AIRJ Earnings Recap
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AirJoule's progress underscores the growing importance of water as a gating factor in AI infrastructure development. The company's ability to generate water on-site from waste heat could help data center operators secure permits and maintain community license, potentially unlocking projects in water-stressed regions. The partnerships with GE Vernova and Kubota, along with deployments in Europe and the UAE, signal expanding commercial traction that could benefit the broader AI infrastructure buildout.
AirJoule reported a net loss of $8.5 million for Q2 2026, with net operating expenses of $4.1 million. The JV received $2.5 million in additional capital contributions, and the company ended the quarter with $41.4 million in cash. Key commercial milestones included an exclusive sales agreement with Kubota for residential developments in Texas and California, the first Prime system commissioned at Newark and shipping to Europe, and a Core system shipped to the UAE for demonstrations. The company also highlighted growing regulatory and public opposition to data center development due to water usage, positioning AirJoule as a solution.
Management reiterated its path to scaled commercial activity in 2027, with modest paid deployment revenue expected at the JV in 2026 and more meaningful commercial revenue beginning in 2027. The full-year 2026 cash spend guidance was raised slightly to $27–$28 million, reflecting incremental deployments tied to customer interest. The company is on track for contract manufacturing conversations in 2027 for Prime and Core DH, with Core DH targeted for 2027 launch. Liquidity is sufficient to fund operations, the JV, and planned commercial deployments into 2028. Management emphasized that every deployment executed over the balance of 2026 builds toward scaled commercial activity in 2027, and they are actively exploring regulatory incentives at state and federal levels.
“These are the problems that AirJoule helps solve. Our systems produce pure distilled water on site from the humidity in the air, powered by low-grade waste heat without drawing on municipal supply or local aquifers for data center operators, AirJoule offers a path to water access that does not put them in competition with the communities around them.”
on Value proposition
“The opportunity here is clear. In California and Texas, as well as other water constrained areas, water is now a primary gating item for residential development.”
on Kubota partnership
“Every deployment that we execute over the balance of this year builds towards scaled commercial activity in 2027.”
on Commercialization path
Could you give us some color on where the initial Core DH strategic applications are being located geographically and specific types of businesses?
Bryan Barton explained that Core DH systems are being deployed to strategic customers for industrial dehumidification, focusing on spaces that need to be kept dry. The deployments are aimed at validating performance and efficacy, with a focus on both commercial product adoption and industrial customers that value both dehumidification and water generation.
Can you give us an update on where you've been performing lately on the path to 2,000 liters per day and what tweaks are getting you there?
Bryan Barton said the Prime system has been operating outdoors since May with high uptime, generating data across a range of environmental conditions. The system is on track to hit 2,000 liters per day at higher humidity levels, with specific measures identified to close the gap. Matt Jore added that long-term the goal is 10,000 to 20,000 liters per day.
With the Prime expected to ship to Europe for the Net Zero Innovation Hub, what do you envision resulting from that program?
Bryan Barton said the program is a great opportunity to highlight how AirJoule integrates with data center waste heat, with key members like Microsoft, Google, Danfoss, Schneider Electric, and Vertiv. The expected success is carrying on from there into how AirJoule can enable data center operations for those players. Matt Jore added that the program demonstrates the efficacy of water-from-air systems and helps data centers show a long-term solution to not deplete aquifers.