374Water Inc. (SCWO) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Sep 12, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q2 FY2026, filed Aug 14, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the SCWO SEC filings page.
374Water Inc. (SCWO) reported $215K in revenue for fiscal year 2025, down 51.7% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 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).
A development-stage cost structure is consuming capital as revenue contracts and balance-sheet flexibility narrows.
FY2025 R&D spending was$2.5M against$215K of revenue, showing investment is running far ahead of commercial scale. Operating cash flow was-$14.3M , tying that development-stage cost structure to an actual cash requirement.
Revenue fell from
Cash conversion did not soften the reported loss: net loss was
Financial Health Signals
374Water Inc. does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.
374Water Inc. scores -4.69, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($57.4M) relative to total liabilities ($4.7M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
374Water Inc. passes 2 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 1 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, neither operating efficiency signal passes.
374Water Inc. reported a net loss of $21.0M while operations used $14.3M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Key Financial Metrics
Earnings & Revenue
374Water Inc. generated $2.3M in revenue in Q2 2026. This represents an increase of 280.2% from the same quarter a year earlier. Against the prior quarter it is up 310.4%.
374Water Inc.'s EBITDA was -$1.4M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 68.5% from the same quarter a year earlier. Against the prior quarter it is up 67.9%.
374Water Inc. reported -$2.7M in net income in Q2 2026. This represents an increase of 41.1% from the same quarter a year earlier. Against the prior quarter it is up 41.0%.
374Water Inc. earned $0.15 per diluted share (EPS) in Q2 2026. This represents a decrease of 53.1% from the same quarter a year earlier. Against the prior quarter it is up 157.7%.
Cash & Balance Sheet
374Water Inc. recorded an outflow of $697K in free cash flow in Q2 2026, representing a cash shortfall after capex. This represents an increase of 83.2% from the same quarter a year earlier. Against the prior quarter it is up 75.6%.
374Water Inc. held $1.8M in cash as of Q2 2026; long-term debt is not reported for that period.
Not reported for Q2 2026.
Margins & Returns
374Water Inc.'s gross margin was 87.7% in Q2 2026, indicating the percentage of revenue retained after direct costs. This is up 134.1 percentage points from the same quarter a year earlier. Against the prior quarter it is up 24.5 percentage points.
374Water Inc.'s operating margin was -71.7% in Q2 2026, reflecting core business profitability. No change is given against Q2 2025: its reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
374Water Inc.'s ROE was -90.3% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is down 38.9 percentage points from the same quarter a year earlier. Against the prior quarter it is up 34.6 percentage points.
Not shown for Q2 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Capital Allocation
374Water Inc. invested $285K in research and development in Q2 2026. This represents a decrease of 46.4% from the same quarter a year earlier. Against the prior quarter it is down 36.7%.
374Water Inc. invested $907K in capex in Q2 2026, funding long-term assets and infrastructure. This represents an increase of 5751.8% from the same quarter a year earlier. Against the prior quarter it is up 162.3%.
Not reported for Q2 2026.
SCWO Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $2.3M+280.2% | $551K+1.5% | N/A | $760K+833.1% | $595K+1515.8% | $543K+72.3% | $12K | $81K+563.1% |
| Cost of Revenue | $279K-68.0% | $203K-49.9% | N/A | $548K+1191.8% | $871K+1901.1% | $405K-34.4% | $655K | $42K-76.3% |
| Gross Profit | $2.0M+817.5% | $348K+152.0% | N/A | $213K+444.0% | -$276K-4011.4% | $138K+145.8% | -$643K | $39K+123.5% |
| R&D Expenses | $285K-46.4% | $450K-15.7% | N/A | $756K+78.0% | $531K-6.2% | $534K-0.3% | $617K | $425K+33.7% |
| SG&A Expenses | $1.3M+12.9% | $1.4M+53.0% | N/A | $1.5M+126.9% | $1.2M+44.0% | $942K+193.5% | $996K | $645K+19.0% |
| Operating Income | -$1.6M+65.0% | -$4.6M-21.5% | N/A | -$4.4M-59.1% | -$4.6M-53.6% | -$3.8M-72.0% | -$4.8M | -$2.7M-45.7% |
| EBITDA | -$1.4M+68.5% | -$4.4M-21.2% | N/A | -$4.2M-54.1% | -$4.5M-49.4% | -$3.6M-66.4% | -$4.7M | -$2.7M-45.7% |
| Income Tax | $0 | $0 | N/A | $0 | $0 | $0 | $0 | $0 |
| Net Income | -$2.7M+41.1% | -$4.6M-23.6% | N/A | -$4.3M-61.0% | -$4.6M-56.2% | -$3.7M-82.7% | -$4.8M | -$2.7M-56.0% |
| EPS (Diluted) | $0.15-53.1% | -$0.26 | -$1.47 | $0.03+50.0% | $0.32+1700.0% | -$0.26 | -$0.98 | $0.02 |
| Diluted Shares (Avg) | 18M+21.4% | 17M | N/A | 151M+13.9% | 15M-89.1% | 14M | N/A | 133M |
Not reported in any period shown, so not listed: Interest Expense, EPS (Basic).
