AirJoule

Positives: no disclosed long-term debt at the parent, and cash, cash equivalents and restricted cash were $41.4 million as of June 30, 2026, bolstered by a June registered direct offering.

Negatives: the company recorded a $58.4 million net loss in H1 2026, the equity-method JV posted heavy losses and impairments, and the company remains obligated to fund up to an additional $90 million into the GE Vernova JV, with $77.3 million remaining as of year-end 2025. Liquidity has leaned on equity issuance, an equity line, and partner financing.

Taken together, runway exists but is sensitive to capital markets and JV spending.