374Water (SCWO) - 2024 Q2 - Quarterly Results

Financial Performance - For Q2 2024, the company generated revenue of approximately $37,000, a 26$50,000 in Q2 2023[3] - For the first half of 2024, revenue was approximately $352,000, down 59$851,000 in the same period of 2023[3] - The net loss for the six months ended June 30, 2024, was $4,956,785, compared to a net loss of$3,290,920 for the same period in 2023, representing an increase of approximately 50.6%[14] - The company reported a net loss per share of $0.04 for the six months ended June 30, 2024, compared to a loss of$0.03 in the same period of 2023[14] - Total other income decreased to $86,780 from$118,520, a decline of about 26.8% year-over-year[13] - The total comprehensive loss for the period was $2,932,320, compared to a comprehensive loss of$3,285,482 in the previous year, showing an improvement of about 10.7%[13] Operating Expenses - Total operating expenses increased from $3.5 million in H1 2023 to$4.9 million in H1 2024, driven by increases in R&D, general and administrative expenses, and professional fees[4] - Total operating expenses for the current period were $3,012,378, significantly higher than$1,773,703 in the previous year, indicating an increase of about 69.8%[13] - Research and development expenses amounted to $566,568, up from$271,964, reflecting a growth of approximately 108.2% year-over-year[13] - The company incurred professional fees of $615,987, a significant increase from$92,285, marking a rise of approximately 570.5%[13] Assets and Liabilities - The company has working capital of $7.2 million as of June 30, 2024, with no outstanding debt obligations[5] - Total assets decreased from$16.1 million in 2023 to $12.2 million in 2024[11] - The accumulated deficit increased from$(15.95) million in 2023 to $(20.91) million in 2024[11] - The company had a cash balance of$5,083,482 at the end of the period, down from $10,445,404 at the beginning of the period, indicating a decrease of approximately 51.3$4,934,044 for the six months ended June 30, 2024, slightly higher than $4,877,039 in the prior year[14] Technology and Market Potential - The AirSCWO system was successfully deployed to Orlando's Iron Bridge Water Pollution Control Facility, marking a significant milestone in the company's partnership with the city[6] - The company completed pharmaceutical waste testing using AirSCWO technology, demonstrating exceptional efficacy in destroying pharmaceutical contaminants[7] - A comprehensive white paper was released detailing the potential of AirSCWO technology to address lithium-ion battery waste, highlighting its sustainable processing capabilities[7] - The company estimates the global market opportunity for its waste destruction technology to be in the hundreds of billions of dollars[2]