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Montana Technologies Announces First Quarter 2024 Results

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Montana Technologies Announces First Quarter 2024 Results


RONAN, Mont., May 20, 2024 /PRNewswire/ — Montana Technologies Corporation (NASDAQ: AIRJ) (“Montana Technologies”), the developer of AirJoule®, a transformational atmospheric thermal energy and water harvesting technology, today announced its first quarter results.

Key Highlights

  • Closed business combination (the “Business Combination”) with Montana Technologies LLC (“Legacy Montana”) and renamed the combined company “Montana Technologies Corporation”
    • $50 million minimum cash condition was exceeded by securing private investments led by Carrier Global Corporation (“Carrier”), Rice Investment Group, and GE Vernova, among other third parties (the “Capital Raise”)
    • Upon completion of the Business Combination, Montana Technologies’ common stock and warrants began trading on the Nasdaq Capital Market under new ticker symbols “AIRJ” and “AIRJW,” respectively
  • Formed a joint venture with GE Vernova to advance and commercialize transformational air conditioning and atmospheric water harvesting products featuring AirJoule® technology
    • The joint venture is led by Bryan Barton, formerly the Senior Director of Marketing, Ventures, and Incubation at GE Vernova
  • Entered into joint commercialization agreement term sheets with Carrier to develop and commercialize the AirJoule® dehumidifying and cooling technology for heating, ventilation, and air conditioning (“HVAC”) solutions in the Americas, Europe, India, and the Middle East
  • Ended the quarter with $37 million of cash on the balance sheet

Executive Commentary

Matt Jore, Chief Executive Officer of Montana Technologies stated, “We are excited to have completed our Business Combination and for Montana Technologies to be listed on Nasdaq. This represents a critical milestone for the company and will enable us, along with our strategic partners, to focus on developing and deploying our atmospheric thermal energy and water harvesting systems worldwide as a response to climate change and water scarcity. In addition, the recently announced partnerships with GE Vernova and Carrier showcase how our proprietary AirJoule® technology has been embraced by industry leaders; these partnerships will open our company and technology into two enormous target markets, HVAC and atmospheric water harvesting. We believe these actions place the company on a path to create a more equitable and sustainable future by fundamentally changing how we optimize increasingly scarce energy and water resources to create a better quality of life for all.”

Pat Eilers, Executive Chairman, stated, “Montana Technologies met the core criteria of a clean tech solutions provider we were searching for when we started the process with Power & Digital Infrastructure Acquisition II Corp. Montana Technologies, through its proprietary AirJoule® units, has created a transformational technology that provides significant energy efficiency gains in HVAC and atmospheric water harvesting applications, and it addresses two of the world’s most problematic issues, energy efficiency and water scarcity. We are thrilled to have completed this transaction, and I am excited to take on the role of Executive Chairman. I look forward to partnering with our newly announced management team to deliver value in the public markets.”

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Commercialization Agreement with Carrier

On January 8, 2024, Legacy Montana and Carrier, a global leader in intelligent climate and energy solutions, announced that they had entered into a binding term sheet related to a commercial collaboration to develop and commercialize the AirJoule® dehumidification and cooling technology. Subject to certain milestones, Legacy Montana granted Carrier the exclusive right to commercialize the AirJoule® technology into HVAC equipment in the Americas for a period of three years. Legacy Montana, acting through an affiliated joint venture, also provided Carrier with a non-exclusive right to commercialize the AirJoule® technology into HVAC equipment in Europe, India, and the Middle East.

Carrier also committed $10 million in growth equity to Legacy Montana, which was conditional upon the successful raise of at least $50 million in aggregate capital commitments. This condition was achieved with the successful Capital Raise that occurred in conjunction with the closing of the Business Combination in March 2024. Following the Business Combination, Montana Technologies expanded its Board of Directors with the appointment of Ajay Agrawal, Senior Vice President, Global Services, Business Development and Chief Strategy Officer at Carrier.

Joint Venture Agreement with GE Vernova

On January 29, 2024, Legacy Montana announced an agreement to form a joint venture with GE Vernova, a global leader in electrification, decarbonization, and energy solutions, to incorporate GE Vernova’s proprietary sorbent materials into systems that utilize Montana’s patented AirJoule® dehumidification, air conditioning, and atmospheric water harvesting technology.

