Power & Digital Infrastructure Acquisition II Corp.

AirJoule Technologies reported second-quarter 2026 net operating expenses of $4.1 million, including $0.8 million in administrative and engineering expenses reimbursed by the joint venture. Net loss was $8.5 million, including $5.1 million of noncash losses from changes in the fair value of earn-out shares and subject vesting shares liabilities. Total JV operating expenses were approximately $5 million, and the JV received $2.5 million in additional capital contributions from AirJoule Technologies during the quarter. AirJoule Technologies ended the quarter with $41.4 million of cash; combined cash across the company and JV was $43 million with no debt. Full-year 2026 cash spend is now expected to be approximately $27 million to $28 million. Management still expects modest paid deployment revenue at the JV during 2026, with more meaningful commercial revenue beginning in 2027 as Core and Prime deployments come online.

Matt Jore’s message was that AirJoule is now moving from proving the technology to building commercial channels around water scarcity, permitting pressure, and data center development. He emphasized that regulatory and public concern over water use is becoming a tailwind for AirJoule’s on-site water generation approach, and he framed the Kubota agreement as a major commercialization milestone. His tone was upbeat and strategic, with repeated references to long-term opportunity, including much larger future water-production targets beyond the current 2,000 liters per day system.

Stephen Pang highlighted a quarter still dominated by spend and noncash losses, with $4.1 million of net operating expenses and an $8.5 million net loss. He noted that the $5.1 million below-the-line loss was driven by changes in the fair value of earn-out and subject vesting liabilities. On liquidity, he said cash was $41.4 million at quarter-end, $43 million combined with the JV and no debt, and he raised 2026 cash spend guidance to approximately $27 million to $28 million because of increased commercialization activity. He also said the company expects modest paid deployment revenue in 2026 and more meaningful revenue in 2027, while remaining opportunistic on financing and strategic options.

Analysts focused on where the early Core DH deployments will be used, the timing of contract manufacturing readiness, and what Kubota’s role will look like in practice. Management said Core DH is being deployed to strategic industrial dehumidification customers, with both validation and customer adoption in mind, and reiterated a 2027 timeline for Core DH and contract manufacturing discussions. On Kubota, management clarified the use case is a centralized water-generation and recycling system for planned multi-home communities, not individual systems in each home. Questions also probed capital needs and the Net Zero Innovation Hub in Europe; management said higher spending is tied to incremental deployments and that the Hub is primarily a showcase to demonstrate AirJoule’s fit for data center waste-heat applications.