What is 374Water Inc's earnings per share (EPS)?

374Water Inc (SCWO) reported diluted earnings per share of $-1.38 for fiscal year 2025. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

374Water Inc Financials

SCWO

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows 374Water Inc (SCWO) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 18 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Financial Profile 19/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

374Water Inc has an operating margin of -9834.1%, meaning the company retains $-9834 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is down from -2874.3% the prior year.

Growth

374Water Inc's revenue declined 51.7% year-over-year, from $445K to $215K. This contraction results in a growth score of 0/100.

Leverage

374Water Inc carries a low D/E ratio of 0.70, meaning only $0.70 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 88/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

374Water Inc's current ratio of 1.40 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 23/100, which could limit financial flexibility.

Cash Flow

While 374Water Inc generated -$14.3M in operating cash flow, capex of $1.9M consumed most of it, leaving -$16.2M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.

Returns

374Water Inc generates a -311.9% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is down from -80.3% the prior year.

Piotroski F-Score Weak

2/9

374Water Inc passes 2 of 9 financial strength tests. 1 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality Low Quality

0.68x

For every $1 of reported earnings, 374Water Inc generates $0.68 in operating cash flow (-$14.3M OCF vs -$21.0M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Key Financial Metrics

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Earnings & Revenue

Revenue

$215K

YoY-51.7%

5Y CAGR+20.0%

10Y CAGR-8.6%

374Water Inc generated $215K in revenue in fiscal year 2025. This represents a decrease of 51.7% from the prior year.

EBITDA

-$20.4M

YoY-62.2%

374Water Inc's EBITDA was -$20.4M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 62.2% from the prior year.

Net Income

-$21.0M

YoY-68.7%

374Water Inc reported -$21.0M in net income in fiscal year 2025. This represents a decrease of 68.7% from the prior year.

EPS (Diluted)

$-1.38

374Water Inc earned $-1.38 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 1433.3% from the prior year.

Cash & Balance Sheet

Free Cash Flow

-$16.2M

YoY-45.6%

374Water Inc generated -$16.2M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 45.6% from the prior year.

Cash & Debt

$3.2M

YoY-70.0%

5Y CAGR+113.7%

10Y CAGR+88.7%

374Water Inc held $3.2M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

17M

374Water Inc had 17M shares outstanding in fiscal year 2025. This represents a decrease of 88.1% from the prior year.

Margins & Returns

Gross Margin

-1093.5%

YoY-888.6pp

5Y CAGR-1177.0pp

10Y CAGR-1193.5pp

374Water Inc's gross margin was -1093.5% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 888.6 percentage points from the prior year.

Operating Margin

-9834.1%

YoY-6959.9pp

5Y CAGR-9820.7pp

10Y CAGR-9764.3pp

374Water Inc's operating margin was -9834.1% in fiscal year 2025, reflecting core business profitability. This is down 6959.9 percentage points from the prior year.

Net Margin

-9754.2%

YoY-6962.8pp

5Y CAGR-9800.8pp

10Y CAGR-9673.6pp

374Water Inc's net profit margin was -9754.2% in fiscal year 2025, showing the share of revenue converted to profit. This is down 6962.8 percentage points from the prior year.

Return on Equity

-311.9%

YoY-231.6pp

5Y CAGR-670.5pp

374Water Inc's ROE was -311.9% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 231.6 percentage points from the prior year.

Capital Allocation

R&D Spending

$2.5M

YoY+17.8%

5Y CAGR+112.9%

10Y CAGR+14.9%

374Water Inc invested $2.5M in research and development in fiscal year 2025. This represents an increase of 17.8% from the prior year.

Share Buybacks

N/A

Capital Expenditures

$1.9M

YoY+242.1%

374Water Inc invested $1.9M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 242.1% from the prior year.

SCWO Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$215K-51.7%	$445K-40.1%	$744K-75.3%	$3.0M+6169.3%	$48K-44.4%	$87K
Cost of Revenue	$2.6M+89.0%	$1.4M-26.7%	$1.9M-30.9%	$2.7M	$0-100.0%	$14K
Gross Profit	-$2.4M-157.6%	-$913K+17.6%	-$1.1M-429.3%	$337K+599.6%	$48K-33.5%	$72K
R&D Expenses	$2.5M+17.8%	$2.1M+43.3%	$1.5M+34.4%	$1.1M+196.9%	$375K+549.8%	$58K
SG&A Expenses	$5.2M+35.9%	$3.8M+43.2%	$2.7M+70.9%	$1.6M+42.9%	$1.1M+6165.4%	$17K
Operating Income	-$21.1M-65.2%	-$12.8M-48.1%	-$8.6M-81.7%	-$4.8M-50.2%	-$3.2M-27045.7%	-$12K
Interest Expense	N/A	N/A	N/A	N/A	N/A	$135K
Income Tax	N/A	$0	$0	$0	$0	$0
Net Income	-$21.0M-68.7%	-$12.4M-53.4%	-$8.1M-72.8%	-$4.7M-48.2%	-$3.2M-7945.4%	$40K
EPS (Diluted)	$-1.38	$-0.09-50.0%	$-0.06	N/A	N/A	N/A

