374Water Inc

374water.com

What Do They Do?

Develops AirSCWO waste-destruction systems and services for municipal, federal, and industrial customers treating hazardous and non-hazardous organic waste.

How Do They Make Money?

Customers pay for AirSCWO equipment under long-term fixed-price contracts, with payments tied to milestones as the systems are manufactured. Customers also pay for waste-treatment demonstrations and treatability studies; demonstration work is billed by milestones or as it is completed, while studies are billed when the report is delivered.

FY2025 revenue

Who Are Their Customers?

Municipal, federal, and industrial customers buy equipment, waste destruction services, demonstrations, and treatability studies. The company sells through direct customer relationships and works with partners on waste destruction services and sales.

Do Revenues Turn Into Profits?

No. It lost $21M in FY2025.

Operating income, FY2025

−9834% of revenue

▲ +65% (Loss) vs FY2024 (−$12.8M, −2874%)

Net income, FY2025

−9754% of revenue

▲ +69% (Loss) vs FY2024 (−$12.4M, −2791%)

Free cash flow, FY2025

−7545% of revenue

▲ +46% (Loss) vs FY2024 (−$11.1M, −2502%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +280%; vs $595K in Q2 FY2025
Net income: ▼ −41% (Loss); vs −$4.6M in Q2 FY2025

Aug 18, 2026 Second-quarter revenue rose as OC San project milestones were completed The OC San factory acceptance test enabled approximately $2.0 million in revenue and invoicing of remaining contract milestones.
Jul 8, 2026 Charles Weiser appointed chief financial officer He was appointed effective July 1, 2026.

Growing. Revenue grew 4.5x in 4 years, from $48.1K in FY2021 to $215K in FY2025, about 45% a year.

Waste destruction services The latest report describes an operating Waste Destruction Services business with a hub at Orlando and partner-based service models. The older report focused on equipment sales and long-term service agreements as its revenue model.

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