Revenue volatility remains extreme, highlighted by a 2025Q4 negative revenue figure and gross margins that fluctuated to a low of -46.5% in 2025Q2.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 223.09K | 215.04K | 445.44K | 743.95K | 3.02M | 48.1K | 86.57K | 24K | 190.09K | 852.44K | 587.61K | 529.86K | 428.75K | 359.36K | 193.69K | 193.39K | 33.84K | 33.86K | 23.66K | 25.46K | 43.47K | 97.5K | 90K | 90K | 122.5K | 12.17K | 51.74K | 77.69K | 100K | 100K |
| Revenue Growth % | -66.86% | -51.73% | -40.12% | -75.33% | 6169.27% | -44.44% | 260.71% | -87.37% | -77.7% | 45.07% | 10.9% | 23.58% | 19.31% | 85.53% | 0.16% | 471.45% | -0.05% | 43.09% | -7.08% | -41.41% | -55.42% | 8.33% | 0% | -26.53% | 906.57% | -76.48% | -33.4% | -22.31% | 0% | - |
| Cost of Goods Sold | 5.09M | 2.57M | 1.36M | 1.85M | 2.68M | 0 | 14.24K | 0 | 0 | 0 | 0 | 76.58K | 0 | 0 | 0 | 136.93K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -35.45K | 0 | 0 |
| COGS % of Revenue | - | 1193.48% | 304.9% | 248.97% | 88.84% | - | 16.45% | - | - | - | - | 14.45% | - | - | - | 70.8% | - | - | - | - | - | - | - | - | - | - | - | -45.63% | - | - |
| Gross Profit | -4.87M | -2.35M | -912.71K | -1.11M | 336.5K | 48.1K | 72.33K | 24K | 190.09K | 852.44K | 587.61K | 453.28K | 428.75K | 359.36K | 193.69K | 56.47K | 33.84K | 33.86K | 23.66K | 25.46K | 43.47K | 97.5K | 90K | 90K | 122.5K | 12.17K | 51.74K | 113.14K | 100K | 100K |
| Gross Margin % | -2183.71% | -1093.48% | -204.9% | -148.97% | 11.16% | 100% | 83.55% | 100% | 100% | 100% | 100% | 85.55% | 100% | 100% | 100% | 29.2% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 145.63% | 100% | 100% |
| Gross Profit Growth % | - | -157.63% | 17.64% | -429.35% | 599.59% | -33.5% | 201.37% | -87.37% | -77.7% | 45.07% | 29.64% | 5.72% | 19.31% | 85.53% | 243.02% | 66.85% | -0.05% | 43.09% | -7.08% | -41.41% | -55.42% | 8.33% | 0% | -26.53% | 906.57% | -76.48% | -54.27% | 13.14% | 0% | - |
| Operating Expenses | 17.09M | 18.8M | 11.89M | 7.53M | 5.09M | 3.21M | 83.99K | 436.43K | 870.09K | 421.12K | 649.11K | 900.17K | 865.8K | 1.3M | 2.3M | 2.62M | 368.56K | 744.51K | 669.44K | 82K | 129.52K | 144.76K | 110.14K | 160.24K | 113.33K | 204.45K | 371.17K | 892.92K | 3.4M | 2M |
| OpEx % of Revenue | - | 8740.67% | 2669.36% | 1012.78% | 168.88% | 6682.14% | 97.02% | 1818.45% | 457.72% | 49.4% | 110.46% | 169.89% | 201.94% | 362.84% | 1187.47% | 1356.5% | 1089.08% | 2198.78% | 2829.07% | 322% | 297.99% | 148.47% | 122.38% | 178.05% | 92.51% | 1679.98% | 717.38% | 1149.34% | 3400% | 2000% |
| Selling, General & Admin | 10.74M | 16.27M | 9.77M | 6.04M | 3.98M | 1.44M | 323.81K | 217.51K | 239.35K | 210.49K | 318.07K | 272.28K | 501.71K | 844.26K | 978.82K | 1.63M | 198.9K | 357.64K | 333.4K | 74.5K | 122K | 137.16K | 95.44K | 145.16K | 110.3K | 198.86K | 352.64K | 562.97K | 1.5M | 2M |
| SG&A % of Revenue | - | 7566.68% | 2193.17% | 811.68% | 131.96% | 2992.19% | 374.04% | 906.29% | 125.91% | 24.69% | 54.13% | 51.39% | 117.02% | 234.93% | 505.35% | 842.2% | 587.73% | 1056.23% | 1408.95% | 292.55% | 280.67% | 140.68% | 106.04% | 161.28% | 90.04% | 1634% | 681.57% | 724.64% | 1500% | 2000% |
