374Water (US:SCWO)2025-11-12 21:13Revenue 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]