Metric	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23
Revenue	$760K+27.8%	$595K+9.6%	$543K+4480.8%	$12K-85.5%	$81K+121.3%	$37K-88.3%	$315K	N/A
Cost of Revenue	$548K-37.1%	$871K+115.2%	$405K-38.2%	$655K+1444.4%	$42K-2.6%	$44K-92.9%	$617K	N/A
Gross Profit	$213K+176.9%	-$276K-299.9%	$138K+121.5%	-$643K-1745.2%	$39K+681.5%	-$7K+97.8%	-$302K	N/A
R&D Expenses	$756K+42.3%	$531K-0.5%	$534K-13.5%	$617K+45.4%	$425K-25.1%	$567K+5.9%	$535K	N/A
SG&A Expenses	$1.5M+23.5%	$1.2M+25.7%	$942K-53.9%	$2.0M+216.8%	$645K-21.7%	$823K+156.2%	$321K	N/A
Operating Income	-$4.4M+6.0%	-$4.6M-22.5%	-$3.8M+21.8%	-$4.8M-76.6%	-$2.7M+9.2%	-$3.0M-37.2%	-$2.2M	N/A
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	$0	$0	$0	$0	$0	$0	$0	N/A
Net Income	-$4.3M+5.1%	-$4.6M-23.8%	-$3.7M+22.6%	-$4.8M-76.8%	-$2.7M+7.9%	-$2.9M-44.8%	-$2.0M	N/A
EPS (Diluted)	$0.03+200.0%	$-0.030.0%	$-0.03	N/A	$0.02+200.0%	$-0.020.0%	$-0.02	N/A

SCWO Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$11.4M-40.5%	$19.2M+19.0%	$16.1M+62.6%	$9.9M-20.1%	$12.4M+11858.2%	$104K
Current Assets	$5.9M-60.7%	$14.9M-0.1%	$14.9M+70.8%	$8.7M-23.1%	$11.3M+10905.3%	$103K
Cash & Equivalents	$3.2M-70.0%	$10.7M+2.0%	$10.4M+158.1%	$4.0M-63.6%	$11.1M+15403.2%	$72K
Inventory	$1.5M-13.5%	$1.7M-25.3%	$2.3M+37.1%	$1.7M	$0	N/A
Accounts Receivable	$669K+148.0%	$270K+316.3%	$65K	$0	$0	$0
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$4.7M+26.2%	$3.7M+169.9%	$1.4M-17.4%	$1.7M+1825.7%	$86K-6.7%	$93K
Current Liabilities	$4.2M+33.8%	$3.1M+127.6%	$1.4M-17.4%	$1.7M+1825.7%	$86K-6.7%	$93K
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	$97K
Total Equity	$6.7M-56.5%	$15.5M+4.9%	$14.7M+78.7%	$8.3M-33.0%	$12.3M+109474.1%	$11K
Retained Earnings	-$49.9M-75.9%	-$28.4M-77.9%	-$16.0M-103.2%	-$7.8M-148.4%	-$3.2M-68900.7%	$5K

