Montana Technologies Corporation (AIRJ) Income Statement
AIRJ 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsAIRJ revenue and net income
AIRJ growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | — | — | — | — |
| Gross profit | — | — | — | — |
| Operating income | — | — | — | — |
| Net income | −104.2% | — | — | — |
| EPS (diluted) | −300.0% | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
AIRJ quarterly EPS vs estimates
Montana Technologies beat the analyst EPS estimate in 3 of the last 7 quarters. Next report: November 12, 2026 (estimate $-0.08).
AIRJ income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Revenue | $0 | $0 | $0 | $0 | $0 |
| Cost of revenue | $41,737 | $35,799 | $25,557 | — | — |
| Gross profit | −$41,737 | −$35,799 | −$25,557 | — | — |
| Research & development | $1.0M | $2.0M | $3.3M | $1.7M | $1.2M |
| Sales, general & admin | $12.6M | $9.2M | $8.1M | $1.0M | $1.1M |
| Total operating expenses | $13.6M | $65.9M | $11.4M | $2.8M | $2.3M |
| Operating income | −$13.6M | −$65.9M | −$11.4M | −$2.8M | −$2.3M |
| Interest income | $997,687 | $932,371 | $11,541 | — | — |
| Income before taxes | −$27.3M | $297.0M | −$11.4M | −$2.8M | −$2.3M |
| Income taxes | −$18.3M | $81.3M | $1.8M | $802,367 | $54,901 |
| Net income | −$9.0M | $215.7M | −$11.4M | −$2.8M | −$2.3M |
| EBITDA | −$27.3M | −$11.2M | −$11.4M | −$2.8M | −$2.3M |
| EPS (diluted) | −$0.62 | $0.31 | $0.05 | $0.05 | −$0.06 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0 | $0 | $0 | $0 | $0 | $0 | $124,140 | $0 | $0 | $0 | $0 | $0 |
| Cost of revenue | — | $12,111 | $11,203 | $10,891 | $2,289 | $9,427 | $9,850 | $2,136 | $8,857 | $53,213 | $6,483 | $6,421 |
| Gross profit | — | −$12,111 | −$11,203 | −$10,891 | −$2,289 | −$9,427 | −$9,850 | −$2,136 | −$8,857 | −$53,153 | −$6,483 | −$6,421 |
| Research & development | $172,807 | $215,471 | $227,526 | $8,476 | $401,623 | $387,919 | $210,574 | $87,147 | $1.1M | $846,157 | $786,776 | $814,749 |
| Sales, general & admin | $3.9M | $3.4M | $3.0M | $3.0M | $3.8M | $2.8M | $2.6M | $2.4M | $3.3M | $850,964 | $2.2M | $3.7M |
| Total operating expenses | $4.1M | $3.6M | $3.2M | $3.0M | $4.2M | $3.2M | $2.8M | $2.4M | $4.3M | $56.4M | $3.0M | $4.6M |
| Operating income | −$4.1M | −$3.6M | −$3.2M | −$3.0M | −$4.2M | −$3.2M | −$2.8M | −$2.4M | −$4.3M | −$56.4M | −$3.0M | −$4.6M |
| Interest income | $292,929 | $284,665 | $198,031 | $272,899 | $283,733 | $243,024 | $315,694 | $374,051 | $216,480 | $38,236 | $38,236 | $6,264 |
| Income before taxes | −$11.5M | −$64.6M | −$35.1M | −$6.4M | $954,331 | $13.2M | −$16.3M | $33.7M | $12.2M | $267.3M | −$3.0M | −$4.5M |
| Income taxes | −$2.9M | −$14.7M | −$12.7M | −$2.4M | −$1.6M | −$1.6M | −$2.0M | −$1.3M | −$1.2M | $85.7M | $346,723 | $294,202 |
| Net income | −$8.5M | −$49.8M | −$22.4M | −$4.0M | $2.5M | $14.9M | −$14.3M | $35.0M | $13.4M | $181.6M | −$3.0M | −$4.5M |
| EBITDA | $3.5M | −$64.6M | −$35.1M | −$6.4M | $956,618 | $13.2M | −$16.3M | $33.8M | $12.2M | −$1.6M | −$3.0M | −$4.5M |
| EPS (diluted) | −$0.05 | −$0.76 | −$0.38 | −$0.10 | −$0.08 | −$0.06 | −$0.26 | $0.61 | $0.24 | −$0.28 | $0.00 | $0.00 |
| Gross margin | — | — | — | — | — | — | −7.9% | — | — | — | — | — |
| Operating margin | — | — | — | — | — | — | −2,261.0% | — | — | — | — | — |
| Net margin | — | — | — | — | — | — | −11,524.5% | — | — | — | — | — |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in AIRJ's financial statements (latest annual report filed March 31, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
AIRJ financial results
Montana Technologies reported no revenue in fiscal year 2025 (ended December 31, 2025). It had a net loss of $9.0 million. Diluted earnings per share came to −$0.62.
See the AIRJ stock overview for the latest quote and news, or the AIRJ chart for price history and technical indicators.
AIRJ income statement FAQ
Does Montana Technologies have revenue?
Montana Technologies reported no revenue for fiscal year 2025, which ended on December 31, 2025.
Is Montana Technologies profitable?
No. Montana Technologies reported a net loss of $9.0 million in fiscal 2025.
How much does Montana Technologies spend on research and development?
Montana Technologies spent $1.0 million on research and development in fiscal 2025.
What are Montana Technologies's earnings per share?
Montana Technologies earned $-0.62 per diluted share in fiscal 2025, compared with $0.31 a year earlier.
When will Montana Technologies report its next earnings?
Montana Technologies is expected to report results for the quarter ending September 30, 2026 on November 12, 2026 after the market closes.
When does Montana Technologies's fiscal year end?
Montana Technologies's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on March 31, 2026.