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Nasdaq: AIRJ https://airjouletech.com AirJoule Technologies Corporation Q2 2025 Earnings Presentation August 14, 2025 THE POWER OF WATER FROM AIR
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Slide 2AirJoule Technologies | August 2025 DISCLAIMERS Forward Looking Statements The information in this presentation includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of present or historical fact included in this presentation, regarding AirJoule Technologies and its future financial and operational performance, as well as its strategy, future operations, estimated financial position, estimated revenues, and losses, projected costs, prospects, plans and objectives of management are forward looking statements. When used in this presentation, including any oral statements made in connection therewith, the words “could,” “may,” “will,” “should,” “anticipate,” “believe,” “intend,” “estimate,” “expect,” “project,” “target”, the negative of such terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on management’s current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. Except as otherwise required by applicable law, AirJoule Technologies expressly disclaims any duty to update any forward-looking statements, all of which are expressly qualified by the statements herein, to reflect events or circumstances after the date of this presentation. AirJoule Technologies cautions you that these forward-looking statements are subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond AirJoule Technologies’ control. These risks include, but are not limited to, our status as an early stage Company with limited operating history, which may make it difficult to evaluate the prospects for our future viability; our initial dependence on revenue generated from a single product; significant barriers we face to deploy our technology; the dependence of our commercialization strategy on our relationships with BASF, Carrier, GE Vernova, and other third parties, history of losses, and the other risks and uncertainties described in our SEC filings including the “Risk Factors” section of our most recent Annual Report on Form 10-K and any subsequently filed Quarterly Reports on Form 10-Q. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. Should one or more of the risks or uncertainties described in this presentation occur, or should underlying assumptions prove incorrect, actual results and plans could differ materially from those expressed in any forward-looking statements. AirJoule Technologies’ SEC Filings are available publicly on the SEC’s website at www.sec.gov , and readers are urged to carefully review and consider the various disclosures made in such filings.
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Slide 3AirJoule Technologies | August 2025 EARNINGS CALL PRESENTERS Matt Jore Founder & Chief Executive Officer Bryan Barton Chief Commercialization Officer Stephen Pang Chief Financial Officer Pat Eilers Executive Chairman
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AirJoule® is the leading technology platform that unleashes the power of water from air. Vision: Freeing the world of its water and energy constraints by delivering groundbreaking sorption technologies. Purpose: THE POWER OF WATER FROM AIR
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Slide 5AirJoule Technologies | August 2025 Q2 2025 AND RECENT HIGHLIGHTS Continued Progress on Initial Projects • Project to demonstrate waste heat to water capability in Hubbard, TX using heat from a geothermal well • Arizona State University purchasing an AirJoule® A250TM system in Fall 2025 • Ongoing field deployment at Dubai government research facility • MOU with developer of hyperscale data centers to integrate AirJoule waste- heat to water technology into data center designs • Strategic project on waste heat to water with GE Vernova Strategic Collaborations to Advance AirJoule® Commercialization • Added two new board members with expertise in data center operations and financial oversight • Denise Sterling, former CFO of Core Scientific, Inc (Nasdaq: CORZ) • Thomas Murphy, former Audit & Advisory Partner at Crowe LLP Strong Additions to the Board
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Slide 6AirJoule Technologies | August 2025 AIRJOULE® PRODUCING WATER IN DUBAI Insert photo of Dubai model “We made water today in Dubai — 36°C (97°F) heat and 55% humidity, and the AirJoule® system performed beautifully! We even played gardener for a moment and used the harvested water to irrigate the nearby plants.” Dr. Marwa Zaatari, AIRJ Board Director Dubai’s “Arid Farm of the Future” Showcase “The concept of utilizing air to water technology, particularly through atmospheric water generators, represents an innovative approach to address water scarcity challenges.”