SCWO Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $13.0M+5.2% | $11.0M-31.1% | $11.4M-40.5% | $11.4M+12.9% | $12.4M+1.2% | $16.0M+9.9% | $19.2M+19.0% | $10.1M-44.2% |
| Current Assets | $6.0M-20.1% | $5.2M-55.4% | $5.9M-60.7% | $6.2M+2.6% | $7.5M-14.6% | $11.6M-13.2% | $14.9M-0.1% | $6.1M-63.9% |
| Cash & Equivalents | $1.8M-17.3% | $447K-93.5% | $3.2M-70.0% | $933K-52.4% | $2.1M-57.7% | $6.9M-13.3% | $10.7M+2.0% | $2.0M-84.7% |
| Short-Term Investments | $60K | $5K | $0 | $0 | $0 | $0 | $0 | $0 |
| Inventory | $1.6M-10.2% | $1.8M-5.5% | $1.5M-13.5% | $1.9M+41.2% | $1.8M+79.3% | $1.9M-27.9% | $1.7M-25.3% | $1.3M-29.6% |
| Accounts Receivable | $624K-27.8% | $2.4M+2456.8% | $669K+148.0% | $644K+122.9% | $864K+1403.9% | $94K+11.6% | $270K+316.3% | $289K+1622.9% |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities | $10.0M+190.8% | $7.3M+116.0% | $4.7M+26.2% | $4.9M+205.1% | $3.4M+124.0% | $3.4M+108.2% | $3.7M+169.9% | $1.6M+182.2% |
| Current Liabilities | $3.6M+24.7% | $3.6M+28.1% | $4.2M+33.8% | $4.3M+171.8% | $2.9M+87.5% | $2.8M+74.3% | $3.1M+127.6% | $1.6M+182.2% |
| Non-Current Liabilities | $6.4M+1044.5% | $3.7M+568.6% | $497K-14.6% | $532K | $561K | $553K | $581K | $0 |
| Total Equity | $3.0M-66.5% | $3.7M-70.9% | $6.7M-56.5% | $6.5M-23.3% | $8.9M-16.5% | $12.6M-2.6% | $15.5M+4.9% | $8.5M-51.5% |
| Retained Earnings | -$57.2M-56.0% | -$54.5M-69.9% | -$49.9M-75.9% | -$41.0M-73.7% | -$36.7M-75.4% | -$32.1M-78.5% | -$28.4M-77.9% | -$23.6M-83.4% |
Not reported in any period shown, so not listed: Goodwill, Long-Term Debt.
