What AirJoule Technologies Corp. told the SEC could break it.

AirJoule is still commercializing its technology with no long-term commercial customers yet, and expects to initially depend on a limited number of customers and end markets — concentrating its future revenue and execution risk.

“We are in the process of commercializing our technology and do not yet have any long-term commercial customers. We expect to initially depend upon a small nu”

AirJoule's productization runs through its AirJoule JV (with GE Vernova); there is no assurance GE Vernova will participate in capital contributions, and fully funding the JV likely depends on AirJoule raising external capital, with impairment risk on the equity-method investment.

“We can provide no assurance that GE Vernova will elect to participate in capital contributions to the AirJoule JV, and our ability to continue fully funding the joint venture will likely depend on our ability to raise additional capital via external financing.”

AirJoule may depend on sole-source and limited-source suppliers for key components — notably its MOF sorbent purchased from BASF — and generally lacks long-term supply contracts, so a supply disruption could prevent it from delivering products.

“We may depend on sole-source and limited-source suppliers for key components and products. If we are unable to source these components and products on a timely basis or at acceptable prices, we will not be able to deliver our products to our customers and production time and production costs could increase, which may adversely affect our business.”

AirJoule sources materials (including German-made MOF) internationally; recent and threatened U.S. tariffs and retaliatory measures from Canada, Mexico, the EU and China create cost and supply uncertainty for its inputs.

“Additionally, the supply of these materials may be negatively impacted by increased trade tensions or additional or increased tariffs between the United Stat”