One-glance verdict
Not enough data
Fair value unavailable
Not enough cash-flow history to value this one with our method.
Fundamentals snapshot
374Water Inc.
SCWO · NCM · Industrials · Pollution & Treatment Controls
Current price
$2.46
52-week range
$1.75 - $4.40
Market cap
$43.59M
Balance sheet
Distressed
-513.14x Concerning
Net debt $2.34M. Interest coverage shows how many times profit covers the interest bill.
What stands out
1 Reward
1 Risk
1 rewards · 1 risks
- Reward Revenue grew 779.0% last year.
- Risk Return on equity was -335.4% last year — the company lost money on shareholders' equity.
What this company does
374Water Inc.
374Water Inc. has developed a special system called AirSCWO that turns messy wet waste like sewage into useful resources. This technology is important because it offers a cleaner way to handle waste that would otherwise be difficult or expensive to get rid of. The money they make comes from selling these systems to different groups like cities and the government, who need to manage waste.
How the company got here
374Water Inc. began as a research project at Duke University about a decade ago, stemming from a Gates Foundation challenge focused on safe wastewater treatment. The company was officially founded in 2018 to commercialize the patented AirSCWO (Air Supercritical Water Oxidation) technology. This technology is designed to transform waste into reusable resources like clean water and minerals. After years of development and real-world operating experience, 374Water merged with PowerVerde Inc. in April 2021, which helped accelerate the delivery of its AirSCWO systems. The company went public, listing on NASDAQ under the ticker SCWO in 2022.
What it actually does
374Water provides a technology called AirSCWO that treats various types of wet waste, including sewage sludge, food waste, and even hazardous materials like 'forever chemicals' (PFAS). Instead of just moving or concentrating waste, this process breaks it down at a molecular level. The AirSCWO system uses water heated above its critical point (supercritical water) to rapidly oxidize and destroy organic contaminants. The end products are clean, reusable water, inert minerals, and recoverable energy, effectively turning waste into valuable resources.
Waste Destruction Services (WDS)
This is 374Water's primary focus, operating as a fee-for-service business. They use their AirSCWO technology to permanently destroy difficult waste streams, particularly those contaminated with PFAS (per- and polyfluoroalkyl substances), often referred to as 'forever chemicals.' These waste streams can include things like firefighting foam (AFFF) and contaminated materials from water treatment processes. The company's facility in Orlando, Florida, serves as its first commercial hub for this service, with plans to expand its capacity to generate significant annual revenue.
Regional Biosolids Infrastructure
This business line involves developing facilities specifically for the permanent destruction of municipal biosolids. Biosolids are the solid byproducts generated from wastewater treatment processes. 374Water is working on projects in several locations across the United States, aiming to provide a more sustainable solution for managing this type of waste. The company highlights the large volumes of biosolids generated annually by municipalities and the associated disposal costs, positioning their technology as a cost-effective alternative.
Global Expansion
374Water plans to replicate its successful business model internationally. This expansion will be achieved through a combination of methods, including building company-owned facilities, entering into licensing agreements with other companies, or forming joint ventures. The specific approach will depend on the dynamics of each international market. The company's strategy is to leverage its technology and expertise while partnering with others to scale its operations efficiently worldwide.
What management is betting on now
Management is focused on scaling the AirSCWO technology across three main commercial areas: Waste Destruction Services, Regional Biosolids Infrastructure, and Global Expansion. The immediate priority is to build out the Waste Destruction Services model, using the Orlando facility as a blueprint for future operations and revenue generation. They are also strategically pursuing partnerships and utilizing project-level financing to fund expansion, aiming to minimize reliance on issuing more company stock. The long-term vision is to establish 374Water as a global leader in sustainable waste destruction by proving their business models and meeting worldwide demand.
