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Financial Data and Key Metrics Changes - Revenue for Q3 2025 increased to $760,000 compared to $81,000 in the prior year, representing a significant growth [18][19] - Total operating expenses rose 64% to $4.6 million for the three months ended September 30, 2025, up from $2.8 million in the prior year [19][20] - Net loss for Q3 2025 was $4.3 million, compared to $2.7 million in the prior year [21] - Cash and cash equivalents as of September 30, 2025, were $0.9 million, down from $10.7 million as of December 31, 2024 [21] Business Line Data and Key Metrics Changes - The increase in revenue was primarily due to a $643,000 rise in service revenues from completed waste destruction service projects [19] - The company is focusing on waste destruction services as it produces stable, recurring revenues and higher EBITDA margins [8][17] Market Data and Key Metrics Changes - The waste treatment market, including PFAS destruction, is estimated to be approximately $450 billion, presenting significant growth opportunities [8] - The company is actively pursuing partnerships with TSDF operators across the U.S. to expand its waste destruction services [34][35] Company Strategy and Development Direction - The company aims to commercialize its proprietary AirSCWO technology and expand its waste destruction services business [4][5] - The strategy includes a three-pronged approach: waste destruction services, capital sale of equipment, and leasing options [17] - The company is targeting a revenue range of $6-$8 million for 2026, which represents a 50%-100% increase over expected 2024 revenues [15][30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's growth potential and the demand for its services, particularly in the PFAS destruction market [8][30] - The company is focused on improving throughput and operational efficiency to enhance profitability [27][28] Other Important Information - The company raised approximately $7 million from its ATM facility, extending its cash runway into Q2 2026 [14] - A special meeting of shareholders is scheduled for December 15, 2025, to discuss a proposed reverse stock split to maintain NASDAQ listing compliance [24][25] Q&A Session Summary Question: How is the pipeline in the TSDF segment? - Management indicated that discussions are ongoing with several TSDF operators in the U.S. to deploy AirSCWO units, with Crystal Clean being the first partnership [34][35] Question: What is the timeline for the North Carolina contract's second phase? - The first phase involves processing 1,000 gallons of AFFF, with the second phase potentially treating an additional 28,000 gallons, pending successful completion of the first phase [37] Question: How do you see the mix of business between waste services and capital sales in 2026? - The mix will include both waste destruction services and capital sales, with a focus on higher-margin service business [38][41]

Company Overview - Proactive is a financial news publisher that provides fast, accessible, informative, and actionable business and finance news content to a global investment audience [2] - The news team operates from key finance and investing hubs, including London, New York, Toronto, Vancouver, Sydney, and Perth [2] Expertise and Focus Areas - The company specializes in medium and small-cap markets while also covering blue-chip companies, commodities, and broader investment stories [3] - Proactive delivers news and insights across various sectors, including biotech and pharma, mining and natural resources, battery metals, oil and gas, crypto, and emerging digital and EV technologies [3] Technology Adoption - Proactive is recognized for its forward-looking approach and enthusiastic adoption of technology to enhance workflows [4] - The company utilizes automation and software tools, including generative AI, while ensuring that all content is edited and authored by humans [5]

Business Overview - 374Water's AirSCWO system is designed to destroy organic wastes and produce safe water, mineral effluents, vent gas, and recoverable heat energy[8] - The company estimates a $450 billion+ global addressable market, driven by new EPA regulations[8] - The company plans to establish Waste Destruction Services (WDS) at a RCRA Part B TSDF in mid-2026[8] Operational Highlights - 374Water completed a Department of Defense (DoD) project in Detroit, Michigan, with Arcadis and Clean Earth, aimed at identifying commercial-scale technology solutions to destroy PFAS contaminated wastes[9] - The company is preparing for AirSCWO system deployment to Orange County Sanitation (OC San) in Fountain Valley, CA, targeting a late Q4 2025 or early Q1 2026 start-up[9] - 374Water entered into an agreement for the sale and deployment of an AirSCWO 6 system with Olathe, Kansas[9] - The company began processing the first phase of its award by the State of North Carolina to destroy up to 29,000 gallons of Aqueous Film Forming Foam (AFFF) using AirSCWO technology[9] - The company fortified its balance sheet with a new at-the-market facility, resulting in gross proceeds of approximately $7 million, extending cash runway into the second quarter of 2026[9] Financial Performance - For the three months ended September 30, 2025, 374Water reported revenue of $0.8 million, compared to $0.08 million in 2024[20] - Gross profit for the same period was $0.2 million in 2025, compared to a deficit of $0.04 million in 2024[20] - Cash and cash equivalents as of September 30, 2025, were $0.9 million, compared to $10.7 million as of December 31, 2024[20] Future Projections - 374Water projects revenue in the range of $6-8 million for 2026[24] - The company anticipates sales/lease/WDS to be in the range of $10-12 million in 2027, increasing to $15-20 million in 2028, and $25-30 million in 2029/2030[21]

