Fri, Aug 23, 10:05 AM (144 days ago)
Montana Technologies Corporation's amended 10-Q for Q1 2024 reveals significant financial restatements due to prior accounting errors regarding the consolidation of AirJoule, LLC, now correctly accounted for under the equity method. The company reported a net income of $181.6 million, a substantial improvement from a loss of $834.6 thousand in Q1 2023, driven by a $333.5 million gain from the contribution to AirJoule and the recognition of earnout share liabilities. Operating expenses surged to $56.4 million, largely due to transaction costs related to the business combination. Cash flow from operations was negative at $6.4 million, reflecting increased operational costs. The company ended the quarter with $27.4 million in cash and $16.2 million in working capital, bolstered by $40 million from the business combination. Future capital needs may arise from ongoing technology development and joint ventures, particularly with GE Vernova. The company acknowledges uncertainties in meeting future financing needs, which could impact its operations and growth potential. Overall, the restatement clarifies the financial health and operational outlook following the business combination.