Montana Technologies Corp. Files Q1 2024 10-Q

TL;DR

**Montana Technologies Corp. filed its Q1 2024 10-Q. Details on financials inside.**

AI Summary

Montana Technologies Corporation filed its 10-Q for the quarterly period ended March 31, 2024. The company, formerly known as Power & Digital Infrastructure Acquisition II Corp., is incorporated in Delaware and headquartered in Ronan, Montana. The filing covers its financial performance and operations for the specified quarter.

Why It Matters

This filing provides investors and the public with an update on Montana Technologies Corp.'s financial health and operational status for the first quarter of 2024.

Risk Assessment

Risk Level: low — This is a standard quarterly filing (10-Q) that provides financial and operational updates, not indicating immediate high risk.

Key Players & Entities

• Montana Technologies Corp. (company) — Registrant
• March 31, 2024 (date) — Quarterly period end date
• Power & Digital Infrastructure Acquisition II Corp. (company) — Former company name
• Delaware (jurisdiction) — State of incorporation
• Ronan, Montana (location) — Principal executive offices location
• 001-41151 (identifier) — Commission File Number

FAQ

Key Financial Figures

• $0.0001 — stered Class A Common Stock, par value $0.0001 per share AIRJ The Nasdaq Stock Market

Filing Documents

• ea0205784-10q_montana.htm (10-Q) — 806KB
• ea020578401ex10-6_montana.htm (EX-10.6) — 171KB
• ea020578401ex31-1_montana.htm (EX-31.1) — 10KB
• ea020578401ex31-2_montana.htm (EX-31.2) — 10KB
• ea020578401ex32-1_montana.htm (EX-32.1) — 4KB
• ea020578401ex32-2_montana.htm (EX-32.2) — 4KB
• 0001213900-24-045260.txt ( ) — 5724KB
• airj-20240331.xsd (EX-101.SCH) — 64KB
• airj-20240331_cal.xml (EX-101.CAL) — 41KB
• airj-20240331_def.xml (EX-101.DEF) — 298KB
• airj-20240331_lab.xml (EX-101.LAB) — 491KB
• airj-20240331_pre.xml (EX-101.PRE) — 299KB
• ea0205784-10q_montana_htm.xml (XML) — 536KB

Management's Discussion and Analysis of Financial Condition And Results of Operations

Management's Discussion and Analysis of Financial Condition And Results of Operations 26 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 36 Item 4.

Controls And Procedures

Controls And Procedures 36

- Other Information

Part II - Other Information 37 Item 1.

Legal Proceedings

Legal Proceedings 37 Item 1a.

Risk Factors

Risk Factors 37 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 37 Item 3. Defaults Upon Senior Securities 37 Item 4. Mine Safety Disclosures 37 Item 5. Other Information 37 Item 6. Exhibits 37

Signatures

Signatures 39 i Part 1 - Financial Information Item 1. Condensed Consolidated Financial Statements (Unaudited) MONTANA TECHNOLOGIES CORPORATION UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS March 31, December 31, 2024 2023 Assets Current assets Cash $ 37,429,270 $ 375,796 Prepaid expenses and other assets 486,338 126,971 Total current assets 37,915,608 502,767 Operating lease right-of-use asset 170,117 49,536 Property and equipment, net 4,137 3,832 In-process research and development 365,300,000 — Goodwill 247,233,000 — Total assets $ 650,622,862 $ 556,135 Liabilities and Stockholders' equity (deficit) Current liabilities Accounts payable $ 431,774 $ 2,518,763 Accrued transaction fees 3,077,107 3,644,100 Other accrued expenses 6,781,239 244,440 Due to related parties 1,440,000 — Operating lease liability, current 22,981 22,237 Total current liabilities 11,753,101 6,429,540 Earnout Shares liability 61,393,000 — True Up Shares liability 286,000 — 14,217,000 — Operating lease liability, non-current 147,858 27,299 Total liabilities $ 87,796,959 $ 6,456,839 Commitments and contingencies (Note 12) Stockholders' equity (deficit) Preferred stock, $ 0.0001 par value; 25,000,000 authorized shares and 0 shares issued and outstanding as of March 31, 2024 and December 31, 2023 $ — $ — Class A Common stock, $ 0.0001 par value; 600,000,000 authorized shares and 49,063,770 and 32,731,583 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively 4,907 3,274 Class B Common stock, $ 0.0001 par value; 50,000,000 authorized shares and 4,759,642 shares issued and outstanding as of March 31, 2024 and December 31, 2023 476 476 Subscription receivable ( 6,000,000 ) — Additional paid-in capital — 11,263,647 Accumulated deficit ( 43,686,098 ) ( 17,168,101 ) Total Montana Technologies Corporation stockholders' e

View Full Filing

View this 10-Q filing on SEC EDGAR