Logo

SCWO

374Water, Inc.

SCWO

374Water, Inc. • NASDAQ
$0.32 ▲ 9.28% (+0.03)
Market Cap $49.30 M
52w High $1.09
52w Low $0.16
Dividend Yield 0%
P/E -2.64
Volume 804.82K
Outstanding Shares 155.55M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $760.417K ▲ $4.573M ▲ $-4.349M ▲ -571.926% ▲ $-0.03 ▲ $-4.317M ▲
Q2-2025 $594.967K ▲ $4.362M ▲ $-4.58M ▼ -769.866% ▼ $-0.032 ▼ $-4.395M ▼
Q1-2025 $543.1K ▲ $3.924M ▼ $-3.698M ▲ -680.982% ▲ $-0.026 ▲ $-3.534M ▲
Q4-2024 $11.856K ▼ $4.198M ▲ $-4.776M ▼ -40.279K% ▼ $-0.035 ▼ $-4.694M ▼
Q3-2024 $81.49K $2.781M $-2.702M -3.316K% $-0.02 $-2.714M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $933.328K ▼ $11.362M ▼ $4.865M ▲ $6.497M ▼
Q2-2025 $2.149M ▼ $12.359M ▼ $3.442M ▲ $8.917M ▼
Q1-2025 $6.884M ▼ $15.978M ▼ $3.401M ▼ $12.577M ▼
Q4-2024 $10.652M ▲ $19.184M ▲ $3.709M ▲ $15.475M ▲
Q3-2024 $1.96M $10.06M $1.595M $8.465M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-4.349M ▲ $-2.584M ▲ $-456.971K ▲ $1.825M ▲ $-1.216M ▲ $-3.041M ▲
Q2-2025 $-4.58M ▼ $-4.127M ▼ $-604.501K ▼ $-3.736K ▼ $-4.735M ▼ $-4.731M ▼
Q1-2025 $-3.698M ▲ $-3.494M ▼ $-297.322K ▼ $24K ▼ $-3.768M ▼ $-3.792M ▼
Q4-2024 $-4.776M ▼ $-3.092M ▼ $345.663K ▲ $11.438M ▲ $8.691M ▲ $-2.734M ▲
Q3-2024 $-2.702M $-2.564M $-596.987K $37.57K $-3.123M $-3.431M

Five-Year Company Overview

Income Statement

Income Statement The company is still essentially pre‑revenue, with no meaningful sales reported over the past several years. Its income statement shows ongoing operating losses, but those losses are relatively modest in absolute size, consistent with an early‑stage technology business still building and commercializing its product rather than running at scale. Earnings per share have been drifting slightly more negative over time, reflecting continued spending on people, development, and commercialization activities without offsetting revenue yet. The key message: this is a story of investment and buildup, not yet one of operational profitability or revenue traction in the financials.

Balance Sheet

Balance Sheet The balance sheet is small but fairly clean. Total assets are limited and heavily tilted toward cash and equivalents, with no financial debt reported. Equity has been inching up, which typically reflects capital raises rather than retained profits. There are no signs of a heavily leveraged structure or large legacy liabilities, but also no sign of a deep asset base or built‑out infrastructure. Overall, it looks like a lean, early‑stage balance sheet that depends on external capital while the business model is being proven.

Cash Flow

Cash Flow Cash flow is negative from operations, which fits with a company spending on development, engineering, and commercialization efforts before generating revenue. Free cash flow is also negative, but capital spending appears quite light so far, suggesting most outflows are for people and operating costs rather than heavy equipment. The pattern indicates a controlled but persistent cash burn, meaning the company’s future path will likely depend on access to new funding or a shift toward recurring cash inflows once contracts and service models scale up.

Competitive Edge

Competitive Edge 374Water operates in a highly specialized niche of waste destruction and PFAS treatment, where regulatory pressure and environmental concerns are rising. Its AirSCWO® technology aims to fully destroy complex contaminants rather than just separate or concentrate them, which is a strong differentiator if proven at scale. The company appears to have built a meaningful moat through patents, third‑generation process refinements, and an exclusive manufacturing partnership, which can help protect its know‑how and speed of deployment. That said, it competes against a mix of incumbents and other emerging technologies, and its long‑term competitive strength will depend on real‑world performance, reliability, cost, and its ability to execute on large contracts in municipal, industrial, and federal markets.

Innovation and R&D

Innovation and R&D Innovation is clearly the core of 374Water’s identity. The AirSCWO® platform is positioned as a next‑generation supercritical water oxidation system that tackles some of the historical pain points of this technology, such as corrosion and clogging. The company is actively working on different system sizes and configurations, and exploring a service‑based “waste destruction‑as‑a‑service” model that could turn one‑time equipment sales into recurring revenue. Ongoing R&D is focused on improving efficiency, expanding the types of waste it can handle, and driving down operating costs, all of which are critical for adoption. Overall, this is a research‑ and engineering‑heavy story where technical execution is central to future value creation.

Summary

374Water is an early‑stage cleantech company with a promising but still largely uncommercialized technology aimed at solving tough environmental problems like PFAS and complex waste streams. Financially, it remains pre‑revenue with a small, cash‑oriented balance sheet and steady but modest cash burn, reflecting its build‑out and commercialization phase. Strategically, it appears well‑positioned on the innovation and intellectual property front, with partnerships and a differentiated technology approach that, if scaled successfully, could support a strong niche in pollution control and waste transformation. The key uncertainties revolve around timing and success of commercialization: converting its technology pipeline and sales opportunities into stable revenue, managing the capital needs of scaling production and service operations, and proving reliability and economics across municipal, industrial, and federal customers over time.

NEWS

November 12, 2025 · 4:01 PM UTC

374Water Reports Third Quarter 2025 Financial Results

Read more

November 4, 2025 · 8:31 AM UTC

374Water Commences Contract with State of North Carolina for Aqueous Film-Forming Foam Destruction

Read more

October 28, 2025 · 8:31 AM UTC

374Water Secures Order from City of Olathe for AirSCWO 6 System

Read more

October 24, 2025 · 5:38 PM UTC

374Water Announces Preliminary Proxy Filing Seeking Approval for Discretionary Reverse Stock Split

Read more

October 21, 2025 · 8:31 AM UTC

374Water Completes Commercial-Scale Field Demonstration for DoD ESTCP/DIU Project

Read more