374Water Inc. (NASDAQ: SCWO) is a waste destruction technology company that designs, sells, and operates supercritical water oxidation systems under the AirSCWO brand to destroy organic waste streams, including PFAS-contaminated materials. The company generates revenue through three channels: capital sales of AirSCWO equipment, Waste Destruction Services (WDS) where it operates systems on behalf of customers, and joint development agreements. It competes against other supercritical water oxidation providers, plasma and electrochemical oxidation technology companies, and conventional waste treatment methods including incineration, anaerobic digestion, landfilling, and lime stabilization, according to its 10-K filed March 31, 2026. The company is pre-scale, classified as a smaller reporting company with material weaknesses in internal controls over financial reporting identified for fiscal year ended December 31, 2025, and does not pay dividends. Its technology is exclusively licensed from Duke University under an agreement originally dated April 16, 2021.

Revenue model

Three revenue streams as described in the 10-K filed March 31, 2026: capital sales of AirSCWO systems and pre-treatment equipment, Waste Destruction Services fees for operating systems at customer or company-controlled sites, and joint development agreements. A license agreement with the City of Orlando executed January 26, 2026 allows SCWO to operate AirSCWO units at Iron Bridge Water Reclamation facility for an initial monthly fee of $8,000 for the first two years, with 2.5% annual increases thereafter.

Products and services

AirSCWO systems: continuous-flow supercritical water oxidation units designed to destroy hazardous and non-hazardous organic solid and liquid waste streams including PFAS-contaminated materials, wastewater sludge, and Aqueous Film Forming Foam (AFFF). The product line includes a mobile, trailered AS system for rapid deployment in non-permanent settings. Pre-treatment and post-treatment equipment is offered alongside capital system sales. Waste Destruction Services is the services-based operating model where the company processes waste on behalf of customers.

Customers and end markets

Municipal customers including wastewater and water reclamation operators (City of Olathe, KS; City of Orlando; OC San), federal government customers including Department of Defense, Department of Energy, and FAA addressing PFAS waste streams, and industrial customers across multiple sub-verticals. Specific federal engagements include work with the Defense Innovation Unit and Environmental Security Technology Certification Program. University of North Carolina at Chapel Hill Collaboratory contracted for AFFF destruction. Crystal Clean collaboration agreement targets RCRA-permitted facility PFAS waste destruction.

Value-chain role

Technology developer, equipment manufacturer, and service operator. 374Water licenses core supercritical water oxidation IP from Duke University, manufactures AirSCWO units, sells systems to end customers, and operates WDS facilities directly. The company occupies the role of technology provider and waste destruction operator rather than a pure equipment vendor.

Geographic exposure

United States only, based on disclosed customer and facility locations as of the 10-K filed March 31, 2026. Known operating and contracted sites include Orlando, FL; Olathe, KS; Detroit, MI; and OC San (Orange County Sanitation District, CA).

Competitors

Other SCWO technology providers, Plasma oxidation technology providers, Electrochemical oxidation technology providers, Anaerobic digestion operators, Landfill operators, Incineration operators, Lime stabilization providers, Lagoon and spray-field operators

Source: SEC 10-K, filed 2026-03-31

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