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The AirJoule® technology utilizes advanced sorbents and a self-regenerating pressure swing adsorption system to harvest thermal energy and pure water from air. GE Vernova, a recognized leader in the development of advanced materials technology for industrial systems, also seeks to deploy novel sorbent-based solutions that can enable a zero-carbon emissions future. Incorporating GE Vernova’s sorbent innovations into AirJoule® technology will enhance the performance of the joint venture’s energy-saving HVAC components as well as its atmospheric water harvesting products.

The joint venture closed on March 4, 2024. In addition, GE Vernova made an equity investment in Montana Technologies in conjunction with the Capital Raise. GE Vernova’s Advanced Research team is providing support to the joint venture’s R&D function, and Bryan Barton, formerly the Senior Director of Marketing, Ventures, and Incubation at GE Vernova, joined the joint venture full-time as its Chief Executive Officer. Dr. Barton is currently focused on expanding the joint venture team, advancing AirJoule® prototypes, and managing initial pilot projects with key potential customers for the HVAC components and atmospheric water harvesting products.

Completion of Business Combination

On March 14, 2024, Power & Digital Infrastructure Acquisition II Corp. (“XPDB”) completed the Business Combination with Legacy Montana, which was originally announced on June 5, 2023. Upon completion of the Business Combination, the combined entity was renamed “Montana Technologies Corporation,” and its common stock and warrants began trading on the Nasdaq Capital Market under new ticker symbols “AIRJ” and “AIRJW”, respectively.

In conjunction with the Business Combination, the Capital Raise, led by investments from Carrier, the Rice Investment Group, and GE Vernova, and, together with amounts from XPDB’s trust account, exceeded the $50 million cash required to satisfy the related closing condition.

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Recent Additions to the Board of Directors and Management Team

As part of the XPDB shareholder approval of the Business Combination, XPDB shareholders elected the following individuals as directors of Montana Technologies:

  • Pat Eilers, Founder and Managing Partner of Transition Equity Partners;
  • Max Baucus, Former Ambassador to China and Six-Term United States Senator from the State of Montana;
  • Paul Dabbar, Former Undersecretary of the Department of Energy for Science and current Chief Executive Officer and Co-Founder of Bohr Quantum Technology;
  • Matt Jore, Chief Executive Officer of Montana Technologies;
  • Stu Porter, Founder, Chief Executive Officer and Chief Investment Officer of Denham Capital; and
  • Marwa Zaatari, Founder and Chief Scientist of D-Zine Partners

Subsequent to the completion of the Business Combination, the following individuals were appointed as directors of Montana Technologies:

  • Ajay Agrawal, Senior Vice President, Global Services, Business Development and Chief Strategy Officer at Carrier Global Corporation; and
  • Kyle Derham, Partner at Rice Investment Group

On May 7, 2024, Montana Technologies named Pat Eilers as Executive Chairman and appointed the following executives to its management team:

  • Stephen Pang, Chief Financial Officer;
  • Chad MacDonald, Chief Legal Officer; and
  • Tom Divine, Vice President, Investor Relations and Finance

Quarterly Report on Form 10-Q

Montana Technologies’ financial statements and related footnotes will be available in its Quarterly Report on Form 10-Q for the quarter ended March 31, 2024, which is expected to be filed with the Securities and Exchange Commission on May 20, 2024.

Investor Update Webcast

Montana Technologies has provided investors with an earnings call webcast. Interested parties may view the webcast by visiting the investor section of Montana Technologies’ website at www.mt.energy and clicking on the webcast link. 

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About Montana Technologies Corporation

Montana Technologies Corporation is a publicly traded company that holds the intellectual properties that make up the AirJoule® system, an atmospheric thermal energy and water harvesting technology that provides efficient and sustainable air conditioning and pure water from air. For more information, visit www.mt.energy.

Forward Looking Statements

The information in this press release 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 press release, regarding Montana 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 press release, including any oral statements made in connection therewith, the words “could,” “may,” “will,” “should,” “anticipate,” “believe,” “intend,” “estimate,” “expect,” “project,” 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, Montana 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 press release.