Price history
How the share price has moved
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Loading price history…
Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
FY2024 Q3
$-2.59M
FY2024 Q4
$-3.57M
FY2025 Q1
$-3.79M
FY2025 Q2
$-4.14M
FY2025 Q3
$-3.04M
FY2025 Q4
$-5.71M
FY2026 Q1
$-2.85M
FY2026 Q2
$-696.53K
Revenue
$2.26M
Net income
$-2.70M
Diluted EPS
0.15
Operating cash flow
$210.97K
Free cash flow
$-696.53K
Fetching…
Sources
Revenue
$551.15K
Net income
$-4.57M
Diluted EPS
-0.26
Operating cash flow
$-2.51M
Free cash flow
$-2.85M
Fetching…
Sources
Revenue
$-1.68M
Net income
$-8.35M
Diluted EPS
-1.35
Operating cash flow
$-4.12M
Free cash flow
$-5.71M
Fetching…
Sources
Revenue
$760.42K
Net income
$-4.35M
Diluted EPS
0.03
Operating cash flow
$-2.58M
Free cash flow
$-3.04M
Fetching…
Sources
Revenue
$594.97K
Net income
$-4.58M
Diluted EPS
-0.03
Operating cash flow
$-4.13M
Free cash flow
$-4.14M
Fetching…
Sources
Revenue
$543.10K
Net income
$-3.70M
Diluted EPS
-0.03
Operating cash flow
$-3.49M
Free cash flow
$-3.79M
Fetching…
Sources
Revenue
$11.86K
Net income
$-4.78M
Diluted EPS
-0.07
Operating cash flow
$-3.09M
Free cash flow
$-3.57M
Fetching…
Sources
Revenue
$81.49K
Net income
$-2.70M
Diluted EPS
0.02
Operating cash flow
$-2.56M
Free cash flow
$-2.59M
Fetching…
Sources
Is it cheap or expensive?
Fair value — vs current price $2.46
We couldn't calculate a fair value right now.
Is it drowning in debt?
Distressed
Net debt $2.3M. Interest coverage -513.1x.
Net debt
$2.34M
Interest coverage
-513.14x
374Water Inc.'s profit covers its interest bill about 0.0 times over. which is weaker than most peers shown here and 4 peers sit below 1x, which is the danger zone where profit does not fully cover the interest bill.
Distressed
Worse cushion
Baseline
Better cushion
SCWO
BASELINE
374Water Inc.
Total debt $4.11M Interest coverage -513.14x This is the baseline the peer rows are being compared against.
Total debt $238.98K Interest coverage -217.97x Neither company has much profit cushion over interest right now.
Total debt $117.00K Interest coverage -13.52x Neither company has much profit cushion over interest right now.
Total debt $8.10M Interest coverage -11.19x Neither company has much profit cushion over interest right now.
Total debt $329.00K Interest coverage -233.00x Neither company has much profit cushion over interest right now.
What you should know
The case for and against SCWO
1 Reward
1 Risk
Rewards
-
Revenue grew 779.0% last year.
Risks
-
Return on equity was -335.4% last year — the company lost money on shareholders' equity.
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
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Forward P/E
-41.00x
P/B
14.56x
P/S
23.06x
EV/EBITDA
-2.54x
PEG ratio
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Profitability
How much profit each dollar creates
Gross margin
6.2%
Operating margin
-71.7%
Net margin
0.0%
ROE
-335.4%
ROA
-93.4%
Health
Liquidity and balance-sheet strength
Debt / equity
1.38x
Current ratio
1.67x
Quick ratio
1.16x
Total debt
$4.11M
Total cash
$1.78M
Growth
How the business has been compounding
Revenue TTM
$1.89M
Revenue 5Y CAGR
45.4%
EPS TTM
-1.19
EPS 5Y CAGR
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Cash flow
How much cash the business throws off
Operating CF TTM
$-9.00M
Free CF TTM
$-16.22M
FCF margin
-858.4%
Dividend
Shareholder payout
Yield
0.0%
Payout ratio
0.0%
Last ex-div date
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