| Research & Development | 2.44M | 2.52M | 2.14M | 1.5M | 1.11M | 1.77M | 114.56K | 218.92K | 630.74K | 210.62K | 331.04K | 627.89K | 364.1K | 459.65K | 1.32M | 994.62K | 169.66K | 386.87K | 336.04K | 7.5K | 7.53K | 7.59K | 14.7K | 15.09K | 3.03K | 5.59K | 18.53K | 294.5K | 1.9M | 0 |
| R&D % of Revenue | - | 1173.99% | 481.2% | 201.11% | 36.93% | 3689.95% | 132.33% | 912.16% | 331.81% | 24.71% | 56.34% | 118.5% | 84.92% | 127.91% | 682.12% | 514.3% | 501.34% | 1142.55% | 1420.12% | 29.45% | 17.31% | 7.79% | 16.33% | 16.76% | 2.47% | 45.97% | 35.81% | 379.07% | 1900% | - |
| Other Operating Expenses | 1.81M | 0 | -22.3K | 0 | 0 | 0 | -354.37K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.25K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 35.45K | 0 | 0 |
| Operating Income | -21.96M | -21.15M | -12.8M | -8.64M | -4.76M | -3.17M | -11.66K | -412.43K | -680K | 431.33K | -61.49K | -370.31K | -437.05K | -944.55K | -4.74M | -2.57M | -334.72K | -710.65K | -645.78K | -56.53K | -86.06K | -47.26K | -20.14K | -70.24K | 9.18K | -192.28K | -319.43K | -779.79K | -3.3M | -1.9M |
| Operating Margin % | -9843.4% | -9834.15% | -2874.26% | -1161.75% | -157.72% | -6582.14% | -13.47% | -1718.45% | -357.72% | 50.6% | -10.46% | -69.89% | -101.94% | -262.84% | -2449.3% | -1327.31% | -989.08% | -2098.78% | -2729.07% | -222% | -197.99% | -48.47% | -22.38% | -78.05% | 7.49% | -1579.98% | -617.38% | -1003.71% | -3300% | -1900% |
| Operating Income Growth % | - | -65.17% | -48.14% | -81.72% | -50.22% | -27045.74% | 97.17% | 39.35% | -257.65% | 801.44% | 83.39% | 15.27% | 53.73% | 80.09% | -84.82% | -666.87% | 52.9% | -10.04% | -1042.33% | 34.31% | -82.1% | -134.67% | 71.33% | -865.59% | 104.77% | 39.8% | 59.04% | 76.37% | -73.68% | - |
| EBITDA | -21.33M | -20.4M | -12.58M | -8.56M | -4.69M | -3.12M | -10.75K | -406.8K | -660.04K | 467.77K | -29.12K | -293.73K | -200.6K | -712.89K | -4.57M | -2.56M | -329.04K | -706.97K | -642.96K | -56.53K | -99.93K | -47.26K | -24.57K | -70.24K | -4.13K | -179.31K | -298.24K | -744.34K | -3.5M | -2.1M |
| EBITDA Margin % | -9559.51% | -9484.43% | -2823.52% | -1150.22% | -155.48% | -6486.4% | -12.42% | -1694.98% | -347.22% | 54.87% | -4.96% | -55.44% | -46.79% | -198.38% | -2360.96% | -1323.47% | -972.27% | -2087.91% | -2717.16% | -222% | -229.92% | -48.47% | -27.3% | -78.05% | -3.37% | -1473.39% | -576.43% | -958.09% | -3500% | -2100% |
| EBITDA Growth % | -52.09% | -62.16% | -46.98% | -82.51% | -50.28% | -28917.47% | 97.36% | 38.37% | -241.1% | 1706.26% | 90.09% | -46.43% | 71.86% | 84.41% | -78.67% | -677.87% | 53.46% | -9.95% | -1037.34% | 43.43% | -111.47% | -92.32% | 65.02% | -1602.86% | 97.7% | 39.88% | 59.93% | 78.73% | -66.67% | - |
| D&A (Non-Cash Add-back) | 633.33K | 752.03K | 226.04K | 85.82K | 67.57K | 46.05K | 911 | 5.63K | 19.96K | 36.45K | 32.37K | 76.58K | 236.46K | 231.66K | 171.11K | 7.42K | 5.69K | 3.68K | 2.82K | 0 | -13.88K | 0 | -4.43K | 0 | -13.3K | 12.97K | 21.18K | 35.45K | -200K | -200K |