Montana 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 Montana Technology’s 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, CATL, Carrier, GE Vernova, and other third parties history of losses, and the other risks and uncertainties described under the heading “Risk Factors” in our SEC filings including in our Registration Statement (See Risk Factors) on Form S-1 filed with the Securities and Exchange Commission (the “SEC”) on April 11, 2024. 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 press release occur, or should underlying assumptions prove incorrect, actual results and plans could differ materially from those expressed in any forward-looking statements. Montana Technology’s 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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MONTANA TECHNOLOGIES CORPORATION
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS






March 31,



 December 31,




2024



2023

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Assets







Current assets







Cash


$

37,429,270

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$

375,796


Prepaid expenses and other assets



486,338




126,971

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Total current assets



37,915,608




502,767


Operating lease right-of-use asset



170,117

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49,536


Property and equipment, net



4,137




3,832


In-process research and development

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365,300,000





Goodwill



247,233,000




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Total assets


$

650,622,862



$

556,135

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Liabilities and Stockholders’ equity (deficit)









Current liabilities









Accounts payable


$

431,774

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$

2,518,763


Accrued transaction fees



3,077,107




3,644,100

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Other accrued expenses



6,781,239




244,440


Due to related parties



1,440,000

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Operating lease liability, current



22,981




22,237


Total current liabilities

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11,753,101




6,429,540


Earnout Shares liability



61,393,000




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True Up Shares liability



286,000





Subject Vesting Shares liability



14,217,000

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Operating lease liability, non-current



147,858




27,299


Total liabilities

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$

87,796,959



$

6,456,839


Commitments and contingencies (Note 12)

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Stockholders’ equity (deficit)









Preferred stock, $0.0001 par value; 25,000,000 authorized shares and 0 shares
issued and outstanding as of  March 31, 2024 and December 31, 2023


$



$

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Class A Common stock, $0.0001 par value; 600,000,000 authorized shares and
49,063,770 and 32,731,583 shares issued and outstanding as of March 31, 2024
and December 31, 2023, respectively



4,907




3,274


Class B Common stock, $0.0001 par value; 50,000,000 authorized shares and
4,759,642 shares issued and outstanding as of March 31, 2024 and December 31, 2023

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476




476


Subscription receivable



(6,000,000)




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Additional paid-in capital






11,263,647


Accumulated deficit



(43,686,098)

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(17,168,101)


Total Montana Technologies Corporation stockholders’ equity (deficit)



49,680,715




(5,900,704)


Non-controlling interests

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612,506,618





Total stockholders’ equity (deficit)



562,825,903




(5,900,704)

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Total liabilities and stockholders’ equity (deficit)


$

650,622,862



$

556,135

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MONTANA TECHNOLOGIES CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)






Three Months Ended
March 31,




2024



2023


Costs and expenses:

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    General and administrative


$

827,576



$

218,175

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    Research and development



896,613




604,944


    Sales and marketing



37,725

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10,423


    Depreciation and amortization



1,145




1,085


Loss from operations

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(1,763,059)




(834,627)











Other expenses, net:









    Interest income



38,236

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    Change in fair value of Earnout Shares liability



(7,672,000)





    Change in fair value of True Up Shares liability

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269,000






    Change in fair value of Subject Vesting Shares



(2,425,000)





Total other expenses, net

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(9,789,764)














Loss before income taxes



(11,552,823)




(834,627)

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Income tax expense







Net loss


$

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(11,552,823)



$

(834,627)


Net loss attributable to non-controlling interests



(26,382)

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Net loss attributable to common stockholders of the Company


$

(11,526,441)



$

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(834,627)











Weighted average Class A common stock outstanding, basic and diluted



36,916,955




32,599,213


Basic and diluted net loss attributable to common stockholders, Class A common stock

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$

(0.28)



$

(0.02)


Weighted average Class B common stock outstanding, basic and diluted

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4,759,642




4,759,642


Basic and diluted net loss attributable to common stockholders, Class B common stock


$

(0.28)

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$

(0.02)


