SCWO · 374Water Inc. · Holdings

$2.53 -0.01 (-0.39%) At close · Nov 4 Q3 2025 earnings call transcript

Customer concentration — top customer 88% of revenue

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.”

View the 10-Q filed Aug 14, 2026

Market Cap

$44.30M

17.72M

Volume · Nov 4 16.57K Avg daily vol (3M) 46.23K

Institutional ownership from SEC Form 13F filings. Investment managers with more than $100 million in U.S. equities must disclose their positions every quarter, within 45 days of quarter-end, so the holdings shown can lag the market by up to a quarter.

Use institutional holdings through the 13F API or MCP → See every holder of SCWO: 13F, 13D and 13G, insiders and funds →

Some SEC filings for this period have not finished importing. Holder totals and changes may be incomplete; these filings remain queued for recovery.

The Sep 30, 2026 filing window is still open — showing the latest known positions. Funds that have not filed yet carry their prior-quarter positions; a fund that filed without this stock counts as sold out. Each fund's Change is measured against its own previous reported quarter, shown in the Reported column. Pick a completed quarter in the Quarter selector below to put every fund on one quarter and see the stock-wide activity breakdown.

Quarter:

Holders: 46

Total Value: $4,033,818

Total Shares: 1,856,964

Institutional Ownership Trend

21 quarters

Holder Concentration

Across 44 13F filers

Top Holder

18.1%

of institutional value

Top 5

53.7%

of institutional value

Top 10

76.1%

of institutional value

HHI

804

Broadly held

Who Holds SCWO

Last 8 quarters through Sep 30, 2026 (filing window open)

Each kind of 13F filer's share of the common shares 13F filers report. Holder type comes from regulatory records, never the filer's name; style, turnover and horizon are measured from each filer's own 13F book. The quarter selector does not change this card.

Jun 30, 2026, the newest closed quarter: 44 filers, like-for-like change +2.4%; actively managed books -0.5%; index-like books +7.7%.

Holder type	Share	Filers	Change	New	Exited
Registered adviser	61.0%	17	-3.9%	1	4
Exempt adviser	0.8%	1	new	1	0
Bank	5.2%	8	-6.3%	2	2
Holding company	9.9%	3	+18.3%	0	0
Non-US	0.0%	0	—	0	0
Broker-dealer	0.0%	0	—	0	0
Adviser	0.0%	0	—	0	0
Insurer	0.0%	0	—	0	0
Benefit plan	0.0%	0	—	0	0
Unknown	23.1%	15	+14.5%	2	3

Style	Share	Filers	Change	New	Exited
Index-like	37.9%	7	+7.7%	0	0
Systematic-like	5.8%	5	+34.6%	3	0
Concentrated	17.9%	8	-3.7%	0	4
Diversified active	38.4%	24	-2.8%	3	5
Not measured	0.0%	0	—	0	0
Unknown	0.0%	0	—	0	0

Turnover	Share	Filers	Change	New	Exited
Low turnover	52.7%	28	+1.6%	1	6
Medium turnover	17.9%	5	-2.0%	1	2
High turnover	7.2%	8	+10.9%	4	1
Unknown	22.1%	3	+5.8%	0	0
Not measured	0.0%	0	—	0	0

Holding horizon	Share	Filers	Change	New	Exited
Short horizon	22.9%	5	+9.3%	2	0
Medium horizon	25.8%	7	+14.8%	0	2
Long horizon	49.8%	30	-5.7%	3	6
Unknown	1.6%	2	+9.5%	1	1
Not measured	0.0%	0	—	0	0

13F book size	Share	Filers	Change	New	Exited
Under $1B	12.1%	7	-11.2%	1	4
$1B to $10B	14.0%	10	+2.4%	1	3
$10B to $100B	24.7%	8	+3.5%	1	0
$100B or more	49.2%	19	+5.9%	3	2
Not measured	0.0%	0	—	0	0

Client base	Share	Filers	Change	New	Exited
Individuals and high net worth	11.9%	8	-13.3%	0	4
Pooled investment vehicles	4.4%	4	-0.6%	1	0
Registered funds and BDCs	24.1%	2	-2.6%	0	0
Pension and profit sharing plans	11.6%	1	0.0%	0	0
Other investment advisers	0.0%	1	0.0%	0	0
Diversified	9.0%	1	0.0%	0	0
Insurance companies	0.0%	0	—	0	0
Governments and sovereign funds	0.0%	0	—	0	0
Unknown	39.0%	27	+14.4%	5	5

