SCWO · 374Water Inc.
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. Presently, the Company will need additional debt or equity financing or a combination of both to continue its operations and meet its financial obligations for at least the next twelve months from the date these unaudited condensed interim consolidated financial statements were issued and beyond.”View the 10-Q filed May 14, 2026
One customer — 88% of revenue (the three months ended March 31, 2026)
“For the three months ended March 31, 2026, we generated approximately 88% of our total consolidated revenues from one customer.”
2 customers — 69% of revenue (the three months ended March 31, 2025)
“For the three months ended March 31, 2025, we generated approximately 69% and 25% of our consolidated revenues with two customers, respectively.”
2 customers — 25% of revenue (the three months ended March 31, 2025)
“For the three months ended March 31, 2025, we generated approximately 69% and 25% of our consolidated revenues with two customers, respectively.”
One customer — 95% of receivables (March 31, 2026)
“At March 31, 2026, one customer comprised approximately 95% of our consolidated accounts receivable (which is also reflected in unearned revenue).”
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 extracted from the company's SEC filings — 10-K annual and 10-Q quarterly reports — and standardised for comparison across periods.
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| $6M – $8M | $223.09K | $215.04K | $445.45K | $743.95K | $3.02M | $48.1K | $40K | $24K | $190.09K | $852.44K | $587.61K | $529.86K | $1.27M | $837.81K | $478.45K | $284.76K | |
| — | $2.36M | $2.57M | $1.36M | $1.85M | $2.68M | $0 | — | — | — | — | — | — | $136.93K | $136.93K | $136.93K | $136.93K | |
| — | -$2.14M | -$2.35M | -$912.71K | -$1.11M | $336.5K | — | — | — | — | — | — | $529.68K | $1.13M | $700.89K | $341.52K | $147.83K | |
| — | — | -1093.48% | -204.9% | -148.97% | 11.16% | — | — | — | — | — | — | 99.97% | 89.19% | 83.66% | 71.38% | 51.91% | |
| — | $2.44M | $2.52M | $2.14M | $1.5M | $1.11M | $375.03K | $114.56K | $218.92K | $630.74K | $210.62K | $331.04K | $627.89K | $4.15M | $3.79M | $3.33M | $2.01M | |
| — | $5.71M | $5.21M | $3.83M | $2.68M | $1.57M | $1.1M | $323.81K | $217.51K | $239.35K | $210.49K | $318.07K | $272.28K | $5M | $4.49M | $3.65M | $2.67M | |
| — | — | $73.37K | $70.04K | $67.72K | $65.13K | — | $0 | $5000 | $12.37K | $22.18K | $18.01K | $61.05K | — | — | — | — | |
| — | — | $752.03K | $226.04K | $85.82K | $67.57K | $46.05K | $0 | $5634 | $19.96K | $36.45K | $32.37K | $76.58K | $659.74K | $423.29K | — | — | |
| — | $19.82M | $18.8M | $11.89M | $7.53M | $5.09M | $3.21M | $438.37K | $436.43K | $870.09K | $421.12K | $649.11K | $900.17K | $11.79M | $10.92M | $9.62M | $4.68M | |
| — | -$21.96M | -$21.15M | -$12.8M | -$8.64M | -$4.76M | -$3.17M | -$398.37K | -$412.43K | -$680K | $431.33K | -$61.49K | -$370.31K | -$10.66M | -$10.22M | -$9.28M | -$4.53M | |
| — | — | -9834.15% | -2874.26% | -1161.75% | -157.72% | -6582.14% | -995.91% | -1718.45% | -357.72% | 50.6% | -10.46% | -69.89% | -841.43% | -1219.86% | -1938.67% | -1591.35% | |
| — | — | -$20.4M | -$12.58M | -$8.56M | -$4.69M | -$3.12M | -$398.37K | -$406.8K | -$660.04K | $467.77K | -$29.12K | -$293.73K | -$10M | -$9.8M | — | — | |
| — | $214.21K | — | — | — | — | — | $135.3K | $33.31K | $699 | $27.78K | $62.27K | $57.19K | -$633.93K | -$505.07K | $357.91K | $343.71K | |
| — | — | — | — | — | — | — | — | $0 | $1621 | $806 | $861 | $861 | $2401 | $2401 | $2401 | $2401 | |
| — | $111.58K | $172.01K | $369.14K | $539.35K | $66.16K | $1400 | -$135.3K | -$102.49K | $922 | -$26.98K | -$62.27K | -$56.33K | -$575.52K | -$446.66K | -$336.25K | -$325.29K | |
| — | -$21.85M | -$20.98M | -$12.43M | -$8.1M | -$4.69M | -$3.16M | -$533.66K | -$514.92K | -$679.08K | $404.35K | -$123.76K | -$426.63K | -$11.23M | -$10.67M | -$9.61M | -$4.86M | |
| — | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | — | — | — | — | — | — | — | — | |
| — | -$21.85M | -$20.98M | -$12.43M | -$8.1M | -$4.69M | -$3.16M | -$533.66K | -$514.92K | -$679.08K | $404.35K | -$123.76K | -$426.63K | -$11.23M | -$10.67M | -$9.61M | -$4.86M | |
| — | — | -9754.16% | -2791.39% | -1089.25% | -155.53% | -6579.23% | -1334.15% | -2145.48% | -357.23% | 47.43% | -21.06% | -80.52% | -886.87% | -1273.17% | -2008.95% | -1705.58% | |
| — | — | — | -$12.43M | -$8.1M | -$4.71M | — | — | — | — | — | — | — | — | — | — | — | |
| USD/shares | — | — | -$1.38 | -$0.90 | — | — | — | — | — | — | — | — | — | — | — | — | — |
| shares | — | — | — | — | — | — | 9.4M | 3.07M | 3.18M | 3.18M | 3.18M | 3.18M | 3.18M | 3.06M | 2.69M | 2.71M | — |
| shares | — | — | 15.23M | 13.45M | — | — | — | 3.07M | 3.18M | 3.18M | 3.18M | 3.18M | 3.18M | 3.06M | 2.69M | 2.71M | — |
Capital Returned to Shareholders
Cash spent on share repurchases and dividends per fiscal year, as reported on the cash-flow statement. Across FY2012–FY2020: $1.26M in buybacks.
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
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 |