MONTANA TECHNOLOGIES CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS






For the Three Months Ended

March 31,

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2024



2023


Cash Flows from Operating Activities









Net loss


$

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(11,552,823)



$

(834,627)


Adjustment to reconcile net loss to cash used in operating activities









Depreciation and amortization

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1,145




1,085


Amortization of operating lease right-of-use assets



52,068




5,211

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Change in fair value of Earnout Shares liability



7,672,000





Change in fair value of True Up Shares liability



(269,000)

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Change in fair value of Subject Vesting Shares liability



2,425,000





Changes in operating assets and liabilities:

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Prepaid Expenses and Other Assets



15,010




12,576


Operating lease liabilities



(51,346)

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(5,211)


Accounts payable



(2,674,319)




40,279


Accrued expenses, accrued transaction costs and other liabilities

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(1,057,718)




(22,948)


Net cash used in operating activities



(5,439,983)




(803,635)

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Cash flows from Investing Activities









Purchases of fixed assets



(1,450)





Net cash used in investing activities

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(1,450)














Cash flows from Financing Activities









Proceeds from the exercise of warrants



45,760

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Proceeds from the exercise of options



56,250





Proceeds from the issuance of common stock

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43,365,000




255,861


Transaction costs – recapitalization



(972,103)




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Net cash provided by financing activities



42,494,907




255,861


Net increase (decrease) in cash



37,053,474

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(547,774)


Cash, beginning of period



375,796




5,211,486


Cash, end of the period

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$

37,429,270




4,663,712











Non-Cash investing and financing activities:









Initial recognition of earnout shares liability

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$

53,721,000



$


Initial recognition of True Up Shares liability

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555,000





Initial recognition of Subject Vesting Shares liability



11,792,000




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Initial recognition of ROU asset and operating lease liability



172,649





Liabilities combined in recapitalization, net



8,680,477

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Acquisition of business from GE Vernova in exchange for issuing non-controlling interests



612,533,000














Supplemental Cash flow information:

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Taxes paid







Contacts

Investor Relations
Tom Divine – Vice President, Investor Relations and Finance
[email protected]

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Media:
Kekst CNC
[email protected] 

SOURCE Montana Technologies



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Montana

Strong wind in the forecast statewide

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Strong wind in the forecast statewide


Nick Vertz suspected calm weather wouldn’t soon return after last week’s high-speed wind event that recorded 101-mph winds in Glacier County. The Billings-based National Weather Service forecaster said Montanans should expect exceptionally strong gusts Tuesday night and Wednesday.

“I joke that the weather’s just playing catch up with how mild of a fall and start to the winter we had,” Vertz told Montana Free Press on Tuesday. 

Nearly the entire state is under an official high-wind warning, meaning the weather service expects wind speeds of 58 mph or greater. While the official warning status may vary by region, the weather service anticipates the strong winds will move west to east through late Wednesday evening.

The National Weather Service hazard forecast covered the state in a high wind warning at 5:30 on Tuesday. Credit: Courtesy National Weather Service

Winds aloft, higher altitude gusts that generally exceed wind speeds on the surface, are both unusually powerful and relatively low in altitude. Vertz says high-speed winds aloft blowing downward is the result of warm weather.

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“You can think of it as pushing those strong winds aloft down to reach the surface,” Vertz said. 

Though much of Montana experienced a similar strong-wind pattern last week, Vertz said this system  is a statewide event and that the weather service has “more confidence in those stronger winds to occur just all across the board.”

With gusts coming out of the northwest, Vertz advised caution for drivers headed north or south, who would likely experience the “full brunt of those crosswinds.”

Montana’s most recent experience with a major wind event on a similar scale occurred in January 2021, according to Vertz.

Ongoing flooding in northwest Montana makes the area particularly vulnerable to high-wind hazards, like saturated soil around tree roots, according to Bryan Conlan, a weather service meteorologist based out of Missoula. 

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“Anywhere within western Montana at this point, with these strong to damaging winds, trees could blow over,” Conlan said.

Gov. Greg Gianforte on Wednesday requested President Donald Trump issue a presidential disaster declaration in response to the flooding in the northwest part of the state. 