Private funds	Share	Filers	Change	New	Exited
Hedge funds	5.1%	4	+17.8%	2	0
Private equity funds	10.1%	3	+0.6%	0	0
Other private funds	11.6%	2	0.0%	0	0
No private funds	35.1%	9	-6.7%	0	4
Real estate funds	0.0%	0	—	0	0
Private funds, type not stated	0.0%	0	—	0	0
Securitized asset funds	0.0%	0	—	0	0
Mixed private funds	0.0%	0	—	0	0
Unknown	38.2%	26	+12.0%	4	5

Location	Share	Filers	Change	New	Exited
United States	96.1%	38	+1.1%	2	7
Outside the US	3.9%	6	+50.0%	4	2

The Sep 30, 2026 filing window is still open, so its bar carries the Jun 30, 2026 positions of filers that have not filed yet.

How the mix is measured

Shares are 13F common shares restated to today's split basis; options and principal amounts are left out. The change compares only filers with a 13F in both quarters and keeps each filer in its bucket of the later quarter on both sides; a filer that continues under a new CIK is compared through its successor. Holder type comes from each filer's current regulatory profile; client base and private funds come from the Form ADV roster current at each quarter end (rosters from December 2019, so an earlier quarter reads Unknown). Style, turnover, horizon and book size are measured from each filer's 13F book in the newest measured quarter, and Not measured means none was. Actively managed books are those measured systematic-like, concentrated or diversified active.

Conviction and Crowding

44 13F filers, quarter ended Jun 30, 2026

Measured across every 13F filer's common-share book once the quarter's filing window closed. Crowding counts filers with high turnover or that advise private funds on Form ADV.

Conviction holders

0.000% of filers hold it in their top 10

Mar 31, 2026: 0

Holders above 5%

median weight 0.000%

Mar 31, 2026: 0

Crowding

2.94%

of shares outstanding, 11th percentile

Mar 31, 2026: 2.87%

Private-fund advisers

2.73%

of shares outstanding

Institutional ownership

10.2%

15.7% of the estimated free float

Top 10 holders

76.1%

of 13F shares, Herfindahl 0.080

Active holders

-0.5%

like-for-like share change of active filers

5% stakes on record

1 13D, 0 13G

How long holders have held it value-weighted 10.5 quarters

Under 1 year 27.5% 1 to 3 years 19.6% 3 years or more 52.9% Since coverage start 0.000%

Managers in the top fifth by current three-year FundScore alpha were net buyers of $0 (0 buying, 0 selling).

Estimated Holder Cost Basis

Quarter ended Jun 30, 2026, on that quarter's share basis

Estimated, never filed: each 13F buy is costed at its quarter's average traded price and each sale keeps the average cost, so this is what holders paid on average if they traded evenly through each quarter.

Estimated avg cost

$17.87

estimated per share

Mar 31, 2026: $17.99

Quarter-end price

$1.90

implied by 13F values

Estimated gain or loss

-89.4%

price against the estimated cost

Estimated at a loss

100.0%

of costed 13F value

Estimated cost covers 24.5% of the 13F shares; positions already held when a filer's 13F history starts, or bought in a quarter without a trusted average price, have no estimate.

Shared Holders

Companies SCWO's active holders also own, quarter ended Jun 30, 2026

#	Company	Shared holders	Similarity
1	SHEL Shell plc	3	0.063
2	PEP Pepsico Inc	3	0.029
3	MCD Mcdonalds Corp	3	0.029
4	CVX Chevron Corp	3	0.025
5	XOM ExxonMobil Holdings Corp	3	0.024
6	JNJ Johnson & Johnson	3	0.023
7	BRK-B Berkshire Hathaway Inc	3	0.022
8	JPM Jpmorgan Chase & Co	3	0.021
9	AMZN Amazon Com Inc	3	0.019
10	AAPL Apple Inc.	3	0.019

Shareholder Targets

13F filers that own its peers but not SCWO, quarter ended Jun 30, 2026

Found through its holder-overlap peers: SHEL, PEP, MCD, CVX, XOM, JNJ, BRK-B, JPM, AMZN, AAPL, MSFT, GOOGL. 7,164 filers in all.

