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AirJoule Technologies Corp.

For the period ended Dec 31, 2024. Filed Mar 25, 2025.

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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2024 · Filed Mar 25, 2025

AIRJ$2.39+13.6%Stored close · as of Nov 6, 2026
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

(Mark One)

☒** ANNUAL REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

For the fiscal year ended December 31,2024

☐** TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

For the transition period from ______________ to ______________

Commission File Number 001-41151

AIRJOULE TECHNOLOGIES CORPORATION

(Exact name of registrant as specified in its charter)

Delaware86-2962208
(State or other jurisdiction of incorporation or organization)(IRS Employer Identification No.)
34361 Innovation Drive Ronan, Montana59864
(Address of principal executive offices)(Zip Code)

(800) 942-3083

(Registrant’s telephone number, including area code)

N/A

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each classTrading Symbol(s)Name of each exchange on which registered
Class A common stock, par value $0.0001 per shareAIRJThe Nasdaq Stock Market LLC
Warrants to purchase Class A common stockAIRJWThe Nasdaq Stock Market LLC

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes☐ No ☒

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes☐ No ☒

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or such shorter period that the registrant was required to submit such files). Yes ☒ No☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act:

Large accelerated filer☐Accelerated filer☐
Non-accelerated filer☒Smaller reporting company☒
Emerging growth company☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.☐

If the securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.☒

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).☒

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes☐ No☒

The aggregate market value of the common equity held by non-affiliates of the registrant as of June 30, 2024, was approximately $184,459,860 based on the closing price on The Nasdaq Global Select Market reported for such date. Shares of common stock held by each officer and director and by each person who is known to own 10% or more of the outstanding common stock have been excluded in that such persons may be deemed to be affiliates of the registrant. This determination of affiliate status is not necessarily a conclusive determination for other purposes.

As of March 1, 2025, there were 55,997,661 shares of the registrant’s Class A common stock, par value $0.0001 per share, issued and outstanding.

DOCUMENTS INCORPORATED BY REFERENCE

Portions of the definitive Proxy Statement for the registrant’s 2025 Annual Meeting of Stockholders are incorporated by reference into Part III of this Report.

Table of Contents

Page
CERTAIN DEFINED TERMSii
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTSiv
PART I1
Item 1.Business1
Item 1A. Risk Factors10
Item 1B. Unresolved Staff Comments24
Item 1C: Cybersecurity24
Item 2.Properties24
Item 3.Legal Proceedings24
Item 4.Mine Safety Disclosures24
PART II25
Item 5.Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities Market Information and Holders25
Item 6.Reserved.25
Item 7.Management’s Discussion and Analysis of Financial Condition and Results of Operations26
Item 7A. Quantitative and Qualitative Disclosures About Market Risk35
Item 8.Financial Statements and Supplementary Data35
Item 9.Changes in and Disagreements with Accountants on Accounting and Financial Disclosure35
Item 9A. Controls and Procedures35
Item 9B. Other Information36
Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections36
PART III37
Item 10.Directors, Executive Officers and Corporate Governance37
Item 11.Executive Compensation37
Item 12.Security Ownership of Certain Owners and Management and Related Stockholder Matters37
Item 13.Certain Relationships and Related Transactions, and Director Independence37
Item 14.Principal Accounting Fees and Services37
PART IV38
Item 15.Exhibit and Financial Statement Schedules38
SIGNATURES41
INDEX TO FINANCIAL STATEMENTSF-1

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