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Financials · SCWO

374Water Inc. (SCWO) financials

For fiscal 2025 (ended Dec 31, 2025), 374Water Inc. reported $215.0K of revenue and -$20.98M of net income.

Revenue, FY2025
$215.0K
Revenue growth, YoY
-51.7%
Net income, FY2025
-$20.98M
Net margin
-9754.2%
Free cash flow, FY2025
-$16.22M
EPS, diluted, FY2025
-$1.38
Cash
$1.78M
Total debt
$39.1K
P/S
191.16
Market cap
$41.1M
Annual revenue$215.0K
FY2016FY2025
Annual net income-$20.98M
FY2016FY2025
Annual free cash flow-$16.22M
FY2020FY2025

SCWO revenue and earnings growth

SCWO revenueQ2 2026$2.26M

Quarter YoY
+280.2%
QoQ
+310.4%
FY YoY
-51.7%
5Y CAGR
+20.0%
10Y CAGR
-8.6%

SCWO revenue was $2.26M in fiscal Q2 2026 (ended Jun 30, 2026), up 280.2% from a year earlier and up 310.4% from the prior quarter. For the full fiscal 2025 it was $215.0K, down 51.7% from fiscal 2024. Compound annual growth was +20.0% over 5 years and -8.6% over 10 years. It rose in 4 of the last 10 fiscal years.

SCWO net incomeQ2 2026-$2.70M

SCWO net income was -$2.70M in fiscal Q2 2026 (ended Jun 30, 2026), compared with -$4.58M a year earlier. For the full fiscal 2025 it was -$20.98M, compared with -$12.43M in fiscal 2024.

SCWO EPSQ2 2026$0.15

Quarter YoY
-53.1%

SCWO diluted EPS was $0.15 in fiscal Q2 2026 (ended Jun 30, 2026), down 53.1% from a year earlier. For the full fiscal 2025 it was -$1.38, compared with -$0.92 in fiscal 2024.

SCWO free cash flowQ2 2026-$696.5K

SCWO free cash flow was -$696.5K in fiscal Q2 2026 (ended Jun 30, 2026), compared with -$4.14M a year earlier. For the full fiscal 2025 it was -$16.22M, compared with -$11.14M in fiscal 2024.

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Income statement

Income statement
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Revenue$215.0K$445.4K$744.0K$3.02M$48.1K$86.6K$24.0K$190.1K$852.4K$587.6K
Cost of revenue$2.57M$1.36M$1.85M$2.68M$0$14.2K----
Gross profit-$2.35M-$912.7K-$1.11M$336.5K$48.1K$72.3K----
Research and development$2.52M$2.14M$1.50M$1.11M$375.0K$57.7K$218.9K$630.7K$210.6K$331.0K
Selling, general and admin$5.21M$2.78M$2.68M$1.57M$1.10M$17.5K$217.5K$239.4K$210.5K$318.1K
Operating income-$21.15M-$12.80M-$8.64M-$4.76M-$3.17M-$11.7K-$412.4K-$680.0K$431.3K-$61.5K
Interest expense-----$135.3K$33.3K$699$27.8K$62.3K
Pre-tax income-$20.98M-$12.43M-$8.10M-$4.69M-$3.16M$40.3K-$514.9K-$679.1K$404.4K-$123.8K
Income tax$0$0$0$0$0$0$0$0--
Net income-$20.98M-$12.43M-$8.10M-$4.69M-$3.16M$40.3K-$514.9K-$679.1K$404.4K-$123.8K
EPS, basic----$0.03$0.00-$0.02-$0.02$0.01$0.00
EPS, diluted-$1.38-$0.92-$0.06-$0.03$0.00-$0.02-$0.02$0.01$0.00
Diluted shares15.2M13.4M130.4M--30.7M31.8M31.8M31.8M31.8M

Balance sheet

Balance sheet
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Cash and equivalents$3.20M$10.65M$10.45M$4.05M$11.13M$71.8K$5.3K$8.5K$1.3K$4.8K
Short-term investments---$1.94M------
Receivables$668.9K$269.7K$64.8K$0$0---$34.0K-
Inventory$1.47M$1.70M$2.28M$1.66M$0-----
Current assets$5.85M$14.89M$14.90M$8.72M$11.35M$103.1K$37.5K$29.3K$414.0K$232.0K
Total assets$11.41M$19.18M$16.12M$9.92M$12.41M$103.8K$37.5K$104.2K$508.8K$363.2K
Current liabilities$4.18M$3.13M$1.37M$1.66M$86.4K$92.6K$101.1K$39.1K$245.3K$504.1K
Long-term debt-----$125.0K$94.4K---
Total debt-$0---$125.0K$94.4K-$150.0K$25.0K
Total liabilities$4.68M$3.71M$1.37M$1.66M$86.4K$92.6K$407.4K$39.1K$245.3K$504.1K
Shareholders' equity$6.72M$15.47M$14.75M$8.25M$12.33M$11.3K-$35.7K$65.0K$263.5K-$140.9K