#	Filer	In peers	Of book	Largest peers
1	FMR LLC Holding company, Diversified active	$443,741,334,566 12 held	19.3%	GOOGL, AAPL, AMZN
2	VANGUARD PORTFOLIO MANAGEMENT LLC Registered adviser, Diversified active	$336,361,612,224 11 held	15.2%	AAPL, GOOGL, MSFT
3	NORGES BANK Non-US, Index-like	$231,874,733,644 11 held	23.1%	GOOGL, AAPL, MSFT
4	Invesco Ltd. Adviser, Diversified active	$204,629,027,983 12 held	16.2%	GOOGL, AAPL, MSFT
5	PRICE T ROWE ASSOCIATES INC /MD/ Registered adviser, Diversified active	$193,349,372,635 12 held	19.4%	GOOGL, AAPL, MSFT
6	BANK OF AMERICA CORP /DE/ Bank, Diversified active	$177,006,114,638 12 held	11.4%	GOOGL, AAPL, MSFT
7	Capital Research Global Investors Adviser, Diversified active	$140,667,919,209 12 held	19.7%	GOOGL, MSFT, AMZN
8	GOLDMAN SACHS GROUP INC Holding company, Index-like	$134,948,923,478 12 held	14.2%	GOOGL, AAPL, MSFT
9	CHARLES SCHWAB INVESTMENT MANAGEMENT INC Registered adviser, Diversified active	$125,122,614,911 12 held	16.7%	AAPL, GOOGL, MSFT
10	UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Registered adviser, Index-like	$118,373,937,755 12 held	21.6%	AAPL, GOOGL, MSFT

Fund Ownership of SCWO by Fund Type

Registered funds' Form N-PORT reports for the quarter ended Jun 30, 2026

Index funds and index ETFs hold 2.55% of shares outstanding.

Fund type	Of shares outstanding	Change	Shares	Funds
Index funds	0.51%	+0.01 pp	91,169	5
Index ETFs	2.03%	+0.21 pp	360,547	3
Active ETFs	0.00%	0.00 pp	0	0
Active funds	0.01%	+0.01 pp	2,468	1
Unclassified	0.00%	0.00 pp	0	0
All registered funds	2.56%	+0.24 pp	454,184	9

How fund types are measured

Each fund series counts once, with its latest Form N-PORT report dated inside the quarter; only long share positions count, restated to today's split basis. The fund type is the series' latest Form N-CEN answer on or before the quarter end (the index-fund box and the exchange-traded flag), never its name. Unclassified funds have no usable N-CEN; unit investment trusts are among them, so index ownership is a floor. Funds sit inside their advisers' 13F reports, so these shares overlap the 13F figures and are never added to them.

Holder type: Registered adviser 18 Exempt adviser 1 Bank 9 Holding company 3 Unknown 15

Showing 46 of 46

All Common Calls Puts

Compact Export CSV

Holder

Value (USD)

% of 13F

VANGUARD CAPITAL MANAGEMENT LLC

$613,297

15.20%

322,788

HAMILTON LANE ADVISORS LLC

$464,661

11.52%

160,228

D.A. DAVIDSON & CO.

$452,431

11.22%

156,011

CAPTRUST FINANCIAL ADVISORS

$392,802

9.74%

206,738

BlackRock, Inc.

$227,085

5.63%

119,519

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
BlackRock Investment Management, LLC	2,477	$4,706	2.1%	Sole
BlackRock Fund Advisors	37,759	$71,742	31.6%	Sole
BlackRock Institutional Trust Company, N.A.	79,283	$150,637	66.3%	Sole

Icon Wealth Advisors, LLC

$205,885

5.10%

108,361

GEODE CAPITAL MANAGEMENT, LLC

$204,745

5.08%

107,761

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
GEODE CAPITAL MANAGEMENT TRUST COMPANY, LLC	21,766	$41,355	20.2%	Defined
Held directly	85,995	$163,390	79.8%	Defined

ESSEX INVESTMENT MANAGEMENT CO LLC

$183,578

4.55%

63,303

Sigma Planning Corp

$161,103

3.99%

55,553

VANGUARD FIDUCIARY TRUST CO

$133,197

3.30%

70,104

SENTINEL TRUST CO LBA

$116,377

2.89%

40,130

RAYMOND JAMES FINANCIAL INC

$111,013

2.75%

58,428

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
RAYMOND JAMES & ASSOCIATES	1,378	$2,618	2.4%	Defined
Raymond James Financial Services Advisors, Inc.	57,050	$108,395	97.6%	Defined

OSAIC HOLDINGS, INC.

