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374Water Inc. (SCWO+1.40%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing revenues of $81,490, primarily from treatability services, compared to $12,290 in the same quarter the previous year.
Cost of revenues for the quarter was $42,404, down from $178,680 in the same quarter of the previous year, reflecting a decrease in manufacturing costs as the company nears the end of fabrication and testing of its sold unit.
The company reported a net loss of $2,701,817 for the quarter, compared to $1,731,431 in the previous year, attributed to increased expenses in general and administrative, compensation, and professional fees.
Operating expenses increased to $2,780,825 from $1,715,994, primarily due to higher stock-based compensation, travel, and legal expenses.
Cash used in operating activities was $7,497,734 for the nine months ended September 30, 2024, compared to $6,699,629 in the previous year, due to increased net loss and operating expenses.
Cash used in investing activities was $999,207, primarily for property, equipment, and equipment-in-process purchases.
Cash provided by financing activities was $11,912, primarily from net proceeds through at-the-market offerings.
The company had a working capital of $4,484,164 as of September 30, 2024, with an accumulated deficit of $23,612,106.
The filing highlights the company's need for additional financing to continue operations and meet financial obligations over the next twelve months.
374Water continues to focus on commercializing its AirSCWO systems for waste treatment, with a demonstration system deployed in Orlando, Florida.
The company is evaluating strategies for additional funding, including public equity markets, private equity financings, and collaborative arrangements.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the 374Water Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.