Business Overview - 374Water's AirSCWO system is designed to destroy organic wastes and produce safe water, mineral effluents, vent gas, and recoverable heat energy[8] - The company estimates a $450 billion+ global addressable market, driven by new EPA regulations[8] - The company plans to establish Waste Destruction Services (WDS) at a RCRA Part B TSDF in mid-2026[8] Operational Highlights - 374Water completed a Department of Defense (DoD) project in Detroit, Michigan, with Arcadis and Clean Earth, aimed at identifying commercial-scale technology solutions to destroy PFAS contaminated wastes[9] - The company is preparing for AirSCWO system deployment to Orange County Sanitation (OC San) in Fountain Valley, CA, targeting a late Q4 2025 or early Q1 2026 start-up[9] - 374Water entered into an agreement for the sale and deployment of an AirSCWO 6 system with Olathe, Kansas[9] - The company began processing the first phase of its award by the State of North Carolina to destroy up to 29,000 gallons of Aqueous Film Forming Foam (AFFF) using AirSCWO technology[9] - The company fortified its balance sheet with a new at-the-market facility, resulting in gross proceeds of approximately $7 million, extending cash runway into the second quarter of 2026[9] Financial Performance - For the three months ended September 30, 2025, 374Water reported revenue of $0.8 million, compared to $0.08 million in 2024[20] - Gross profit for the same period was $0.2 million in 2025, compared to a deficit of $0.04 million in 2024[20] - Cash and cash equivalents as of September 30, 2025, were $0.9 million, compared to $10.7 million as of December 31, 2024[20] Future Projections - 374Water projects revenue in the range of $6-8 million for 2026[24] - The company anticipates sales/lease/WDS to be in the range of $10-12 million in 2027, increasing to $15-20 million in 2028, and $25-30 million in 2029/2030[21]