for scale from the outset, with the overall design now 
      complete. AIRJ will optimize the system at Newark over the next several 
      months, after which the unit is planned for deployment in Europe in 
      conjunction with the Net Zero Innovation Hub for Data Centers. AIRJ has 
      begun the build of an additional AirJoule Prime system at the Newark 
      facility, which will serve as an on-site customer showcase unit 
      supporting demonstrations and proof-of-value engagements. 
 
   -- AirJoule Core Platform Advances: AIRJ continued to improve the 
      performance and durability of its AirJoule Core platform during the first 
      quarter through systematic optimization of airflow, thermal management, 
      and contactor coating. The Core design is locked, and updated product 
      specifications are available on AIRJ's website at airjouletech.com. 
 
   -- Two-Variant Core Product Roadmap: AIRJ recently introduced a two-variant 
      Core product roadmap. AirJoule Core AWG, with a target commercial launch 
      in the fourth quarter of 2026, is a water generation system purpose-built 
      for distributed deployment, with the U.S. military as the primary 
      customer focus alongside commercial and residential applications. 
      AirJoule Core DH, with a target commercial launch in 2027, is materially 
      the same hardware optimized through process configuration and controls 
      for energy-efficient dehumidification applications. 
 
   -- Core DH Performance: Initial performance of the AirJoule Core DH system 
      demonstrated up to 40% energy savings versus incumbent desiccant-wheel 
      technology in target operating ranges, with further improvements expected 
      as the platform is optimized. AirJoule's sorbent regenerates at 60-70degC 
      versus 120-150degC for conventional desiccant wheels, enabling 
      heat-pump-driven regeneration in place of electric reheat or natural gas. 
      Initial target markets are dry storage and cold storage facilities 
      operating at 30-50% relative humidity. 
 
   -- Certification Progress: AIRJ advanced its UL certification work for the 
      AirJoule systems during the quarter and continued its water-quality 
      compliance program. AirJoule water meets standards for FDA bottled water, 
      and AIRJ continues to validate compliance with California water-quality 
      standards, the most stringent regulatory market in the United States. NSF 
      and additional water-quality certifications are being addressed on a 
      customer-by-customer basis. 
 
   -- Independent Recognition: AirJoule was named "Water Tech Innovation of the 
      Year" in the 2026 CleanTech Breakthrough Awards Program. The recognition 
      followed a multi-step evaluation by an independent panel of industry 
      experts on criteria including innovation, performance, market impact, and 
      value, and adds third-party validation to the AirJoule platform as AIRJ 
      moves from pilot deployments to commercial contracts. 

Strategic Partnerships and Agreements

   -- Net Zero Innovation Hub for Data Centers: AIRJ continued to build 
      momentum within the Hub's startup acceleration program in Denmark, which 
      exposes participating companies to the technical requirements and 
      integration considerations of the data center industry. Waste heat reuse 
      has emerged as an important regulatory priority in Europe under the EU 
      Energy Efficiency Directive's data center waste heat provisions, and AIRJ 
      is collaborating with consortium members to address that need. Once 
      successfully commissioned, AIRJ's first AirJoule Prime system is planned 
      for deployment in Europe in conjunction with the Net Zero Innovation Hub. 
 
   -- U.S. Army Engineer Research and Development Center: AIRJ continued its 
      engagement with the U.S. Army Engineer Research and Development Center 
      ("ERDC") under the Cooperative Research and Development Agreement 
      ("CRADA") executed in October 2025. The collaboration is focused on 
      integrating AirJoule's waste-heat-to-water platform with tactical waste 
      heat recovery systems to deliver resilient water supply solutions for 
      forward-deployed military personnel. 
 
   -- TenX Investment Exclusive Distribution Agreement: In January 2026, AIRJ 
      announced an exclusive distribution agreement with TenX Investment, 
      providing AirJoule with market access and local expertise across six Gulf 
      countries: the UAE, Oman, Qatar, Saudi Arabia, Bahrain and Kuwait. AIRJ 
      is pacing deployment activity to coincide with regional conditions and 
      the availability of production-ready hardware later in 2026. 

Commercial Pipeline Development

AIRJ is seeing strong customer demand across a range of markets, with active engagements that point to commercial activity beginning in 2027.

   -- Residential Development in the U.S. Southwest: AIRJ is deepening a 
      co-development framework with a global partner targeting water-scarce 
      residential markets in the U.S. Southwest. The AirJoule Core and Prime 
      platforms address water-permitting constraints that have stalled 
      residential development projects across the region. 
 
   -- Red Dot Ranch -- Pescadero, California: AIRJ completed the initial pilot 
      deployment of an AirJoule Core system at the Red Dot Ranch Foundation 
      site in Pescadero during the first quarter. The deployment supports Red 
      Dot Ranch's climate-positive prototype housing development and 
      demonstrates AirJoule's applicability beyond industrial and commercial 
      markets. Pending successful evaluation, AIRJ and Red Dot Ranch expect to 
      expand the partnership over the coming years. 
 
   -- Hyperscaler White-Paper Analysis: AIRJ is conducting a detailed analysis 
      in collaboration with a leading hyperscale data center operator, 
      examining AirJoule Prime's economic and technical performance at discrete 
      data center locations and configurations, including waste-heat 
      integration and chiller-system integration. A version of this analysis is 
      now available as a white paper on AIRJ's website. 

Balance Sheet and Liquidity

   -- Strong Cash Position: Following the January 2026 registered equity 
      offering with net proceeds of $22.1 million, AIRJ ended the first quarter 
      of 2026 with $31.1 million of cash. Cash at the 50/50 joint venture with 
      GE Vernova was $3.9 million, for a combined cash position of $35.0 
      million with no debt. 
 
   -- Capital Contributions to the Joint Venture: AirJoule Technologies funded 
      $10 million in capital contributions to the joint venture during the 
      first quarter, in line with the operating budget framework established in 
      March 2026. 
 
   -- 2026 Spend Framework Reaffirmed: AIRJ continues to expect approximately 
      $25 million of combined cash spend across the AirJoule Technologies and 
      the AirJoule joint venture during 2026, in line with prior guidance. AIRJ 
      has sufficient cash to fund operations, the joint venture, and planned 
      commercial deployments through 2027. 

2026 Outlook

Key priorities for the remainder of 2026 include:

   -- Product Launches: Commission and operate the first AirJoule Prime system 
      at Newark and prepare for its deployment in Europe via the Net Zero 
      Innovation Hub; deliver first commercial AirJoule Core systems following 
      completion of certifications, with Core AWG targeted for fourth quarter 
      2026 launch and Core DH targeted for a 2027 launch. 
 
   -- Customer Deployments: Advance customer engagements across residential 
      development in the U.S. Southwest, hyperscale data centers through our 
      collaboration with the Net Zero Innovation Hub for Data Centers, the U.S. 
      military through the ERDC CRADA, and the Middle East via TenX Investment, 
      building the deployed reference base and contracted customer 
      relationships that support scaled commercial activity in 2027. 
 
   -- Dehumidification: Further improve Core DH performance and build out 
      customer engagements for the Core DH variant during the second half of 
      2026, with commercial availability targeted in 2027. 

Quarterly Report on Form 10-Q

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May 14, 2026 16:01 ET (20:01 GMT)