SCWO · 374Water Inc. · Financials
Substantial doubt about the company's ability to continue as a going concern.
“These conditions raise substantial doubt regarding our ability to continue as a going concern.”View the 10-Q filed Aug 14, 2026
One customer — 88% of revenue (the three months ended June 30, 2026)
“For the three and six months ended June 30, 2026, we generated approximately 88% of our total consolidated revenues from one customer and two customers, respectively.”
2 customers — 88% of revenue (the six months ended June 30, 2026)
“For the three and six months ended June 30, 2026, we generated approximately 88% of our total consolidated revenues from one customer and two customers, respectively.”
3 customers — 94% of revenue (the three months ended June 30, 2025)
“For the three and six months ended June 30, 2025, we generated approximately 94% and 78% of our consolidated revenues with three customers, respectively.”
3 customers — 78% of revenue (the six months ended June 30, 2025)
“For the three and six months ended June 30, 2025, we generated approximately 94% and 78% of our consolidated revenues with three customers, respectively.”
One customer — 100% of receivables (June 30, 2026)
“At June 30, 2026, one customer comprised approximately 82% and 100% of our consolidated accounts receivable and unbilled accounts receivable, respectively.”
One customer — 82% of receivables (June 30, 2026)
“At June 30, 2026, one customer comprised approximately 82% and 100% of our consolidated accounts receivable and unbilled accounts receivable, respectively.”
2 customers — 74% of receivables (December 31, 2025)
“At December 31, 2025, our consolidated accounts receivable comprised approximately 74% and 10% outstanding with two customers, respectively.”
2 customers — 10% of receivables (December 31, 2025)
“At December 31, 2025, our consolidated accounts receivable comprised approximately 74% and 10% outstanding with two customers, respectively.”
Income-statement, balance-sheet and cash-flow figures from SEC filings, plus a debt profile anchored in the latest 10-K and updated by each 10-Q and debt exhibit.
Chart any reported metric, KPI or segment over time — the full statement history lives here
| Line Item | FY2026 (G) | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | FY2015 | FY2014 | FY2013 | FY2012 | FY2011 | FY2010 | FY2009 | FY2008 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| $6M – $8M | $1.89M | $215.04KG | $445.45K | $743.95K | $3.02M | $48.1K | $86.57K | $24K | $190.09K | $852.44K | $587.61K | $529.86K | $428.75K | $359.36K | $193.69K | $193.39K | $33.84K | — | — | |
| — | $1.77M | $2.57M | $1.36M | $1.85M | $2.68M | $0 | $14.24K | — | — | — | — | — | — | — | — | $136.93K | — | — | — | |
| — | $118.08K | -$2.35M | -$912.71K | -$1.11M | $336.5K | $48.1K | — | — | — | — | — | $529.68K | $428.75K | $359.36K | $193.69K | $56.47K | $33.84K | — | — | |
| — | — | -1093.48% | -204.9% | -148.97% | 11.16% | 100% | — | — | — | — | — | 99.97% | 100% | 100% | 100% | 29.2% | 100% | — | — | |
| — | $2.19M | $2.52M | $2.14M | $1.5M | $1.11M | $375.03K | $57.72K | $218.92K | $630.74K | $210.62K | $331.04K | $627.89K | $364.1K | $459.65K | $1.32M | $994.62K | $169.67K | — | — | |
| — | $5.86M | $5.21M | $2.78M | $2.68M | $1.57M | $1.1M | $17.48K | $217.51K | $239.35K | $210.49K | $318.07K | $272.28K | $501.71K | $844.26K | $978.82K | $1.63M | $198.9K | — | — | |
| — | — | $73.37K | $70.04K | $67.72K | $65.13K | $45.42K | $0 | $5000 | $12.37K | $22.18K | $18.01K | $61.05K | $219.81K | — | — | — | — | — | — | |
| — | $841.72K | $752.03K | $226.04K | $85.82K | $67.57K | $46.05K | $0 | $5633 | $19.96K | $36.45K | $32.37K | $76.58K | $236.46K | $231.66K | $171.11K | — | — | — | — | |
