374Water (US:SCWO)2024-11-14 11:03Revenue Performance - For Q3 2024, 374Water generated revenue of approximately $81,000, a 575% increase compared to $12,000 in Q3 2023[3] - For the nine-month period ended September 30, 2024, revenue was approximately $434,000, reflecting a 50% decrease from $864,000 in the same period of 2023[3] - Revenues for the three months ended September 30, 2024, were $81,490, compared to $12,290 for the same period in 2023, representing a significant increase[18] Operating Expenses - Total operating expenses increased from $5.2 million in the first nine months of 2023 to $7.7 million in the same period of 2024[5] - General and administrative expenses increased by approximately $730,000 due to efforts to establish the executive team and relocate the manufacturing facility[6] - Total operating expenses for the nine months ended September 30, 2024, were $7,692,386, up from $5,249,593 in the same period of 2023, indicating a 46.5% increase[18] Net Loss and Financial Position - The accumulated deficit as of September 30, 2024, was $23.6 million, up from $15.95 million at the end of 2023[17] - Net loss for the nine months ended September 30, 2024, was $(7,658,602), compared to $(5,022,351) for the same period in 2023, reflecting a 52.5% increase in losses[18] - The company reported a net loss per share of $(0.06) for the nine months ended September 30, 2024, compared to $(0.04) for the same period in 2023[18] Cash Flow - Cash used in operating activities for the nine months ended September 30, 2024, was $(7,497,734), compared to $(6,699,629) for the same period in 2023[19] - Cash at the end of the period on September 30, 2024, was $1,960,375, down from $12,802,091 at the end of the same period in 2023[19] - The company had a net cash used in investing activities of $(999,207) for the nine months ended September 30, 2024, compared to a net cash provided of $1,905,894 for the same period in 2023[19] Research and Development - The company expanded its lab facilities to conduct advanced research on the destruction capabilities of its AirSCWO technology[12] - Research and development expenses for the nine months ended September 30, 2024, totaled $1,526,294, compared to $945,443 for the same period in 2023, marking a 61.5% increase[18] Technology and Operations - The AirSCWO system is now fully operational in Orlando, marking the beginning of commercial biosolids processing[11] - Testing confirmed that over 99.99% of PFAS compounds in AFFF were destroyed within seconds using the AirSCWO technology[13] Financing Activities - The board approved a registered offering for the sale of units consisting of common stock and warrants, expected to close before year-end 2024[8] Professional Fees - Professional fees for the nine months ended September 30, 2024, were $1,367,702, significantly higher than $309,398 for the same period in 2023, indicating a 341.5% increase[18]