374Water Inc. reported a significant decline in revenue for the fiscal year ending December 31, 2024, generating $445,445 compared to $743,952 in 2023, marking a decrease of approximately 40%. The company's net loss also increased to $12.4 million from $8.1 million in the previous year, reflecting a 53% rise in losses. This downturn is attributed to fewer milestones reached and a reduction in direct contract costs associated with their AirSCWO systems, which are designed for organic waste treatment. The company has indicated that substantial net losses are expected to continue until it can generate sufficient cash flows from sales of its systems and services.
In terms of operational developments, 374Water made notable strides in 2024, including the deployment of its first commercial-scale AirSCWO system at the City of Orlando’s Iron Bridge Water Reclamation Facility. The company also relocated its laboratory to a larger facility to meet increasing demand for lab-scale waste destruction and expanded its manufacturing operations. As of December 31, 2024, the company employed 27 full-time staff and 10 contractors, with plans to increase its workforce to approximately 60 in 2025.
The company has also focused on enhancing its technology and expanding its market presence. In 2025, 374Water plans to complete its commercial-scale demonstration in Orlando, deploy additional systems in California and Michigan, and begin accepting third-party waste streams at its Waste Destruction Services hubs. The company is actively pursuing strategic partnerships with Treatment, Storage, and Disposal Facilities (TSDFs) to establish waste destruction operations, which it believes will generate recurring service revenues.
Despite these advancements, 374Water faces challenges, including a need for additional capital to sustain operations. As of December 31, 2024, the company had working capital of $11.8 million, down from $13.5 million in 2023. The company has an at-the-market equity offering available for up to $100 million but raised no funds through this mechanism in 2024. The management has indicated that without additional financing, there is a risk of having to significantly reduce operations or cease them altogether.
Looking ahead, 374Water's management remains optimistic about the company's future, emphasizing a robust plan to scale operations and capitalize on market opportunities. However, the company acknowledges the uncertainty surrounding its ability to generate significant sales growth and secure necessary funding, which could impact its long-term viability.
About 374Water Inc.
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