Metric	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23
Total Assets	$11.4M-8.1%	$12.4M-22.7%	$16.0M-16.7%	$19.2M+90.7%	$10.1M-17.6%	$12.2M-16.0%	$14.5M-9.8%	$16.1M
Current Assets	$6.2M-17.1%	$7.5M-35.0%	$11.6M-22.2%	$14.9M+144.9%	$6.1M-31.0%	$8.8M-34.0%	$13.3M-10.4%	$14.9M
Cash & Equivalents	$933K-56.6%	$2.1M-68.8%	$6.9M-35.4%	$10.7M+443.3%	$2.0M-61.4%	$5.1M-35.9%	$7.9M-24.0%	$10.4M
Inventory	$1.9M+4.2%	$1.8M-2.9%	$1.9M+10.3%	$1.7M+26.6%	$1.3M+32.3%	$1.0M-60.9%	$2.6M+14.3%	$2.3M
Accounts Receivable	$644K-25.5%	$864K+818.0%	$94K-65.1%	$270K-6.6%	$289K+402.8%	$57K-31.9%	$84K+30.1%	$65K
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$4.9M+41.3%	$3.4M+1.2%	$3.4M-8.3%	$3.7M+132.6%	$1.6M+3.8%	$1.5M-5.9%	$1.6M+18.9%	$1.4M
Current Liabilities	$4.3M+50.4%	$2.9M+1.2%	$2.8M-8.9%	$3.1M+96.1%	$1.6M+3.8%	$1.5M-5.9%	$1.6M+18.9%	$1.4M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$6.5M-27.1%	$8.9M-29.1%	$12.6M-18.7%	$15.5M+82.8%	$8.5M-20.7%	$10.7M-17.3%	$12.9M-12.5%	$14.7M
Retained Earnings	-$41.0M-11.9%	-$36.7M-14.3%	-$32.1M-13.0%	-$28.4M-20.2%	-$23.6M-12.9%	-$20.9M-16.3%	-$18.0M-12.7%	-$16.0M

SCWO Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	-$14.3M-35.3%	-$10.6M-17.2%	-$9.0M-82.6%	-$4.9M-168.8%	-$1.8M-2942.8%	$65K
Capital Expenditures	$1.9M+242.1%	$555K+423.6%	$106K-26.7%	$145K+12048.5%	$1K	$0
Free Cash Flow	-$16.2M-45.6%	-$11.1M-21.9%	-$9.1M-79.5%	-$5.1M-176.5%	-$1.8M-2944.6%	$65K
Investing Cash Flow	-$1.9M-190.4%	-$654K-135.3%	$1.9M+185.7%	-$2.2M-7721.4%	$28K+10407.3%	-$275
Financing Cash Flow	$8.8M-23.4%	$11.4M-15.7%	$13.6M+54109.5%	$25K-99.8%	$12.9M+627189.5%	$2K
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	$300K

Metric	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23
Operating Cash Flow	-$2.6M+37.4%	-$4.1M-18.1%	-$3.5M-13.0%	-$3.1M-20.6%	-$2.6M-5.7%	-$2.4M+3.3%	-$2.5M-7.4%	-$2.3M
Capital Expenditures	$457K+2846.7%	$16K-94.8%	$297K-38.1%	$480K+1560.3%	$29K-37.3%	$46K	$0-100.0%	$54K
Free Cash Flow	-$3.0M+26.6%	-$4.1M-9.2%	-$3.8M-6.2%	-$3.6M-37.8%	-$2.6M-4.9%	-$2.5M+1.5%	-$2.5M-5.0%	-$2.4M
Investing Cash Flow	-$457K+24.4%	-$605K-103.3%	-$297K-186.0%	$346K+157.9%	-$597K-48.6%	-$402K-67972.9%	-$590+98.9%	-$54K
Financing Cash Flow	$1.8M+48959.3%	-$4K-115.6%	$24K-99.8%	$11.4M+30343.5%	$38K+246.4%	-$26K	$0-100.0%	$30K
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

SCWO Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	-1093.5%-888.6pp	-204.9%-55.9pp	-149.0%-160.1pp	11.2%-88.8pp	100.0%+16.4pp	83.5%
Operating Margin	-9834.1%-6959.9pp	-2874.3%-1712.5pp	-1161.8%-1004.0pp	-157.7%+6424.4pp	-6582.1%-6568.7pp	-13.5%
Net Margin	-9754.2%-6962.8pp	-2791.4%-1702.1pp	-1089.3%-933.7pp	-155.5%+6423.7pp	-6579.2%-6625.8pp	46.6%
Return on Equity	-311.9%-231.6pp	-80.3%-25.4pp	-54.9%+1.9pp	-56.8%-31.2pp	-25.7%-384.2pp	358.6%
Return on Assets	-183.9%-119.1pp	-64.8%-14.5pp	-50.3%-3.0pp	-47.3%-21.8pp	-25.5%-64.3pp	38.9%
Current Ratio	1.40-3.4	4.76-6.1	10.85+5.6	5.25-126.2	131.41+130.3	1.11
Debt-to-Equity	0.70+0.5	0.24+0.1	0.09-0.1	0.20+0.2	0.01-8.6	8.64
FCF Margin	-7544.9%-5043.0pp	-2501.9%-1273.2pp	-1228.7%-1059.8pp	-168.9%+3660.9pp	-3829.8%-3904.6pp	74.8%