As even more ocean moisture makes its way from the Pacific Northwest into Montana via “atmospheric rivers,” precipitation is likely to continue in western Montana.

“One of the differences between this and the prior system is there will be a very strong cold front that’ll be coming along,” Conlan said. 

A cold front on Wednesday will mix with moisture from the atmospheric river, producing a combination of rain and snow. Cold air also leads to winds aloft descending, resulting in strong wind across high elevations in western Montana. On Monday night, winds in Glacier National Park reached almost 100 mph.

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“This is going to be a fairly strong event,” Conlan said.

Nora Mabie contributed to this reporting. 

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Montana Morning Headlines: Tuesday, December 16, 2025

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Montana Morning Headlines: Tuesday, December 16, 2025


WESTERN MONTANA — Here’s a look at Western Montana’s top news stories for Tuesday.

The Flathead County Sheriff’s Office reports the suspect in last Thursday’s attempted kidnapping at a Kalispell gas station has been identified and arrested. The incident occurred at Woody’s gas station at Highways 35 and 206, where a man allegedly attempted to rob and kidnap a woman sitting in her car. (Read the full story)

Flathead County attempted kidnapping suspect in custody

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The Bureau of Land Management is offering $1 permits for people to cut their own Christmas trees on public land, with options including Douglas fir, lodgepole pine and western larch. Harvesters must stay at least a quarter-mile from roads and rivers, with BLM encouraging people to target overcrowded areas where thinning would benefit forest management. (Read the full story)

Bureau of Land Management offering $1 Christmas tree permits

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Two reindeer from a farm in Washington brought Christmas magic to Murdoch’s Ranch & Home Supply in Missoula on Dec. 6, featuring 10-year-old Candy and 1.5-year-old Elsa posing for photos and meeting dozens of families. The reindeer, raised by Jordan Duncan at Reindeer Express near Spokane, spend their off-season splashing in water and munching grass before returning to holiday duties. (Read the full story)

Creature Features: Reindeer for Rent





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Montana-Montana State’s FCS semifinal get-in ticket prices surpass College Football Playoff games

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Montana-Montana State’s FCS semifinal get-in ticket prices surpass College Football Playoff games


Montana-Montana State, known as the Brawl of the Wild, is one of the best rivalries in FCS. This year, more than bragging rights are on the line, as the matchup will take place in the FCS semifinals.

The high stakes and relatively smaller seating capacity have made this game the most expensive entry-level ticket in college football this weekend, including the first round of the College Football Playoff.

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The cheapest ticket for the game at Bobcat Stadium in Bozeman, Montana, is $675 on Gametime Tickets compared to about $350 for the Miami at Texas A&M game, which is the most expensive of the four first-round College Football Playoff matchups. The most expensive ticket for the FCS semifinal is a sideline seat priced at $1,152. The Miami-Texas A&M game has Founder Club tickets listed at $2,484.

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The seating capacity for Bobcat Stadium is 20,767, compared to more than 102,000 at Texas A&M’s Kyle Field. The other three CFP games this weekend will be hosted by Oklahoma (capacity 80,126), Ole Miss (64,038) and Oregon (60,000).

Next year’s Montana-Montana State matchup starts at $876, with some tickets listed as high as $1,359.

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Montana State is the No. 2 seed in the playoffs at 12-2 after defeating Stephen F. Austin 44-28 in the quarterfinals this past weekend. Third-seeded Montana is 13-1 and beat South Dakota 52-22 in its quarterfinal. Montana leads the all-time rivalry 74-44-5.

Montana State has won the last two matchups between the teams, most recently winning 31-28 at Montana on Nov. 22. At least one of the teams has appeared in the FCS championship game in three of the past four years. Montana’s last national championship came in 2001, while Montana State’s came in 1984.

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Montana is led by head coach Bobby Hauck, who is the second-winningest active FCS head coach and one of the top 10 winningest active coaches overall in Division I football at 151-42. Montana’s key players are quarterback Keali’i Ah Yat, running back Eli Gillman and wide receiver Michael Wortham.

Montana State is led by head coach Brent Vigen. Key players for Montana State include quarterback Justin Lamson, running back Julius Davis and wide receiver Taco Dowler.



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