374Water Inc.

Listed Company

SCWOCIK 0000933972NasdaqNon-AcceleratedSmaller ReportingMotors & GeneratorsDelawareFY ends Dec 31

Period

FY 2025

Revenue

$215.0K

Net Income

$-20.98M

Total Assets

—

Equity

—

Shares Out

17.50M

Op. Cash Flow

$-14.33M

Business

374Water Inc. is a global industrial technology and services company that provides proprietary waste-destruction solutions using supercritical water oxidation to destroy and mineralize hazardous and non-hazardous organic wastes. It offers the AirSCWO system and ancillary pre- and post-treatment equipment, laboratory treatability testing, field operations and maintenance, and Waste Destruction Services (WDS). Its operations are organized around product sales and leases, WDS partnerships with wastewater and TSDF operators, federal and industrial project delivery, manufacturing, and research, development and engineering. The company sells and deploys systems and services primarily to municipal, federal and industrial customers in North America through direct sales, demonstrations, partnerships and logistics channels.

Summary from filing dated 2025-03-28

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenues	215,037	445,445	743,952	3	48,100
Cost of revenues	−3	−1	−2	−3	0
Gross Margin	−2	−912,707	−1	336,501	48,100
Research and development	3	2	1	1	375,032
Compensation and related expenses	8	5	3	2	0
Professional fees	3	2	508,795	768,548	343,862
General and administrative	5	3	3	2	1
Total Operating Expenses	19	12	8	5	3
Loss from Operations	−21	−13	−9	−5	−3
Interest income	194,174	281,117	446,669	—	—
Interest expense	−41,211	0	—	—	—
Other income	19,049	88,027	92,685	—	334
Total Other Income, net	172,012	369,144	539,354	—	—
Net Loss before Income Taxes	−21	−12	−8	−5	−3
Provision for Income Taxes	0	0	0	0	0
Net Loss	−21	−12	−8	−5	−3
Net Loss per Share - Basic and Diluted	−1.38	−0.92	−0.06	—	—
Weighted Average Common Shares Outstanding - Basic and Diluted	15	13	130	—	—

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	3	11	10	—	—
Accounts receivable, net of credit allowance	668,903	269,733	64,792	0	—
Other accounts receivable	26,577	43,886	—	—	—
Unbilled accounts receivable	0	2	1	918,164	—
Inventory, net	1	2	2	2	0
Contract assets	91,100	136,651	0	—	—
Prepaid expenses	395,807	431,412	581,085	153,455	218,466
Total Current Assets	6	15	15	9	11
Property and equipment, net	4	3	230,971	143,079	959
Intangible asset, net	943,224	1	—	—	—
Right-of-use asset, net	571,741	691,014	—	—	—
Other assets	202,103	20,847	—	—	—
Total Long-Term Assets	6	4	1	1	1
Total Assets	11	19	16	10	12
Accounts payable and accrued expenses	1	906,394	572,297	1	62,981
Accrued bonuses	80,000	570,000	—	—	—
Accrued contract loss provision	2	1	500,000	—	—
Accrued legal settlement	0	335,000	—	—	—
Unearned revenue	312,905	197,683	—	—	—
Note payable	8,270	0	—	—	—
Secured promissory note	630,000	0	—	—	—
Financing liability	159,342	0	—	—	—
Operating lease liabilities	119,693	101,320	0	—	—
Other liabilities	23,384	17,279	36,787	—	—
Total Current Liabilities	4	3	1	2	86,371
Unearned revenue, less current portion	30,000	30,000	—	—	—
Note payable, less current portion	34,879	0	—	—	—
Operating lease liabilities, less current portion	431,683	551,376	0	—	—
Total Long-term Liabilities	496,562	581,376	0	—	—
Total Liabilities	5	4	1	2	86,371
Preferred Stock: 50,000,000; 1,000,000 Designated as Convertible Series D preferred shares authorized; par value $0.0001 per share, nil issued and outstanding at December 31, 2025 and 2024, respectively.	0	0	0	0	3
Common stock: 1,000,000,000 common shares authorized, par value $0.0001 per share, 17,143,771 and 14,130,198 shares outstanding at December 31, 2025 and 2024, respectively	1,715	1,444	13,266	12,669	12,531
Additional paid-in capital	57	44	31	16	15
Accumulated deficit	−50	−28	−16	−8	−3
Accumulated other income	2,471	2,471	2,471	−19,296	0
Total Stockholders' Equity	7	15	15	8	12
Total Liabilities & Stockholders' Equity	11	19	16	10	12

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net loss	−21	−12	−8	−5	—
Depreciation and amortization	752,026	226,039	85,816	67,573	46,050
Non-cash lease expense	119,273	35,450	—	—	—
Issuance of common stock for services	290,872	383,879	71,200	—	—
Stock-based compensation	4	1	925,181	610,741	204,217
Gain on legal settlement	0	−22,303	—	—	—
Accrued interest added to secured promissory note	30,000	0	—	—	—
Inventory reserve	0	50,000	0	—	—
Accounts receivable	−399,170	−204,941	−64,792	0	32,330
Other accounts receivable	17,309	−4,137	−39,749	0	—
Unbilled accounts receivable	2	−158,454	−576,389	−918,164	—
Inventory	229,581	−1	−615,967	−2	0
Contract assets	45,551	−136,651	—	—	—
Prepaid expenses	301,110	149,673	−427,630	—	14,483
Other assets	−181,256	−20,847	0	—	—
Accounts payable and accrued expenses	448,891	215,721	−877,285	1	−142,512
Accrued bonuses	−490,000	570,000	0	—	−83,094
Accrued contract loss provision	600,000	500,000	500,000	—	—
Accrued legal settlement	−335,000	335,000	—	—	—
Unearned Revenue	115,222	97,683	−70,109	—	—
Other Liabilities	6,105	−19,508	23,259	—	—
Operating lease liability	−101,320	−73,768	0	—	—
Net cash used in Operating activities	−14	−11	−9	−5	−2
Purchases of property and equipment	−2	−554,942	−105,990	−144,567	−1,190
Increase in intangible assets	0	−98,602	−5,725	—	—
Net cash used in investing activities	−2	−653,544	2	−2	28,345
Repayments on note payable	−5,042	0	—	—	—
Repayments on financing liability	−106,163	0	—	—	—
Proceeds from secured promissory note	600,000	0	—	—	—
Proceeds from the exercise of options	24,000	60,000	—	—	42,845
Gross proceeds from the issuance of common stock	9	12	137,500	0	5
Issuance costs related to sales of common stock	−404,200	−902,256	—	—	—
Net cash provided by financing activities	9	11	14	25,049	13
Net (decrease) increase in cash	−7	206,240	6	−7	11
Cash paid for interest	0	0	0	0	0
Cash paid for taxes	0	0	—	—	—
Cashless stock option exercises	11	100	—	—	—
Equipment purchase in accounts payable	0	118,376	—	—	—
Initial right-of-use asset and liability	0	726,464	0	—	—
Reclassification of inventory to property and equipment	0	2	—	—	—
Issuance of restricted common stock	20	0	—	—	—
Equipment financed with a note payable	48,191	0	—	—	—
Accrued expense settled with shares of common stock	105,000	0	—	—	—
Prepaid insurance financed	265,505	0	—	—	—
Deemed dividend on warrant modification	573,928	0	—	—	—

Filings

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