Metric	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23
Gross Margin	28.0%+74.4pp	-46.5%-71.9pp	25.5%+5449.3pp	-5423.8%-5471.8pp	48.0%+66.2pp	-18.3%+77.5pp	-95.8%	N/A
Operating Margin	-573.5%+206.1pp	-779.5%-82.5pp	-697.0%+40136.5pp	-40833.5%-37469.0pp	-3364.5%+4834.9pp	-8199.4%-7501.2pp	-698.2%	N/A
Net Margin	-571.9%+197.9pp	-769.9%-88.9pp	-681.0%+39598.3pp	-40279.3%-36963.8pp	-3315.5%+4648.2pp	-7963.7%-7321.6pp	-642.1%	N/A
Return on Equity	-66.9%-15.6pp	-51.4%-22.0pp	-29.4%+1.5pp	-30.9%+1.1pp	-31.9%-4.5pp	-27.5%-11.8pp	-15.7%	N/A
Return on Assets	-38.3%-1.2pp	-37.1%-13.9pp	-23.2%+1.7pp	-24.9%+2.0pp	-26.9%-2.8pp	-24.0%-10.1pp	-13.9%	N/A
Current Ratio	1.44-1.2	2.61-1.5	4.07-0.7	4.76+0.9	3.81-1.9	5.73-2.4	8.17-2.7	10.85
Debt-to-Equity	0.75+0.4	0.39+0.1	0.27+0.0	0.24+0.1	0.19+0.0	0.14+0.0	0.13+0.0	0.09
FCF Margin	-399.9%+296.3pp	-696.2%+2.0pp	-698.2%+29429.5pp	-30127.7%-26946.2pp	-3181.5%+3530.7pp	-6712.2%-5916.5pp	-795.7%	N/A

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Frequently Asked Questions

What is 374Water Inc's annual revenue?

374Water Inc (SCWO) reported $215K in total revenue for fiscal year 2025. This represents a -51.7% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is 374Water Inc's revenue growing?

374Water Inc (SCWO) revenue declined by 51.7% year-over-year, from $445K to $215K in fiscal year 2025.

Is 374Water Inc profitable?

No, 374Water Inc (SCWO) reported a net income of -$21.0M in fiscal year 2025, with a net profit margin of -9754.2%.

What is 374Water Inc's EBITDA?

374Water Inc (SCWO) had EBITDA of -$20.4M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

What is 374Water Inc's gross margin?

374Water Inc (SCWO) had a gross margin of -1093.5% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is 374Water Inc's operating margin?

374Water Inc (SCWO) had an operating margin of -9834.1% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is 374Water Inc's net profit margin?

374Water Inc (SCWO) had a net profit margin of -9754.2% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is 374Water Inc's return on equity (ROE)?

374Water Inc (SCWO) has a return on equity of -311.9% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is 374Water Inc's free cash flow?

374Water Inc (SCWO) generated -$16.2M in free cash flow during fiscal year 2025. This represents a -45.6% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is 374Water Inc's operating cash flow?

374Water Inc (SCWO) generated -$14.3M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are 374Water Inc's total assets?

374Water Inc (SCWO) had $11.4M in total assets as of fiscal year 2025, including both current and long-term assets.

What are 374Water Inc's capital expenditures?

374Water Inc (SCWO) invested $1.9M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does 374Water Inc spend on research and development?

374Water Inc (SCWO) invested $2.5M in research and development during fiscal year 2025.

How many shares does 374Water Inc have outstanding?

374Water Inc (SCWO) had 17M shares outstanding as of fiscal year 2025.

What is 374Water Inc's current ratio?

374Water Inc (SCWO) had a current ratio of 1.40 as of fiscal year 2025, which is considered adequate.

What is 374Water Inc's debt-to-equity ratio?

374Water Inc (SCWO) had a debt-to-equity ratio of 0.70 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is 374Water Inc's return on assets (ROA)?

374Water Inc (SCWO) had a return on assets of -183.9% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is 374Water Inc's cash runway?

Based on fiscal year 2025 data, 374Water Inc (SCWO) had $3.2M in cash against an annual operating cash burn of $14.3M. This gives an estimated cash runway of approximately 3 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

What is 374Water Inc's Piotroski F-Score?

374Water Inc (SCWO) has a Piotroski F-Score of 2 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are 374Water Inc's earnings high quality?

374Water Inc (SCWO) has an earnings quality ratio of 0.68x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is 374Water Inc?

374Water Inc (SCWO) scores 19 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.