Montana Technologies Corporation (AIRJ) Balance Sheet
AIRJ balance sheet, 2025
December 31, 2025 · U.S. dollars$340.6M assets = $72.7M liabilities + $267.9M equity
Both columns are drawn to the same scale: what AIRJ owns equals what it owes plus shareholders’ equity. Hover a block for its value.
AIRJ financial health
Descriptive bands, not a rating. Fiscal 2025.
AIRJ balance sheet trends, 2021–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $293.8M2021 | $340.6M2025 | +3.8%/yr | |
| Total liabilities | $11.8M2021 | $72.7M2025 | +57.6%/yr | |
| Shareholders’ equity | $282.1M2021 | $267.9M2025 | −1.3%/yr | |
| Cash & short-term investments | $2.8M2021 | $21.8M2025 | +66.5%/yr | |
| Total debt | $70,7522022 | $124,0002025 | +20.6%/yr | |
| Net cash (debt) | $1.2M2022 | $21.7M2025 | +$20.5M | |
| Working capital | $1.5M2021 | $21.5M2025 | +$20.1M | |
| Book value per share | $7.852021 | $4.532025 | −12.8%/yr | |
| Debt / equity | 0.002022 | 0.002025 | 0.00 | |
| Shares outstanding | 35.9M2021 | 59.1M2025 | +13.3%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
AIRJ assets
AIRJ liabilities and equity
AIRJ debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
AIRJ balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Assets | |||||
| Cash & short-term investments | $21.8M | $28.0M | $375,796 | $1.3M | $2.8M |
| Cash & equivalents | $21.8M | $28.0M | $375,796 | $1.3M | $2.8M |
| Receivables | $1.2M | $2.8M | $0 | $0 | $0 |
| Inventory | $0 | $0 | $0 | $0 | $0 |
| Other current assets | $750,648 | $613,754 | $126,971 | $284,405 | $329,567 |
| Total current assets | $23.8M | $31.5M | $502,767 | $1.6M | $3.2M |
| Property, plant & equipment (net) | $139,646 | $163,374 | $53,368 | $78,925 | $12,514 |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $316.7M | $338.2M | $0 | $0 | $0 |
| Other non-current assets | $33,696 | $54,482 | $0 | $294.3M | $290.6M |
| Total assets | $340.6M | $369.9M | $556,135 | $296.0M | $293.8M |
| Liabilities | |||||
| Accounts payable | $163,107 | $79,202 | $2.5M | $74,030 | $166,063 |
| Short-term debt | $34,437 | $30,227 | $22,237 | $21,216 | — |
| Total current liabilities | $2.3M | $4.0M | $6.4M | $1.8M | $1.7M |
| Long-term debt | $0 | $0 | $0 | $0 | $0 |
| Lease obligations | $124,001 | $154,229 | $49,536 | $70,752 | $0 |
| Other long-term liabilities | $70.4M | $113.7M | $27,299 | $10.1M | $10.1M |
| Total liabilities | $72.7M | $117.7M | $6.5M | $11.9M | $11.8M |
| Shareholders' equity | |||||
| Common stock & paid-in capital | $6,121 | $5,593 | $3,750 | $293.3M | $290.4M |
| Retained earnings (deficit) | $189.5M | $198.5M | −$17.2M | −$9.2M | −$8.3M |
| Total shareholders' equity | $267.9M | $252.1M | −$5.9M | $284.1M | $282.1M |
| Key figures | |||||
| Total debt | $124,000 | $154,229 | $49,536 | $70,752 | — |
| Net cash (debt) | $21.7M | $27.9M | $326,260 | $1.2M | — |
| Working capital | $21.5M | $27.4M | −$5.9M | −$230,053 | $1.5M |
| Tangible book value | $267.9M | $252.1M | −$5.9M | $284.1M | $282.1M |
| Book value per share | $4.53 | $4.71 | −$0.16 | $7.91 | $7.85 |
| Shares outstanding | 59.1M | 53.5M | 36.5M | 35.9M | 35.9M |
| Current ratio | 10.52 | 7.83 | 0.08 | 0.87 | 1.86 |
| Quick ratio | 10.19 | 7.67 | 0.06 | 0.71 | 1.66 |
| Debt / equity | 0.00 | 0.00 | — | 0.00 | — |
| Equity / assets | 78.7% | 68.2% | −1,061.0% | 96.0% | 96.0% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $41.4M | $31.1M | $21.8M | $26.0M | $30.5M | $23.0M | $28.0M | $30.7M | $34.6M | $37.4M | $375,796 | $294,222 |
| Cash & equivalents | $41.4M | $31.1M | $21.8M | $26.0M | $30.5M | $23.0M | $28.0M | $30.7M | $34.6M | $37.4M | $375,796 | $294,222 |
| Receivables | $774,506 | $0 | $1.2M | $0 | $545,013 | $501,844 | $2.8M | $2.0M | $0 | $0 | $0 | $0 |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other current assets | $983,726 | $1.7M | $750,648 | $1.9M | $968,892 | $946,779 | $613,754 | $947,080 | $1.3M | $486,338 | $126,971 | $78,997 |
| Total current assets | $43.2M | $32.8M | $23.8M | $27.9M | $32.0M | $24.4M | $31.5M | $33.6M | $36.0M | $37.9M | $502,767 | $373,219 |
| Property, plant & equipment (net) | $132,750 | $145,463 | $139,646 | $150,848 | $155,107 | $153,947 | $163,374 | $170,197 | $170,561 | $174,254 | $53,368 | $158,801 |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $612.5M | $612.5M | $0 |
| Long-term investments | $263.5M | $263.5M | $316.7M | $344.7M | $343.9M | $340.9M | $338.2M | $340.6M | $342.9M | $0 | $0 | $0 |
| Other non-current assets | $33,696 | $33,696 | $33,696 | $55,723 | $54,482 | $54,482 | $54,482 | $69,482 | $0 | $0 | $0 | $112.9M |
