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374Water Inc. (SCWO-0.61%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details 374Water's business operations, focusing on its proprietary AirSCWO system designed for organic waste destruction and waste management. The company targets municipal, federal, and industrial markets.
In 2024, 374Water reported revenues of $445,445, a decrease from $743,952 in 2023. The decrease is attributed to fewer milestones reached and reduced direct contract costs.
The company incurred a net loss of $12,434,114 for 2024, compared to a net loss of $8,103,522 in 2023. The increase in net loss is due to higher operating expenses, including research and development, compensation, and professional fees.
374Water's operating expenses rose to $11,890,551 in 2024 from $7,534,620 in 2023, driven by increased research and development costs and compensation expenses.
The company raised approximately $11.4 million through a registered direct offering of common stock and warrants in November 2024.
As of December 31, 2024, 374Water had working capital of $11,760,131 and an accumulated deficit of $28,387,618.
The filing notes that 374Water is focused on scaling revenue and operations in 2025, with plans to deploy additional AirSCWO systems and expand its manufacturing capacity.
The company acknowledges the need for additional financing to continue operations and meet financial obligations over the next 12 months.
374Water faces risks related to its financial position, including the need for additional capital and the potential impact of competition and regulatory requirements on its business.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the 374Water Inc. annual 10-K report dated March 28, 2025. To report an error, please email earnings@qz.com.