374Water (US:SCWO)2024-08-14 21:24Financial Performance - Revenue for the three months ended June 30, 2024, was $36,821, a decrease of 26% compared to $49,863 for the same period in 2023[97] - Net loss for the three months ended June 30, 2024, increased to $2,932,320, up 78% from $1,650,577 in the same period of 2023[100] - The company generated revenue of $352,099 for the six months ended June 30, 2024, a 59% decrease from $851,321 in the same period of 2023[101] - Net loss for the six months ended June 30, 2024, was $4,956,785, reflecting a 51% increase from $3,290,920 in the same period of 2023[101] - Net loss increased to $4,956,785 for the six months ending June 30, 2024, compared to $3,290,920 in the same period of 2023, attributed to higher expenses[106] Operating Expenses - Total operating expenses for the three months ended June 30, 2024, rose to $3,012,378, a 70% increase from $1,773,703 in the same period of 2023[97] - General and administrative expenses for the six months ended June 30, 2024, increased to $1,511,725, up 20% from $1,261,995 in the same period of 2023[102] - Professional fees for the three months ended June 30, 2024, surged to $615,987, a 567% increase from $92,285 in the same period of 2023[100] - Compensation and related expenses decreased slightly to $1,429,429 for the six months ending June 30, 2024, compared to $1,451,881 in the same period of 2023, primarily due to a decrease in headcount[103] - Research and development expenses for the three months ended June 30, 2024, increased by 108% to $566,568 from $271,964 in the same period of 2023[99] - Research and development expenses increased to $1,101,715 for the six months ending June 30, 2024, compared to $627,869 in the same period of 2023, driven by increased engineering expenses[104] Cash Flow and Financing - Cash used in operating activities was $4,934,044 for the six months ending June 30, 2024, an increase of $57,005 compared to $4,877,039 in the same period of 2023[112] - Cash used in investing activities was $402,220 for the six months ending June 30, 2024, compared to $1,950,504 cash provided by financing activities in the same period of 2023[112] - The company raised approximately $0 in net proceeds through ATM offerings during the six months ended June 30, 2024, compared to $13.4 million in the same period of 2023[115] Future Outlook - Substantial doubt exists regarding the company's ability to continue as a going concern, necessitating additional debt or equity financing[108] - The company expects to incur continuing losses and negative cash flows from operations for the foreseeable future[108] - The company is evaluating strategies to obtain required additional funding for future operations[115] Strategic Focus - The company is focused on deploying its AirSCWO system in Orlando for demonstration purposes, targeting biosolids waste treatment and PFAS destruction[93] - The company continues to develop its proprietary AirSCWO technology aimed at efficient waste treatment and energy recovery[91] Working Capital - Working capital as of June 30, 2024, was $7,273,354, with an accumulated deficit of $20,910,289[107]