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TM https://airjouletech.com AirJoule Technologies Corporation (Nasdaq: AIRJ) Q3 2025 Earnings Presentation November 14, 2025
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Slide 2AirJoule Technologies | November 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,” “positioned,” “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 | November 2025 PRESENTERS Bryan Barton Chief Commercialization Officer Stephen Pang Chief Financial Officer Matt Jore Founder & Chief Executive Officer Pat Eilers Executive Chairman
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AirJoule is the leading platform technology that unleashes the power of water from air. Vision: Freeing the world of its water and energy constraints by delivering groundbreaking sorption technologies. Purpose:
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Slide 5AirJoule Technologies | November 2025 AIRJOULE IS CAPITALIZING ON MACRO TAILWINDS Onshoring of advanced manufacturing Growing focus on energy efficiency Mandated phase-out of high GWP refrigerants AI-driven data center development Essential need to address water scarcity
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Slide 6AirJoule Technologies | November 2025 ✓ Real-world operational validation through continuous operation in Hubbard, TX ✓ Industry recognition from leading data center operators in need of sustainable water solutions ✓ Academic validation from a premier research institution for atmospheric water harvesting at ASU ✓ Defense sector credibility through partnerships with ERDC and defense contractor ✓ High value applications in dehumidification and anti-corrosion Commercialization Partners Field Deployment Collaborations ADVANCING STRATEGIC COLLABORATIONS & FIELD DEPLOYMENTS AirJoule system in Hubbard, Texas
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Slide 7AirJoule Technologies | November 2025 STRATEGIC EXPANSION INTO DEFENSE APPLICATIONS U.S. Army Engineer Research & Development Center • Executed a Cooperative Research & Development Agreement (CRADA) to integrate AirJoule technology into ERDC’s tactical generator waste heat recovery systems • The goal of the collaboration is to develop a more resilient supply of potable water for military personnel that operates effectively across a broad range of environmental conditions and geographic locations Collaboration with Defense Contractor for Anti-Corrosion • Executed agreement with a U.S. defense contractor to demonstrate AirJoule's energy-efficient dehumidification for critical anti-corrosion applications • Corrosion costs the U.S. Department of Defense billions of dollars annually in maintenance, equipment replacement, and operational readiness challenges. • AirJoule is positioned to provide dehumidified air at a fraction of the cost of conventional industrial dehumidifiers, yielding substantial cost savings to the American taxpayer.
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Slide 8AirJoule Technologies | November 2025 ACCELERATING COMMERCIAL DEVELOPMENT GROWING DEMAND PIPELINE ACROSS INDUSTRY VERTICALS FOR AIRJOULE DEPLOYMENTS – SIGNING UP NOW Deployments structured as sales, leases, or Water Purchase Agreements Data Center Cooling Food & Beverage Semiconductors & Chemicals Residential Development Anti-Corrosion for Military Military Water Resilience
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Slide 9AirJoule Technologies | November 2025 Pure Water DRY AIRAMBIENT AIR Sorbent-coated Contactor Air is drawn through sorbent-coated contactors, and water vapor is selectively captured. Chamber doors close, vacuum is applied, and heat is added, distilling the water from the sorbent-chamber. Water vapor condenses to liquid water inside a vacuum condenser. All parts in contact with liquid water are NSF- compliant, providing high quality distilled water which is filtered and treated. 1 2 3 Dry air exhaust is generated which can be a useful input to HVAC systems 1 2 3 AirJoule Process Description AirJoule Process Diagram WASTE HEAT IN COOLING OUT AirJoule water meets all applicable U.S. EPA and U.S. FDA bottled water quality standards. TRIPLE PURIFICATION PRODUCTION OF DISTILLED WATER
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Slide 10AirJoule Technologies | November 2025 STRONG FOCUS ON PRODUCTIZATION MAXIMIZE WATER OUTPUT ▪ Improving sorbent formulas and coating processes ▪ Optimizing adsorption and desorption cycles Productization Reduce overall system costsREDUCE SYSTEM COSTS ▪ Identifying cost-effective components ▪ Locking in supply chain relationships ▪ Eliminate unnecessary complexity in design ENSURE RELIABILITY ▪ Proven lifecycle components – in house testing ▪ Quality assurance protocols ▪ Critical system redundancy
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Slide 11AirJoule Technologies | November 2025 FINANCIAL RESULTS $ in millions Q1 2025 Q2 2025 Q3 2025 Operating expenses, gross $(3.7) $(4.7) $(3.5) SOW expense reduction 0.5) 0.5) 0.5) Operating profit / (loss) $(3.2) $(4.2) $(3.0) Other income / (loss) 18.7) 7.2) (1.5) Loss from investment in AirJoule JV (2.2) (2.1) (1.9) Income tax benefit / (expense) 1.6) 1.6) 2.4) Net income / (loss) $14.9) $2.5) $(4.0) Cash from operations $0.1) $(2.2) $(1.9) Cash from investing (5.1) (4.9) (2.8) Cash from financing 0.0) 14.6) 0.2) Net cash flow $(5.0) $7.5) $(4.5) Ending cash balance $23.0) $30.5) $26.0) 1. AIRJ accounts for its investment in the AirJoule JV through the equity method AirJoule Technologies (AIRJ) • Net operating expenses of $3.0 million in Q3 2025 • Includes $0.5 million in expense reduction from AirJoule JV pursuant to Statement of Work reimbursement • Other income primarily includes: • $1.7 million (non-cash) loss from the increase in fair value of our earnout shares liability • $0.1 million (non-cash) loss from the increase in fair value of our subject vesting shares liability • $1.9 million (non-cash) equity loss from investment in AirJoule JV • Funded $2.75m capital call to AirJoule JV in Q3 2025 • Ended Q3 2025 with $26.0 million of cash on the balance sheet; $5m capital call to AirJoule JV after quarter end AirJoule JV (1) • $1.5 million of G&A expenses and $2.4 million for R&D activities in Q3 2025 • Ended Q3 2025 with $37k of cash; $5m capital call after quarter end G&A R&D $2.9 $1.5 $2.4 $(0.0) Q3 2025 Operating Expenses (1) Ending Cash (9/30/25) (1) $26.0 $0.0
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Slide 12AirJoule Technologies | November 2025 INVESTMENT HIGHLIGHTS GLOBAL PARTNERSHIPS IN PLACE LARGE ADDRESSABLE MARKET Water and Energy Efficiency TRANSFORMATIONAL TECHNOLOGY AirJoule Produces Pure Distilled Water from Air ENERGETICS DRIVE CUSTOMER RETURNS Targeted Paybacks of Less than 4 Years