| Total assets | $306.8M | $296.5M | $340.6M | $372.7M | $376.1M | $365.6M | $369.9M | $374.4M | $379.0M | $650.6M | $556,135 | $113.4M |
| Liabilities | ||||||||||||
| Accounts payable | $316,624 | $83,563 | $163,107 | $143,075 | $296,587 | $326,510 | $79,202 | $567,944 | $768,438 | $431,774 | $2.5M | $235,113 |
| Short-term debt | $36,046 | $35,232 | $34,437 | $33,657 | $32,886 | $32,124 | $30,227 | $27,783 | $25,368 | $22,981 | $22,237 | $21,977 |
| Deferred revenue | — | — | — | — | — | — | — | — | −$768,438 | — | — | — |
| Total current liabilities | $2.2M | $1.4M | $2.3M | $2.0M | $2.5M | $1.7M | $4.0M | $4.5M | $3.5M | $11.8M | $6.4M | $8.3M |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Lease obligations | $107,113 | $115,735 | $124,001 | $132,047 | $139,999 | $147,858 | $154,229 | $159,830 | $165,367 | $170,839 | $170,839 | $54,934 |
| Other long-term liabilities | $56.0M | $53.8M | $70.4M | $84.4M | $85.0M | $93.8M | $113.7M | $104.2M | $145.4M | $76.0M | $27,299 | $6.0M |
| Total liabilities | $58.2M | $55.2M | $72.7M | $86.4M | $87.5M | $95.4M | $117.7M | $108.7M | $149.0M | $87.8M | $6.5M | $14.3M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $7,241 | $6,848 | $6,121 | $6,054 | $6,044 | $5,636 | $5,593 | $5,585 | $5,586 | $5,383 | $3,750 | $112.5M |
| Retained earnings (deficit) | $131.1M | $139.7M | $189.5M | $211.9M | $215.9M | $213.4M | $198.5M | $212.8M | $177.8M | −$43.7M | −$17.2M | −$13.4M |
| Total shareholders' equity | $248.6M | $241.3M | $267.9M | $286.4M | $288.6M | $270.2M | $252.1M | $265.7M | $230.1M | −$49.7M | −$5.9M | $99.1M |
| Key figures | ||||||||||||
| Total debt | $107,113 | $115,735 | $124,000 | $132,047 | $139,999 | $147,858 | $154,229 | $159,830 | $165,367 | $170,839 | $49,536 | $54,934 |
| Net cash (debt) | $41.3M | $31.0M | $21.7M | $25.9M | $30.4M | $22.9M | $27.9M | $30.5M | $34.5M | $37.3M | $326,260 | $239,288 |
| Working capital | $41.0M | $31.4M | $21.5M | $25.9M | $29.5M | $22.8M | $27.4M | $29.1M | $32.4M | $26.2M | −$5.9M | −$7.9M |
| Tangible book value | $248.6M | $241.3M | $267.9M | $286.4M | $288.6M | $270.2M | $252.1M | $265.7M | $230.1M | −$662.2M | −$618.4M | $99.1M |
| Book value per share | $3.57 | $3.59 | $4.53 | $4.74 | $4.80 | $4.73 | $4.79 | $5.05 | $4.10 | −$1.29 | −$0.17 | $2.65 |
| Shares outstanding | 69.7M | 67.2M | 59.1M | 60.5M | 60.2M | 57.1M | 52.6M | 52.6M | 56.1M | 38.6M | 35.6M | 37.4M |
| Current ratio | 19.70 | 23.23 | 10.52 | 14.15 | 12.67 | 14.75 | 7.83 | 7.46 | 10.15 | 3.23 | 0.08 | 0.05 |
| Quick ratio | 19.25 | 22.02 | 10.19 | 13.21 | 12.29 | 14.18 | 7.67 | 7.25 | 9.78 | 3.18 | 0.06 | 0.04 |
| Debt / equity | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | — | — | 0.00 |
| Equity / assets | 81.0% | 81.4% | 78.7% | 76.8% | 76.7% | 73.9% | 68.2% | 71.0% | 60.7% | −7.6% | −1,061.0% | 87.4% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed March 31, 2026); data from EODHD.
AIRJ financial position
At the end of fiscal 2025 (December 31, 2025), Montana Technologies had total assets of $340.6 million (down 7.9% from a year earlier), total liabilities of $72.7 million and shareholders' equity of $267.9 million. It held $21.8 million in cash and short-term investments against $0.1 million of debt, a net cash position of $21.7 million. Its current ratio was 10.52. In the latest quarter (ended June 30, 2026) total assets were $306.8 million and equity $248.6 million.
Related: AIRJ income statement, AIRJ cash flow statement, AIRJ key metrics. See the AIRJ stock overview for the latest quote and news.
AIRJ balance sheet FAQ
What are Montana Technologies's total assets?
Montana Technologies reported total assets of $340.6 million at the end of fiscal 2025 (December 31, 2025), compared with $369.9 million a year earlier.
How much debt does Montana Technologies have?
Montana Technologies had $0.1 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.00.
How much cash does Montana Technologies have?
Montana Technologies held $21.8 million in cash and short-term investments at the end of fiscal 2025; with $0.1 million of debt that is net cash of $21.7 million.
What is Montana Technologies's book value?
Montana Technologies's shareholders' equity (book value) was $267.9 million at the end of fiscal 2025, or $4.53 per share.
What is Montana Technologies's current ratio?
Montana Technologies had current assets of $23.8 million and current liabilities of $2.3 million, a current ratio of 10.52 (it can cover its short-term obligations).