374Water Inc. SCWO
374Water Inc. (the "Company", "374Water", "We", or "Our") is a cleantech and environmental services company developing supercritical water oxidation technology ("SCWO") for the destruction of organic waste streams within the municipal, federal, and industrial markets. 374Water offers our proprietary AirSCWO technology, which is designed to destroy and mineralize a broad spectrum of non-hazardous and hazardous organic wastes producing safe dischargeable water streams, safe mineral effluent, safe vent gas, and recoverable heat energy. Importantly, our AirSCWO system is designed to eliminate recalcitrant organic wastes without creating waste byproducts, as well as to simplify existing, complex waste processing and disposal practices. Our AirSCWO technology is designed to effectively convert solid and liquid wastes such as sewage sludge, biosolids, food waste, hazardous and non-hazardous waste, including ‘forever chemicals' (e.g., "per-and polyfluoroalkyl substances" or "PFAS") into inert and recoverable resources including water, minerals, and heat energy.
Valuation FY2026 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | — | $215.0K | $445.4K | $744.0K | $3.0M | $48.1K | $86.6K | $24.0K | $190.1K | $852.4K |
| Cost of revenue | — | $2.6M | $1.4M | $1.9M | $2.7M | $0 | $14.2K | — | — | — |
| Gross profit | — | -$2.4M | -$912.7K | -$1.1M | $336.5K | $48.1K | $72.3K | — | — | — |
| R&D | — | $2.5M | $2.1M | $1.5M | $1.1M | $375.0K | $57.7K | $218.9K | $630.7K | $210.6K |
| SG&A | — | $5.2M | $2.8M | $2.7M | $1.6M | $1.1M | $17.5K | $217.5K | $239.4K | $210.5K |
| Total operating expenses | — | $18.8M | $11.9M | $7.5M | $5.1M | $3.2M | $84.0K | $436.4K | $870.1K | $421.1K |
| Operating income | — | -$21.1M | -$12.8M | -$8.6M | -$4.8M | -$3.2M | -$11.7K | -$412.4K | -$680.0K | $431.3K |
| Interest expense | — | — | — | — | — | — | $135.3K | $33.3K | $699 | $27.8K |
| Pre-tax income | — | -$21.0M | -$12.4M | -$8.1M | -$4.7M | -$3.2M | $40.3K | -$514.9K | -$679.1K | $404.4K |
| Income tax | — | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | — |
| Net income | — | -$21.0M | -$12.4M | -$8.1M | -$4.7M | -$3.2M | $40.3K | -$514.9K | -$679.1K | $404.4K |
| EPS, diluted | — | -1.38 | -0.92 | -0.06 | — | 0.03 | 0.00 | -0.02 | -0.02 | 0.01 |
| Shares, diluted (wtd. avg.) | — | $15.2M | $13.4M | $130.4M | — | $94.0M | $62.4M | — | — | — |
Balance sheet
| Fiscal year | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | — | $3.2M | $10.7M | $10.4M | $4.0M | $11.1M | $71.8K | $20.0K | $8.5K | $1.3K |
| Short-term investments | — | — | — | — | $1.9M | — | — | — | — | — |
| Receivables | — | $668.9K | $269.7K | $64.8K | $0 | — | — | — | — | $34.0K |
| Inventory | — | $1.5M | $1.7M | $2.3M | $1.7M | $0 | — | — | — | — |
| Total current assets | — | $5.9M | $14.9M | $14.9M | $8.7M | $11.3M | $103.1K | $37.5K | $29.3K | $414.0K |
| Property, plant and equipment | — | $3.8M | $2.6M | $231.0K | $143.1K | $959 | $403 | $0 | $634 | $8.2K |
| Other intangibles | — | $943.2K | $1.0M | $988.0K | $1.1M | $1.1M | $0 | — | $74.2K | $86.6K |
| Total assets | — | $11.4M | $19.2M | $16.1M | $9.9M | $12.4M | $103.8K | $37.5K | $104.2K | $508.8K |
| Accounts payable | — | $1.3M | $906.4K | $572.3K | $1.4M | $63.0K | $76.2K | $101.1K | $39.1K | $95.3K |
| Total current liabilities | — | $4.2M | $3.1M | $1.4M | $1.7M | $86.4K | $92.6K | $101.1K | $39.1K | $245.3K |
| Long-term debt | — | — | — | — | — | — | — | $306.3K | — | — |
| Total liabilities | — | $4.7M | $3.7M | $1.4M | $1.7M | $86.4K | $92.6K | $407.4K | $39.1K | $245.3K |
| Retained earnings | — | -$49.9M | -$28.4M | -$16.0M | -$7.8M | -$3.2M | $4.6K | -$12.6M | -$12.1M | -$11.4M |
| Total equity | — | $6.7M | $15.5M | $14.7M | $8.3M | $12.3M | $11.2K | -$35.7K | $65.0K | $263.5K |
Cash flow
| Fiscal year | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | — | -$14.3M | -$10.6M | -$9.0M | -$4.9M | -$1.8M | $64.8K | -$287.4K | $157.1K | $271.6K |
| Depreciation and amortisation | — | $678.7K | $156.0K | $18.1K | $2.4K | $2.4K | $0 | $5.6K | $20.0K | $36.4K |
| Stock-based compensation | — | $3.5M | $1.2M | $925.2K | $610.7K | $204.2K | $328 | $80.0K | $480.6K | — |
| Capital expenditure | — | $1.9M | $554.9K | $106.0K | $144.6K | $1.2K | $0 | — | — | — |
| Investing cash flow | — | -$1.9M | -$653.5K | $1.9M | -$2.2M | $28.3K | -$275 | — | — | — |
| Financing cash flow | — | $8.8M | $11.4M | $13.6M | $25.0K | $12.9M | $2.1K | $299.0K | -$150.0K | -$275.0K |
| Buybacks | — | — | — | — | — | — | $300.0K | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001654954-26-004179.
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