Financial Performance - Revenues for the three months ended September 30, 2025, increased to $760,417, representing an 833% increase compared to $81,490 in the same period of 2024[132] - Cost of revenues rose to $547,785, a 1,192% increase from $42,404 in the prior year, primarily due to increased service revenues[132] - Gross margin for the third quarter of 2025 improved to $212,632, a 444% increase from $39,086 in the same quarter of 2024[132] - For the nine months ended September 30, 2025, revenues reached $1,898,484, a 338% increase from $433,589 in the same period of 2024[139] Expenses - Research and development expenses increased to $755,944, up 78% from $424,579 in the same period of 2024, driven by higher labor costs[133] - Compensation and related expenses rose to $2,097,580, a 73% increase from $1,212,602 in the same period of 2024, mainly due to increased payroll and stock-based compensation[136] - Total operating expenses for the three months ended September 30, 2025, were $4,573,377, a 64% increase from $2,780,825 in the same period of 2024[132] Net Loss - Net loss for the third quarter of 2025 was $4,349,024, a 61% increase compared to a net loss of $2,701,817 in the same period of 2024[132] - For the nine months ended September 30, 2025, the company incurred a net loss of $12,627,886 and used $10,205,171 of net cash in operations, an increase of $2,707,437 compared to the same period in 2024[146] Cash Flow and Financing - Cash used in investing activities for the nine months ended September 30, 2025 was $1,358,794, compared to $999,207 for the same period in 2024, reflecting a decrease of $359,587[154] - Cash received from financing activities increased to $1,845,649 for the nine months ended September 30, 2025, compared to $11,912 for the same period in 2024, an increase of $1,833,737[155] - The company raised approximately $1.9 million from the sale of common stock through its "at-the-market" (ATM) equity offering during the nine months ended September 30, 2025[148][149] - The company closed on an offering of shares resulting in net proceeds of approximately $11,393,000 during 2024[150] Working Capital and Concerns - As of September 30, 2025, the company had working capital of $1,904,259 and an accumulated deficit of $41,015,504, raising substantial doubt about its ability to continue as a going concern[146] - The company expects to incur continuing losses and negative cash flows from operations for the foreseeable future, necessitating additional debt or equity financing[147] - Approximately $13.1 million remains available to be sold in the company's ATM offerings as of September 30, 2025[148] - Any additional financing may significantly dilute existing stockholders' ownership if the stock price does not increase materially[151] - The company may need to discontinue or significantly reduce operations if it is unable to raise additional capital[152] Contracts and Collaborations - The company secured a waste destruction services contract for aqueous film forming firefighting foam with the University of North Carolina at Chapel Hill[131] - A collaboration agreement was established with Crystal Clean to create a full-service waste destruction operation at their facility[130]

Revenue Performance - Third quarter 2025 revenue increased to $760,000, up from $81,000 in the prior year, primarily due to a $643,000 increase in service revenues from waste destruction projects[8] - The company projects full year 2025 revenue to be approximately $4 million, with 2026 revenue expected to be in the range of $6-8 million[14][7] - Revenues for the three months ended September 30, 2025, were $760,417, compared to $81,490 for the same period in 2024, representing a significant increase[19] Operating Expenses - Total operating expenses for the third quarter increased by 64% to $4.6 million, compared to $2.8 million in the prior year, driven by expanded operations and increased compensation[8][9] - Total operating expenses for the three months ended September 30, 2025, were $4,573,377, up from $2,780,825 in the same period in 2024, reflecting a 64.5% increase[19] - Research and development expenses for the nine months ended September 30, 2025, were $1,820,701, compared to $1,526,294 for the same period in 2024, showing a 19.3% increase[19] Net Loss and Financial Position - The net loss for the third quarter was $4.3 million, compared to a net loss of $2.7 million in the prior year, reflecting ongoing investments in commercialization[14] - The net loss for the nine months ended September 30, 2025, was $12,627,886, compared to a net loss of $7,658,602 for the same period in 2024, indicating a worsening financial position[21] - The company reported a gross deficit of $212,632 for the three months ended September 30, 2025, compared to a gross profit of $(39,086) for the same period in 2024[19] Cash Position - Cash and cash equivalents as of September 30, 2025, were $933,328, down from $10.7 million as of December 31, 2024[14] - The company ended the period with cash of $933,328, down from $1,960,375 at the end of the same period in 2024, representing a decrease of 52.5%[21] - Cash used in operating activities for the nine months ended September 30, 2025, was $(10,695,770), compared to $(7,497,734) for the same period in 2024, indicating increased cash burn[21] Strategic Collaborations and Projects - A waste destruction services collaboration agreement was signed with Crystal Clean to scale operations and meet growing demand for PFAS destruction[4] - The company completed a commercial-scale waste destruction project for the Department of Defense, demonstrating its capability to treat PFAS-impacted waste streams[3] - An order was secured from the City of Olathe, KS, for the deployment of an AirSCWO 6 system to assess its potential as a sustainable alternative for sludge management[5] Other Financial Metrics - The company incurred total other income of $11,721 for the three months ended September 30, 2025, down from $39,922 for the same period in 2024[19] - Net loss per share for the three months ended September 30, 2025, was $(0.03), compared to $(0.02) for the same period in 2024[19] - The weighted average common shares outstanding for the three months ended September 30, 2025, were 151,471,944, compared to 132,997,135 for the same period in 2024, reflecting an increase of 13.9%[19] Assets - Total assets as of September 30, 2025, were $11.36 million, down from $19.18 million as of December 31, 2024[16]

