XVARY Composite Score
32
/ 100
Weak
Combines growth, value, risk, and momentum factors into a single institutional-grade score.
Start here if you're new
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
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
Get this snapshot in your inbox
This page, delivered free — plus weekly updates when the numbers change. Plain English, no spam.
Weekly updates
Earnings alerts
Plain English
No spam
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
$3
Current price
Target midpoint · from current
Want the deeper analysis?
The full deep dive: DCF model, scenario analysis, competitive moat breakdown, and quarterly tracking — everything on this page, taken further.
See plans from $5/moThe Deep Dive