Core Insights - 374Water Inc. has been awarded a Waste Destruction Services project to eliminate PFAS in biosolids and water treatment residuals for the City of St. Cloud, which is expected to have direct implications for the company's commercial sales efforts in 2026 [1][6] Group 1: Project Details - The project is part of a public-private partnership involving multiple stakeholders, including Barr Engineering Co., University of St. Thomas, and Minnesota Technical Assistance Program [5] - The initiative will utilize 374Water's mobile AirSCWO 1 System to eliminate PFAS in both undigested and post-thermal hydrolysis digested biosolids, as well as spent granular activated carbon [5] - The project aims to evaluate PFAS destruction efficiency and explore options for disposing or repurposing treated water and solids [5] Group 2: Industry Context - PFAS are persistent man-made chemicals that pose significant risks to human health and the environment, leading to increased demand for reliable PFAS destruction technologies [4] - Minnesota has been proactive in addressing PFAS contamination, highlighted by a landmark $850 million settlement related to PFAS damage to drinking water in the Twin Cities region [2] Group 3: Technology and Future Prospects - 374Water's AirSCWO technology is designed to efficiently destroy a wide range of organic wastes, producing safe dischargeable water streams and recoverable heat energy [8] - The project is expected to commence in April 2026, showcasing the effectiveness of AirSCWO technology in addressing PFAS waste challenges [6]

Core Insights - 374Water Inc. has partnered with Cedar Rapids Water Control Pollution Facility and Brown and Caldwell to implement a project aimed at destroying PFAS-contaminated biosolids [1][3][4] - The project is set to begin in early Q1 2026, with initial waste destruction followed by independent validation of results [2] - The partnership aims to address the growing concern of PFAS, which are persistent chemicals found in municipal biosolids, to ensure regulatory compliance and public health safety [3][4] Company Overview - 374Water Inc. is a leader in organic waste destruction technology, focusing on wastewater treatment and waste management solutions for industrial, municipal, and federal markets [5] - The company's AirSCWO technology is designed to efficiently destroy a wide range of organic wastes, producing safe dischargeable water, mineral effluent, vent gas, and recoverable heat energy [5] - 374Water aims to help clients meet discharge requirements, reduce disposal costs, and mitigate risks associated with waste management [5] Facility Details - The Cedar Rapids Water Pollution Control Facility is one of Iowa's largest advanced wastewater treatment facilities, processing 45 million gallons per day and generating 120 tons of sludge daily [6] - The facility currently uses a multiple hearth incineration system for sludge destruction and is collaborating with the EPA to explore methods for reducing PFAS in its waste streams [6]

Core Thesis - Clean Harbors, Inc. (CLH) is positioned as a leading provider in hazardous waste disposal, with a strong growth outlook driven by regulatory needs and industrial demand [1][6] Company Overview - CLH operates the largest network of incinerators in North America, supported by a robust logistics system with over 20,000 vehicles and 5,000 drivers [2] - The company specializes in complex waste streams from various sectors, including semiconductor manufacturing and emergency response [2] Business Segments - The Safety-Kleen Sustainability Solutions (SKSS) segment focuses on used-oil recycling, which is more sensitive to global oil prices and has lower margins compared to core environmental services [3] - CLH's competitive advantage lies in its extensive network of incinerators and regulatory expertise, particularly in PFAS destruction, which is a growing market contributing $100–125 million in revenue with a 20% annual growth rate [3] Market Position and Competition - CLH competes with major firms like Veolia, Waste Management, and Republic Services but offers a more comprehensive service for industrial clients [4] - While organic growth has historically been low to mid-single digits, factors like PFAS demand and reshoring may provide additional growth opportunities [4] Financial Metrics - As of November 28th, CLH's share price was $227.56, with trailing and forward P/E ratios of 31.61 and 28.82 respectively [1] - The company has a run-rate free cash flow of approximately $400 million against an enterprise value of around $13.5 billion, indicating modest returns without further expansion or higher oil prices [4] Investment Considerations - The stock is viewed as fundamentally strong but may be overvalued, suggesting a cautious approach to investment until more attractive valuations emerge [5]