Core Insights - 374Water Inc. reported a significant increase in third-quarter revenues to $0.8 million, driven by higher service revenues, and projects full-year revenues for 2025 to be approximately $4 million [1][13] - The company has strengthened its balance sheet with a $7.0 million at-the-market facility, extending its cash runway into Q2 2026 [5][13] - The management is focused on the successful commercialization of its Super Critical Water Oxidation (SCWO) technology, particularly for PFAS waste destruction [2][6] Financial Performance - For Q3 2025, total revenue was $760,000, a substantial increase from $81,000 in the same period last year, primarily due to a $643,000 rise in service revenues [7][13] - Operating expenses rose by 64% to $4.6 million, attributed to expanded operations, including increased compensation and research and development costs [7][8] - The net loss for Q3 2025 was $4.3 million, compared to $2.7 million in the prior year, reflecting ongoing investments in commercialization and operational costs [13][17] Operational Highlights - The company completed a commercial-scale waste destruction project for the Department of Defense, successfully destroying PFAS waste streams [2][3] - A collaboration agreement was signed with Crystal Clean to enhance waste destruction services, aiming to scale operations across North America [3] - Recent orders include a deployment of the AirSCWO 6 system for the City of Olathe, KS, to assess its potential as a sustainable alternative for sludge management [4] Future Outlook - The company anticipates 2026 revenues to be in the range of $6-8 million, driven by ongoing project deployments and a growing pipeline of opportunities [6] - Management is optimistic about achieving additional milestones and announcements in the coming months [6]

Group 1 - Proactive provides fast, accessible, informative, and actionable business and finance news content to a global investment audience [1][2] - The news team covers key finance and investing hubs, including London, New York, Toronto, Vancouver, Sydney, and Perth [2] - Proactive specializes in medium and small-cap markets while also covering blue-chip companies, commodities, and broader investment stories [2][3] Group 2 - The team delivers news and insights across various sectors, including biotech, pharma, mining, natural resources, battery metals, oil and gas, crypto, and emerging technologies [3] - Proactive adopts technology to enhance workflows and improve content production [4][5] - Automation and software tools, including generative AI, are occasionally used, but all content is edited and authored by humans [5]

Core Insights - 374Water Inc. is processing its first phase of Waste Destruction Services (WDS) to destroy Aqueous Film-Forming Foam (AFFF) using AirSCWO technology, with representatives from North Carolina observing the process [1][4] - The contract includes a significant initiative to destroy 60,000 gallons of AFFF as part of North Carolina's efforts to manage per- and polyfluoroalkyl substances (PFAS) [2][4] - The first phase will treat 1,000 gallons of AFFF, with the potential for a second phase to treat an additional 28,000 gallons [3] Company Overview - 374Water Inc. is a global leader in organic waste destruction technology, focusing on industrial, municipal, and federal markets [5] - The company's AirSCWO technology efficiently destroys and mineralizes a wide range of organic wastes, producing safe dischargeable water, mineral effluent, vent gas, and recoverable heat energy [5] - 374Water aims to assist customers in meeting discharge requirements, reducing disposal costs, and mitigating risks associated with waste management [5]

Company Overview - Proactive is a financial news publisher that provides fast, accessible, informative, and actionable business and finance news content to a global investment audience [2] - The news team operates from key finance and investing hubs, including London, New York, Toronto, Vancouver, Sydney, and Perth [2] Expertise and Focus Areas - The company specializes in medium and small-cap markets while also covering blue-chip companies, commodities, and broader investment stories [3] - Proactive delivers news and insights across various sectors, including biotech and pharma, mining and natural resources, battery metals, oil and gas, crypto, and emerging digital and EV technologies [3] Technology Adoption - Proactive is committed to adopting technology to enhance its content creation and workflow processes [4] - The company utilizes automation and software tools, including generative AI, while ensuring that all content is edited and authored by humans [5]