| — | $19.06M | $18.8M | $11.89M | $7.53M | $5.09M | $3.21M | $83.99K | $436.43K | $870.09K | $421.12K | $649.11K | $900.17K | $865.8K | $1.3M | $4.94M | $2.62M | $368.57K | — | — | |
| — | -$18.94M | -$21.15M | -$12.8M | -$8.64M | -$4.76M | -$3.17M | -$11.66K | -$412.43K | -$680K | $431.33K | -$61.49K | -$370.31K | -$437.05K | -$944.55K | -$4.74M | -$2.57M | -$334.72K | — | — | |
| — | — | -9834.15% | -2874.26% | -1161.75% | -157.72% | -6582.14% | -13.47% | -1718.45% | -357.72% | 50.6% | -10.46% | -69.89% | -101.94% | -262.84% | -2449.3% | -1327.31% | -989.08% | — | — | |
| — | -$18.1M | -$20.4M | -$12.58M | -$8.56M | -$4.69M | -$3.12M | -$11.66K | -$406.8K | -$660.04K | $467.77K | -$29.12K | -$293.73K | -$200.6K | -$712.89K | -$4.57M | — | — | — | — | |
| — | $214.21K | — | — | — | — | — | $135.3K | $33.31K | $699 | $27.78K | $62.27K | $57.19K | $128.86K | -$147.16K | -$14.2K | $10.23K | — | — | — | |
| — | — | — | — | $446.67K | $67.07K | $1066 | $0 | $0 | $1621 | $806 | — | $861 | — | — | — | — | — | — | — | |
| — | -$1.02M | $172.01K | $369.14K | $539.35K | $66.16K | $1400 | $52K | -$102.49K | $922 | -$26.98K | -$62.27K | -$56.33K | -$128.86K | -$110.41K | -$10.95K | $13.43K | $26.37K | — | — | |
| — | -$19.96M | -$20.98M | -$12.43M | -$8.1M | -$4.69M | -$3.16M | $40.34K | -$514.92K | -$679.08K | $404.35K | -$123.76K | -$426.63K | -$565.91K | -$1.05M | -$4.76M | -$2.55M | -$308.35K | — | — | |
| — | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | — | — | — | — | — | — | — | — | — | — | |
| — | -$19.96M | -$20.98M | -$12.43M | -$8.1M | -$4.69M | -$3.16M | $40.34K | -$514.92K | -$679.08K | $404.35K | -$123.76K | -$426.63K | -$565.91K | -$1.05M | -$4.76M | -$2.55M | -$308.35K | -$890.98K | -$829.56K | |
| — | — | -9754.16% | -2791.39% | -1089.25% | -155.53% | -6579.23% | 46.59% | -2145.48% | -357.23% | 47.43% | -21.06% | -80.52% | -131.99% | -293.56% | -2454.95% | -1320.36% | -911.15% | — | — | |
| — | — | — | -$12.43M | -$8.1M | -$4.71M | -$3.16M | — | — | — | — | — | — | — | — | — | — | — | — | — | |
| USD/shares | — | -$1.55 | -$1.38 | -$0.92 | -$0.60 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| shares | — | — | — | — | — | — | 9.4M | 6.24M | 3.18M | 3.18M | 3.18M | 3.18M | 3.18M | 3.06M | 2.69M | 2.71M | 2.63M | — | — | — |
| shares | — | — | 15.23M | 13.45M | 13.04M | — | — | 3.07M | 3.18M | 3.18M | 3.18M | 3.18M | 3.18M | 3.06M | 2.69M | 2.71M | 2.63M | — | — | — |
Capital Returned to Shareholders
Cash spent on share repurchases and dividends per fiscal year, as reported on the cash-flow statement. Across FY2012–FY2020: $620.38K in buybacks.
Debt Profile
Annual debt figures are established from 10-K filings and updated by subsequent 10-Q and 8-K disclosures. Instrument balances are not summed into a company total unless the filing itself reports that total.
Price & Valuation
Multiples computed on the strict TTM/EV methodology — today's snapshot against peers, and each ratio recomputed as of past filing dates.
Valuation
Peer medians compare against the 12 similar-size Pollution & Treatment Controls companies (of 18 listed).
Valuation over time computed as of each quarter's filing date
Revenue Breakdown
Annual revenue as the company disaggregates it in its own XBRL filings. Years a component wasn't reported show a dash.
Share mode is each component's slice of the reported components that year — issuers rarely tag every revenue dollar, so slices need not sum to total revenue.
By Product & Service (USD)
| Component | FY2025 | FY2024 | FY2023 |
|---|---|---|---|
| Treatability Study Services | $645,000 | $217,000 | $88,134 |