We came across a bullish thesis on Clean Harbors, Inc., on Beeli Capital’s Substack by Andrew Beeli. In this article, we will summarize the bulls’ thesis on CLH. Clean Harbors, Inc.'s share price was $227.56 as of November 28th. CLH’s trailing and forward P/E were 31.61 and 28.82 respectively according to Yahoo Finance. chemical, industry Adam Gregor/Shutterstock.com Clean Harbors (CLH) is the leading provider of hazardous and environmentally sensitive waste disposal in North America, operating the cont ...

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]

Core Insights - The company reported a 45% year-over-year revenue increase, with gross margin in the Treatment Segment improving to 17.3% from 4.5% in the prior year, driven by higher waste volumes and growing international shipments [2][6] - The Treatment Segment revenue rose to approximately $13.1 million for Q3 2025, up from $9.1 million in Q3 2024, while the Services Segment revenue decreased to approximately $4.4 million from $7.7 million in the same period [6][7] - The company is well-positioned to support the Department of Energy's Direct-Feed Low-Activity Waste facility, anticipating initial waste receipts later in Q4 2025 or early 2026 [3] - The company’s PFAS destruction technology is gaining traction, with a growing backlog for services and a second-generation unit expected to be commissioned in Q1 2026 [5][15] Financial Performance - Revenue for Q3 2025 was $17.5 million compared to $16.8 million in Q3 2024, with gross profit increasing to $2.6 million from $1.3 million [6][7] - The operating loss for Q3 2025 was approximately $1.9 million, an improvement from a loss of $2.6 million in Q3 2024, with a net loss of approximately $1.8 million or ($0.10) per share compared to a net loss of $9.0 million or ($0.57) per share in the prior year [8][21] - EBITDA from continuing operations was ($1.5) million for Q3 2025, compared to ($2.1) million for the same period in 2024 [9] Market and Operational Context - The company is actively pursuing federal projects despite a recent government shutdown that has temporarily delayed certain procurements [4][14] - The Treatment Segment backlog at the end of Q3 2025 was approximately $15.4 million, an increase of $7.5 million from the end of 2024 [15] - The company operates four nuclear waste treatment facilities and provides services to various federal agencies, including the DOE and DOW [17]

Core Insights - 374Water Inc. has successfully completed a commercial-scale field demonstration of its AirSCWO™ technology for destroying PFAS-contaminated wastes as part of a Department of Defense project [2][3][4] - The project involved processing six types of concentrated PFAS-impacted wastes over a six-week period, treating approximately 900 gallons of PFAS-laden feedstocks [4][5] - Results from the demonstration, including performance metrics and cost analysis, are expected to be publicly released by Q1 2026 [4][6] Company Overview - 374Water Inc. is a global leader in organic waste destruction technology, focusing on industrial, municipal, and federal markets [2][7] - The company's AirSCWO™ technology is designed to efficiently destroy a wide range of organic wastes, producing safe dischargeable water, mineral effluent, and recoverable heat energy [7] - 374Water aims to provide modular solutions for eliminating PFAS and other hazardous wastes, addressing the growing demand for reliable waste destruction technologies [6][7] Project Details - The demonstration took place at Clean Earth's facility in Detroit, MI, and included various PFAS waste types such as Aqueous Film-Forming Foam (AFFF) and spent granular activated carbon [4][5] - The project was completed ahead of schedule, allowing for the processing of an additional mixed waste stream [5] - A comprehensive analysis of emissions and effluent is currently underway, with performance objectives being assessed by Arcadis, the project's prime engineering contractor [4][6] Market Implications - The project highlights the increasing demand for effective PFAS destruction technologies across federal, state, and municipal agencies [6] - 374Water's focus on Waste Destruction Services (WDS) aims to meet the needs of various waste scenarios, indicating a strategic move to capture market opportunities in waste management [6]