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Slide 7AirJoule Technologies | August 2025 Q2 2025 AND RECENT HIGHLIGHTS (CONT.) • Added additional space in Newark for manufacturing and environmental testing • Hosted elected officials, local media, and strategic partners for the official ribbon-cutting of the facility • Completed $15 Million Private Placement anchored by GE Vernova • Ended the second quarter with $30.5 million of cash on the balance sheet, providing us the runway to support commercialization • A250TM product for industrial dehumidification (high value storage, food and beverage, anti-corrosion, etc) • AirJoule® serves as a technology platform to support differentiated products for water generation and dehumidification Progressing the AirJoule® Product Roadmap Expanding Operations & Manufacturing Capacity Robust Cash Position
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Slide 8AirJoule Technologies | August 2025 PROVEN TECHNOLOGY PLATFORM SUPPORTS MANY PRODUCTS AIRJOULE® TECHNOLOGY PRODUCT PORTFOLIO ADDRESSES DIVERSE END MARKET APPLICATIONS Waste Heat to Water ▪ Value Creation: Utilize waste heat from data centers / power generators to produce onsite water ▪ Primary customers: data centers, manufacturing facilities, community water A1000TM Water Generator Preparing for 2026 Projects Next Gen HVAC Systems Future Product ▪ Value Creation: Reduced power consumption and refrigerant usage through advanced dehumidification ▪ Primary customers: Carrier “Carrier powered by AirJoule®“Dehumidification and Water Generation ▪ Value Creation: Significant cost savings through more energy- efficient dehumidification ▪ Primary customers: warehouse operators, logistics providers A250TM Projects Underway
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Slide 9AirJoule Technologies | August 2025 Incumbent Desiccant Dehumidifier AirJoule® A250TM CFM 600 same Moisture removal 16 lbs/hr (~7LPH) same Outlet Air (In: 75F 50% RH) 85F, 30%RH 35% RH MRE (Wh/L) (including fans) 2,100 Wh/L 400 Wh/L Water Released as water vapor, vented via ducting Captured distilled water Energy Costs @ $0.10/kWh $12,877/year <$2,452/year Total Cost of Ownership(1) $223,000 $96,800 AirJoule® delivers significant cost savings compared to existing desiccant dehumidification systems • up to 80% energy reduction (saves over $10,000/year in operating expenses per system) • up to 60% total cost-of-ownership reduction Incumbent AirJoule® Dehumidification Prototype AIRJOULE® A250TM DEHUMIDIFIER 1. Total Cost of Ownership over 15-year lifetime using $0.10/kWh. No financing or discount factor.
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Slide 10AirJoule Technologies | August 2025 AIRJOULE® A1000TM WATER GENERATOR Modular configuration to scale as needed • 100 MW data center could utilize 1,000 AirJoule® A1000TM systems Sources of waste heat: • Onsite power generation (power plants, generator sets) • Cooling systems (chillers) Completed Milestones • Achieved market leading performance with waste heat (less than 160 watt-hours / liter) • Announced MOU with data center developer to integrate AirJoule® into facility designs AirJoule® A1000TM captures low-grade waste heat and produces distilled water onsite at data centers and other industrial sites Co-located Power & Water
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Slide 11AirJoule Technologies | August 2025 FINANCIAL RESULTS $ in millions Q1 2025 Q2 2025 Operating expenses, gross $(3.7) $(4.7) SOW expense reduction 0.5) 0.5 Operating profit / (loss) $(3.2) $(4.2) Other income / (loss) 18.7) 7.2) Loss from investment in AirJoule JV (2.2) (2.1) Income tax benefit / (expense) 1.6) 1.6) Net income / (loss) $14.9) 2.5) Cash from operations $0.1) $(2.2) Cash from investing (5.1) (4.9) Cash from financing 0.0) 14.6 Net cash flow $(5.0) $7.5 Ending cash balance $23.0) $30.5) 1. AIRJ accounts for its investment in the AirJoule JV through the equity method AirJoule Technologies (AIRJ) • Net operating expenses of $4.2 million in Q2 2025 • Includes $0.5 million in expense reduction from AirJoule JV pursuant to Statement of Work reimbursement • Other income primarily includes: • $6.3 million (non-cash) gain in the fair value of our earnout liabilities • $0.9 million (non-cash) gain in the fair value of subject vesting shares • $2.1 million (non-cash) equity loss from investment in AirJoule JV • GE Vernova contributed $5 million to AirJoule JV via equity investment in AIRJ • Ended Q2 2025 with $30.5 million of cash on the balance sheet AirJoule JV (1) • $1.4 million of G&A expenses and $2.6 million for R&D activities in Q2 2025 • Ended Q2 2025 with $0.6 million of cashG&A R&D $3.8 $1.4 $2.6 $0.4 Q2 2025 Operating Expenses (1) Ending Cash (6/30/25) (1) $30.5 $0.6
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Slide 12AirJoule Technologies | August 2025 INVESTMENT HIGHLIGHTS GLOBAL PARTNERSHIPS IN PLACE LARGE ADDRESSABLE MARKET Water and Energy Efficiency TRANSFORMATIONAL TECHNOLOGY AirJoule® uses Waste Heat to Produce Pure Distilled Water from Air ENERGETICS DRIVE CUSTOMER RETURNS Targeted Paybacks of Less than 4 Years THE POWER OF WATER FROM AIR