Note 15 — SEGMENT INFORMATION

 

The Company operates as a single operating and reportable segment. The Chief Operating Decision Maker evaluates performance and allocates resources based on consolidated net income (loss). Accordingly, segment net income (loss) is the same as consolidated net income (loss) as presented in the consolidated statements of operations.

The following table reconciles segment assets to consolidated assets in the consolidated balance sheets:

 

 

December 31,

 

 

2025

 

 

2024

 

Investment in AirJoule, LLC

 

$

316,657,273

 

 

$

338,178,633

 

Other segment assets (1)

 

 

23,984,959

 

 

 

31,673,487

 

Segment assets

 

 

340,642,232

 

 

 

369,852,120

 

Adjustments and reconciling items

 

 

 

 

 

 

Consolidated assets

 

$

340,642,232

 

 

$

369,852,120

 

 

(1)
Other segment assets included cash, cash equivalents and restricted cash, due from related party, prepaid expenses, operating lease right-of-use asset and property and equipment, net

Historical Timeline

Fiscal YearFiled
2025Mar 31, 2026Showing above
2024Mar 25, 2025

About Segments Disclosures

Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.

Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.