$95,670

2.37%

50,353

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
OSAIC WEALTH, INC.	394	$748	0.8%	Defined
CW Advisors, LLC	49,959	$94,922	99.2%	Sole

MILLENNIUM MANAGEMENT LLC

$92,072

2.28%

48,459

UBS Group AG

$72,359

1.79%

38,084

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
UBS AG	37,708	$71,645	99.0%	Defined
UBS Securities LLC	376	$714	1.0%	Defined

Uncommon Cents Investing LLC

$52,780

1.31%

18,200

NORTHERN TRUST CORP

$49,251

1.22%

25,922

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
NORTHERN TRUST CO joint	25,922	$49,251	100.0%	Defined

STATE STREET CORP

$44,034

1.09%

23,176

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
STATE STREET GLOBAL ADVISORS TRUST COMPANY	23,176	$44,034	100.0%	Defined

Trinity Legacy Partners, LLC

$44,007

1.09%

23,162

SUSQUEHANNA INTERNATIONAL GROUP, LLP

$43,616

1.08%

22,956

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
G1 EXECUTION SERVICES, LLC	22,956	$43,616	100.0%	Other

Mariner, LLC

$36,242

0.90%

19,075

Prospera Financial Services Inc

$33,250

0.82%

17,500

Compass Ion Advisors, LLC

$29,475

0.73%

10,164

CITADEL ADVISORS LLC

$27,979

0.69%

14,726

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
Citadel Securities GP LLC	14,726	$27,979	100.0%	Defined

Qube Research & Technologies Ltd

$27,124

0.67%

14,276

TWO SIGMA INVESTMENTS, LP

$25,891

0.64%

13,627

Westend Capital Management, LLC

$24,700

0.61%

13,000

XTX Topco Ltd

$24,667

0.61%

12,983

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
XTX EXECUTION SERVICES LLC joint	12,983	$24,667	100.0%	Defined

MORGAN STANLEY

$11,561

0.29%

6,085

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
MORGAN STANLEY SMITH BARNEY LLC	6,085	$11,561	100.0%	Defined

Avalon Trust Co

$8,170

0.20%

4,300

ROYAL BANK OF CANADA

$7,422

0.18%

3,907

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
RBC Capital Markets, LLC	3,893	$7,396	99.6%	Defined
Held directly	14	$26	0.4%	Sole

CITIGROUP INC

$5,518

0.14%

1,903

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
Citigroup Financial Products Inc. joint	1,903	$5,518	100.0%	Defined

Vanguard Global Advisers, LLC

$3,743

0.09%

1,970

FIFTH THIRD BANCORP

$2,470

0.06%

1,300

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
Fifth Third Bank, National Association	1,300	$2,470	100.0%	Defined

Tower Research Capital LLC (TRC)

$2,335

0.06%

1,229

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
Latour Trading LLC (Latour)	1,229	$2,335	100.0%	Defined

Graney & King, LLC

$1,425

0.04%

750

Smartleaf Asset Management LLC

$655

0.02%

345

BARCLAYS PLC

$269

0.01%

142

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
BARCLAYS CAPITAL INC.	142	$269	100.0%	Defined

WELLS FARGO & COMPANY/MN

$237

0.01%

125

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
WELLS FARGO ADVISORS FINANCIAL NETWORK, LLC	125	$237	100.0%	Defined

Clearstead Advisors, LLC

$190

0.00%

100

Blue Trust, Inc.

$145

0.00%

FIRST COMMUNITY TRUST NA

$145

0.00%

JPMORGAN CHASE & CO

$110

0.00%

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
J.P. Morgan Securities plc	58	$110	100.0%	Defined

JONES FINANCIAL COMPANIES LLLP

$76

0.00%

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
Edward D. Jones & Co., L.P.	40	$76	100.0%	Sole

Caitong International Asset Management Co., Ltd

$37

0.00%

Rockefeller Capital Management L.P.

$19

0.00%

This filing is a combination report: the position is filed across the managers below.

Manager	Shares	Value (USD)	% of position	Discretion
ROCKEFELLER FINANCIAL LLC	10	$19	100.0%	Defined

Key facts CIK 933972 CUSIP 88583P203 13F (30d) 11 filings 11 filers Visit website Investor relations