SCWO Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $211K+105.1% | -$2.5M+28.2% | -$4.1M-33.3% | -$2.6M-0.8% | -$4.1M-70.1% | -$3.5M-39.3% | -$3.1M-32.4% | -$2.6M-40.7% |
| Depreciation & Amortization | $211K+26.6% | $209K+27.6% | $206K+40.4% | $178K+556.7% | $167K+532.8% | $164K+567.8% | $147K+561.1% | $27K+40.4% |
| Stock-Based Compensation | $610K+11.1% | $1.3M+87.1% | N/A | N/A | $549K+99.4% | $709K+287.3% | N/A | N/A |
| Capital Expenditures | $907K+5751.8% | $346K+16.4% | $1.1M+135.1% | $457K+1480.8% | $16K-66.4% | $297K | $480K+785.9% | $29K-35.1% |
| Free Cash Flow | -$697K+83.2% | -$2.9M+24.7% | -$5.2M-47.0% | -$3.0M-17.3% | -$4.1M-67.6% | -$3.8M-51.1% | -$3.6M-49.5% | -$2.6M-38.9% |
| Investing Cash Flow | -$907K-50.1% | -$346K-16.4% | -$539K-256.1% | -$457K+23.5% | -$605K-50.5% | -$297K-50293.6% | $346K+738.0% | -$597K-1238.2% |
| Financing Cash Flow | $2.0M+54311.2% | $103K+329.4% | $6.9M-39.4% | $1.8M+4758.6% | -$4K+85.4% | $24K | $11.4M+37963.2% | $38K-46.3% |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
SCWO Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 87.7%+134.1pp | 63.2%+37.8pp | N/A | 28.0%-20.0pp | -46.5%-28.2pp | 25.5%+121.2pp | -5423.8% | 48.0% |
| Operating Margin | -71.7% | -834.3% | N/A | -573.5% | -779.5% | -697.0% | -40833.5% | -3364.5% |
| Net Margin | -119.2% | -829.5% | N/A | -571.9% | -769.9% | -681.0% | -40279.3% | -3315.5% |
| Return on Equity | -90.3%-38.9pp | -124.9%-95.5pp | N/A | -66.9%-35.0pp | -51.4%-23.9pp | -29.4%-13.7pp | -30.9% | -31.9%-22.0pp |
| Return on Assets | -20.8%+16.3pp | -41.5%-18.4pp | N/A | -38.3%-11.4pp | -37.1%-13.0pp | -23.2%-9.2pp | -24.9% | -26.9%-17.3pp |
| Current Ratio | 1.67-0.9x | 1.42-2.6x | 1.40-3.4x | 1.44-2.4x | 2.61-3.1x | 4.07-4.1x | 4.76-6.1x | 3.81-26.0x |
| Debt-to-Equity | 3.35+3.0x | 2.01+1.7x | 0.70+0.5x | 0.75+0.6x | 0.39+0.2x | 0.27+0.1x | 0.24+0.1x | 0.19+0.2x |
| Asset Turnover | 0.17+0.1x | 0.050.0x | N/A | 0.07+0.1x | 0.050.0x | 0.030.0x | 0.00 | 0.010.0x |
| FCF Margin | -30.8% | -517.9% | N/A | -399.9% | -696.2% | -698.2% | -30127.7% | -3181.5% |
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Gross Margin, Operating Margin, Net Margin, FCF Margin.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| 374Water Inc. SCWO | FY2025 | $215K | -$21.0M | N/A | $57.4M | — |
| Zone Frontier Inc. ZONE | FY2025 | $2.1M | -$6.7M | N/A | $33.8M | 29/100 |
| Fuel Tech, Inc. FTEK | FY2025 | $26.7M | -$2.3M | -8.7% | $54.0M | 52/100 |
| Rain Enhancement Technologies Holdco, Inc. RAIN | FY2025 | N/A | N/A | N/A | $8.6M | — |
| ClearSign Technologies Corporation CLIR | FY2025 | $5.2M | -$5.5M | N/A | $27.4M | 62/100 |
| LiqTech International, Inc. LIQT | FY2025 | $16.5M | -$8.5M | -51.7% | $23.5M | 30/100 |
Where 374Water Inc. Ranks
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.
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 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) recorded an outflow of $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) recorded an outflow of $14.3M in operating cash flow during fiscal year 2025, representing cash used by 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.
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 P/E ratio?
374Water Inc. (SCWO) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (FY2025). The market capitalization is $57.4M as of Sep 12, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is 374Water Inc.'s price-to-sales ratio?
374Water Inc. (SCWO) trades at 267x sales, its market capitalization divided by revenue of $215K revenue, FY2025. The market capitalization is $57.4M as of Sep 12, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
How does 374Water Inc.'s liquidity compare with its operating cash outflow?
At the end of fiscal year 2025, 374Water Inc. (SCWO) held $3.2M in cash, cash equivalents and investments, and reported an operating cash outflow of $14.3M over that year. Dividing the one by the other, the reported balance equals about 3 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.
What is 374Water Inc.'s Altman Z-Score?
374Water Inc. (SCWO) has an Altman Z-Score of -4.69, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is 374Water Inc.'s Piotroski F-Score?
374Water Inc. (SCWO) has a Piotroski F-Score of 2 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 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) reported a net loss of $21.0M while operations used $14.3M of cash. With neither figure positive, the ratio between the two carries no quality signal. 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.