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what it is
374Water makes machines that destroy industrial waste and turn it into cleaner water, mineral solids, and heat.
how it gets paid
Last year Water made $445K in revenue. AirSCWO systems was the main engine at $180K, or 40% of sales.
what just happened
Revenue hit $2M, EPS was $0.09, and gross margin stayed at 3.9%.
At a glance
C++ balance sheet — some cracks in the foundation
40/100 earnings predictability — expect surprises
-$0.90 fy2024 eps est
$374M fy2023 rev est
n/a operating margin
xvary composite: 32/100 — weak
What they do
374Water makes machines that destroy industrial waste and turn it into cleaner water, mineral solids, and heat.
Your moat is a machine that handles ugly waste on site. That matters because 27 employees is a tiny bench, and $0 of long-term debt means no loan bill draining the business. Jargon check: switching costs → leaving is painful → so what: once your site is built around AirSCWO, ripping it out is a hassle. If revenue stays stuck below $6M in 2026, this moat story gets a lot weaker.
How they make money
$445K
annual revenue
AirSCWO systems
$180K
Licensed waste destruction services
$120K
Municipal pilot projects
$85K
PFAS biosolids projects
$40K
Engineering and support
$20K
The products that matter
hazardous waste destruction system
AirSCWO system
$760K quarter
it generated the company's reported $760K quarter. that tells you the product is real, but still very small.
sole revenue driver
support and licensing model
Service & licensing
5-year agreement
the first concrete marker here is a 5-year Orlando agreement. the page gives no separate revenue line yet, so this is still more plan than proof.
early recurring angle
licensed waste hub rollout
Orlando hub model
announced 7 days ago
if one 5-year hub agreement becomes several sites, recurring revenue starts to exist. right now you have one announcement and no segment economics.
execution test
Key numbers
27
employees
A 27-person company does not get many second chances when projects slip.
$0
long-term debt
No long-term debt means no interest bill eating the tiny revenue base.
$445K
annual revenue
That is the real base today, before the $6M-$8M 2026 target story.
3.9%
gross margin
For every $1 of sales, about 4 cents stayed after direct costs.
Financial health
C++
strength
- balance sheet grade C++ — below average — limited financial resources
- risk rank 5 — safer than 5% of stocks
- price stability 5 / 100
- long-term debt $0M (1% of capital)
C++ — below average. watch for debt servicing and cash burn.
Total return vs. market
Return history isn't available for SCWO right now.
source: institutional data · return history unavailable
What just happened
beat estimates
Revenue hit $2M, EPS was $0.09, and gross margin stayed at 3.9%.
Revenue was up 150% vs. prior year. The company also kept gross margin at 3.9%, which says growth is still expensive to execute.
$2M
revenue
$0.09
eps
3.9%
gross margin
the number that mattered
The $2M revenue print mattered most because it is 4.5x the $445K annual revenue base.
source: EDGAR filing
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What could go wrong
the #1 risk is failing to convert early AirSCWO orders into repeat commercial revenue.
high
2026 guide miss
The company is targeting $6M–$8M of 2026 revenue after posting a $760K quarter. If that ramp does not show up in filings, the core growth case breaks fast.
impact: the valuation is leaning on several-fold growth arriving soon, not years from now.
high
single-product dependence
All reported revenue on this page traces back to the AirSCWO system. Any technical issue, delayed order, or weak adoption cycle hits 100% of the business.
impact: there is no diversification buffer if the rollout slips.
high
margin still says pre-scale
Gross margin was 3.9%. That is not a bad quarter by a little. That is a sign the company has not yet shown attractive unit economics.
impact: even if revenue rises, low margin means shareholders may not see much operating leverage.
med
leadership reset
A new CEO and revamped board were appointed on Feb 24, 2026. You are backing a fresh team before it has delivered a full operating cycle.
impact: strategy changes are easy to announce and harder to turn into signed revenue.
missing the $6M–$8M target after a $760K quarter would leave a $42M valuation leaning on hope rather than operating proof.
source: institutional data · regulatory filings · risk analysis
Pay attention to
calendar
Q4 2025 earnings report
Expected Mar 26, 2026. You want to see revenue move closer to the $6M–$8M full-year target, not just another promise.
trend
quarterly revenue path
One $760K quarter is a start. What matters next is whether new quarters stack higher instead of bouncing around.
metric
gross margin above 3.9%
If the company keeps less than four cents of each revenue dollar, scale alone will not rescue the model.
execution
Orlando and Garney turning into repeat business
A 5-year Orlando agreement and a $2.3M invoice are proof points. You need them to become a pattern, not isolated headlines.
Analyst rankings
earnings predictability
40 / 100
in human-speak, the reported numbers are still noisy and hard to model with confidence.
price stability
5 / 100
the stock does not trade like a stable industrial name. it trades like a small company living quarter to quarter.
source: institutional data
Institutional activity
institutional ownership data for SCWO is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$3
current price
n/a
target midpoint · n/a from current
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