Cash flow

Cash flow
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Operating cash flow-$14.33M-$10.59M-$9.03M-$4.95M-$1.84M$64.8K-$287.4K$157.1K$271.6K-$146.8K
Capital expenditures$1.90M$554.9K$106.0K$144.6K$1.2K$0----
Free cash flow-$16.22M-$11.14M-$9.14M-$5.09M-$1.84M$64.8K----
Investing cash flow-$1.90M-$653.5K$1.85M-$2.16M$28.3K-$275----
Financing cash flow$8.77M$11.45M$13.58M$25.0K$12.87M$2.1K$299.0K-$150.0K-$275.0K-$147.6K
Share repurchases-----$300.0K----
Stock-based compensation$3.55M$1.22M$925.2K$610.7K$204.2K$328$80.0K$480.6K-$207.8K
Depreciation and amortization$752.0K$226.0K$85.8K$67.6K$46.0K$911$5.6K$20.0K$36.4K$32.4K

Key ratios

Key ratios
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Revenue growth, YoY-51.7%-40.1%-75.3%6169.3%-44.4%260.7%-87.4%-77.7%45.1%10.9%
Gross margin-1093.5%-204.9%-149.0%11.2%100.0%83.5%----
Operating margin-9834.2%-2874.3%-1161.8%-157.7%-6582.1%-13.5%-1718.5%-357.7%50.6%-10.5%
Net margin-9754.2%-2791.4%-1089.3%-155.5%-6579.2%46.6%-2145.5%-357.2%47.4%-21.1%
Free cash flow margin-7544.9%-2501.9%-1228.7%-168.9%-3829.8%74.8%----
Return on equity-311.9%-80.4%-54.9%-56.8%-25.7%358.6%--1044.3%153.5%-
Return on assets-183.9%-64.8%-50.3%-47.3%-25.5%38.9%-1373.4%-652.0%79.5%-34.1%
Current ratio1.404.7610.855.25131.411.110.370.751.690.46
Debt to equity-0.00---11.11--0.57-

Source: XBRL data 374Water Inc. files with the SEC, latest filing dated Aug 14, 2026 (see filings on SEC EDGAR). Provided for information only, not investment advice. Check the filing before relying on a number.

* Worked out from the filings rather than stated in them: Q4 is the full year less the first nine months.

Per-share figures are as filed. The filings show no stock split in these periods.

EPS growth is left out where the share count moved enough to suggest a split the filings do not show. Growth rates need a positive starting figure. CAGR is compound annual growth between fiscal years. The CSV holds every period on file, in full figures, from the same SEC filings.

SCWO peers

CompanyRevenueGrowthNet incomeNet marginMarket cap
SCWO$215.0K-51.7%-$20.98M-9754.2%$41.1M
PH$22.41B+11.9%$3.72B16.6%$121.70B
HWM$9.73B+22.0%$2.05B21.1%$87.11B
RS$17.37B+24.7%$1.11B6.4%$21.76B
RBC$2.02B+17.4%$354.40M17.5%$15.54B
CR$2.76B+21.5%$342.00M12.4%$12.11B
WTS$2.79B+18.7%$447.00M16.0%$11.99B
MLI$5.00B+20.8%$863.59M17.3%$11.99B
GNRC$4.62B+6.1%$301.26M6.5%$10.72B

SCWO FAQ

9 questions
  • What is SCWO revenue?
    374Water Inc. (SCWO) reported $215.0K of revenue for fiscal 2025 (ended Dec 31, 2025). That is down 51.7% from the year before.
  • Is SCWO profitable?
    No. 374Water Inc. reported a net loss of $20.98M for fiscal 2025 (ended Dec 31, 2025).
  • How much cash and debt does SCWO have?
    374Water Inc. reported $1.78M in cash and cash equivalents and $39.1K of debt on its most recent balance sheet in SEC filings.
  • How fast is SCWO revenue growing?
    374Water Inc.'s revenue changed -51.7% in fiscal 2025, to $215.0K. Its compound annual growth rate was +20.0% over 5 years and -8.6% over 10 years.
  • What is SCWO gross margin?
    374Water Inc.'s gross profit was -$2.35M on $215.0K of revenue for fiscal 2025 (ended Dec 31, 2025), a gross margin of -1093.5%.
  • What is SCWO free cash flow?
    374Water Inc. generated -$16.22M of free cash flow for fiscal 2025 (ended Dec 31, 2025), which is operating cash flow of -$14.33M less capital expenditures.
  • What is SCWO earnings per share?
    Diluted earnings per share were -$1.38 for fiscal 2025 (ended Dec 31, 2025), from SEC filings, restated for any stock split those filings show.
  • When did SCWO last report financial results?
    The latest statements here come from 374Water Inc.'s 10-Q filed on Aug 14, 2026, covering the period ended Jun 30, 2026.
  • Where does this SCWO financial data come from?
    Quantisnow builds these statements from the structured XBRL data 374Water Inc. files with the SEC. It is provided for information only and is not investment advice.