Core Viewpoint - 374Water Inc. has successfully demonstrated the effectiveness of its AirSCWO technology in destroying toxic PFAS in landfill leachate, achieving non-detectable levels of PFAS in the effluent, which addresses a significant environmental concern [1][6][7]. Company Overview - 374Water Inc. is a global leader in organic waste destruction technology, focusing on municipal, federal, and industrial markets [1][9]. - The company’s AirSCWO technology is designed to efficiently destroy a wide range of organic wastes, producing safe dischargeable water streams and recoverable heat energy [9]. Industry Context - Landfill leachate management has become a pressing issue due to growing concerns over toxins and environmental impacts, with approximately 3,000 active landfills and over 10,000 capped landfills in the U.S. [2][4]. - PFAS contamination in leachate is a significant concern for government agencies, as these substances are found in many everyday products and can leach into the environment [4][5]. Technological Impact - The AirSCWO system consistently achieves over 99.99% destruction of PFAS compounds, providing a breakthrough solution for landfill operators [7]. - The technology allows for the elimination of PFAS at the source, reducing reliance on outdated municipal treatment plants [6][7]. Market Opportunity - 374Water is targeting an $80 million per year addressable market by partnering with landfill operators to improve operational resilience and reduce liabilities [8].

Core Insights - The company reported sequential and year-over-year revenue growth for Q2 2025, with Treatment Segment revenue increasing by approximately 37% compared to the same period last year [2][6] - Waste receipts more than doubled in Q2 2025, reaching approximately 14 million, which is expected to contribute to a strong backlog for the remainder of 2025 [3] - The company is optimistic about its long-term growth strategy, particularly in scaling its PFAS destruction platform and has begun construction of a next-generation system [5][6] Financial Performance - Revenue for Q2 2025 was approximately $14.6 million, up from approximately $14.0 million in Q2 2024, driven entirely by the Treatment Segment, which saw revenue rise to $11.4 million from $8.4 million [6][19] - The Services Segment revenue decreased to $3.2 million from $5.6 million, attributed to project delays and procurement issues [6][19] - Gross profit for Q2 2025 was $1.5 million, compared to a gross loss of $1.3 million in Q2 2024, with gross margin improving to 13.7% from (14.3%) in the Treatment Segment [7][19] Operational Highlights - The company faced technical challenges that limited production early in Q2 2025 but believes these issues have been resolved through automation and process enhancements [2] - The Services Segment is seeing renewed momentum, highlighted by being awarded a position on the Navy's RADMAC III IDIQ contract, which aligns with the company's core competencies [4] - The company continues to focus on cost discipline and margin improvement, positioning itself for better results in the second half of 2025 [6]

Core Insights - 374Water Inc. is deploying its AirSCWO technology in a project with the Colorado School of Mines and the Department of Defense (DoD) to evaluate solutions for destroying PFAS contaminated wastes [1][2] - The project is part of the Environmental Security Technology Certification Program (ESTCP), which aims to enhance military readiness and improve defense infrastructure through innovative technologies [2] - 374Water's AirSCWO technology has demonstrated waste destruction results exceeding 99.99% for various organic waste streams, including PFAS [4] Company Overview - 374Water Inc. is a global leader in organic waste destruction technology, focusing on municipal, federal, and industrial markets [1][7] - The company's AirSCWO technology efficiently destroys a wide range of organic wastes, producing safe dischargeable water, mineral effluent, and recoverable heat energy [7] - 374Water aims to support clients in meeting discharge requirements, reducing disposal costs, and minimizing litigation risks [7] Industry Context - PFAS, known as "forever chemicals," are hazardous substances that pose significant risks to human health and the environment, leading to stringent regulations [5] - The urgency for PFAS remediation is highlighted by the U.S. National Defense Authorization Act, which mandates the transition to fluorine-free firefighting foams at DoD installations by October 2024 [5] - The DoD initiative emphasizes the growing demand for reliable and scalable PFAS destruction technologies [5]