| EBIT | -21.68M | -20.93M | -12.83M | -8.64M | -4.76M | -3.17M | -11.66K | -481.61K | -678.38K | 432.13K | -61.49K | -369.45K | -437.05K | -907.8K | -4.74M | -2.54M | -308.35K | -710.65K | -676.41K | -56.53K | -86.06K | -47.26K | -20.14K | -70.24K | 9.18K | -192.28K | -319.43K | -779.79K | -3.3M | -1.9M |
| Net Interest Income | 103K | 152.96K | 281.12K | 446.67K | 67.07K | 1.07K | -135.29K | -33.31K | 922 | -26.98K | -62.27K | -56.33K | -128.86K | -147.16K | -14.2K | -10.23K | 0 | -180.33K | -150.84K | -36.41K | -20.71K | -21.86K | -22.1K | -20.3K | -12.94K | -9.9K | -9.69K | 0 | 0 | 0 |
| Interest Income | 116.06K | 194.17K | 281.12K | 446.67K | 67.07K | 1.07K | 0 | 0 | 1.62K | 806 | 0 | 861 | 0 | 0 | 0 | 0 | 0 | 0 | 2.3K | 0 | 332 | 318 | 226 | 446 | 362 | 4.24K | 5.92K | 0 | 0 | 0 |
| Interest Expense | 13.06K | 41.21K | 0 | 0 | 0 | 0 | 135.29K | 33.31K | 699 | 27.78K | 62.27K | 57.19K | 128.86K | 147.16K | 14.2K | 10.23K | 0 | 180.33K | 153.14K | 36.41K | 21.04K | 22.18K | 22.32K | 20.74K | 13.3K | 14.14K | 15.61K | 0 | 0 | 0 |
| Other Income/Expense | 111.58K | 172.01K | 369.14K | 539.35K | 66.16K | 1.4K | 52K | -102.49K | 922 | -26.98K | -62.27K | -56.33K | -128.86K | -231.41K | -2.65M | 13.43K | 26.37K | -180.33K | -183.78K | -36.41K | -6.83K | -21.86K | -17.66K | -20.3K | -12.94K | 0 | -6.38K | 1.14K | 200K | 200K |
| Pretax Income | -21.85M | -20.98M | -12.43M | -8.1M | -4.69M | -3.16M | 40.34K | -514.92K | -679.08K | 404.35K | -123.76K | -426.63K | -565.91K | -1.05M | -4.76M | -2.55M | -308.35K | -890.98K | -829.56K | -92.94K | -72.18K | -69.12K | -15.7K | -90.54K | -3.76K | 0 | -325.8K | -778.65K | -3.1M | -1.7M |
| Pretax Margin % | -9793.39% | -9754.16% | -2791.39% | -1089.25% | -155.53% | -6579.23% | 46.59% | -2145.48% | -357.23% | 47.43% | -21.06% | -80.52% | -131.99% | -293.56% | -2454.95% | -1320.36% | -911.15% | -2631.36% | -3505.71% | -364.97% | -166.06% | -70.89% | -17.45% | -100.6% | -3.07% | - | -629.7% | -1002.25% | -3100% | -1700% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -922 | 0 | 0 | 0 | 0 | -36.75K | 2.63M | -23.66K | 0 | 0 | 0 | 0 | -14.21K | -318 | -4.66K | -446 | 0 | -4.24K | 6.83K | 7.63K | 200K | 100K |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0.14% | 0% | 0% | 0% | 0% | 3.48% | -55.4% | 0.93% | 0% | 0% | 0% | 0% | 19.69% | 0.46% | 29.67% | 0.49% | 0% | - | -2.1% | -0.98% | -6.45% | -5.88% |
| Net Income | -21.85M | -20.98M | -12.43M | -8.1M | -4.69M | -3.16M | 40.34K | -514.92K | -679.08K | 404.35K | -123.76K | -426.63K | -565.91K | -1.05M | -4.76M | -2.55M | -308.35K | -890.98K | -829.56K | -92.94K | -92.89K | -69.12K | -37.8K | -90.54K | -3.76K | -202.19K | -335.49K | -788.55K | -3.3M | -1.8M |
| Net Margin % | -9793.39% | -9754.16% | -2791.39% | -1089.25% | -155.53% | -6579.23% | 46.59% | -2145.48% | -357.23% | 47.43% | -21.06% | -80.52% | -131.99% | -293.56% | -2454.95% | -1320.36% | -911.15% | -2631.36% | -3505.71% | -364.97% | -213.7% | -70.89% | -42% | -100.6% | -3.07% | -1661.34% | -648.42% | -1014.99% | -3300% | -1800% |
| Net Income Growth % | -54.86% | -68.69% | -53.44% | -72.78% | -48.2% | -7945.42% | 107.83% | 24.17% | -267.94% | 426.72% | 70.99% | 24.61% | 46.36% | 77.81% | -86.22% | -728.1% | 65.39% | -7.4% | -792.58% | -0.06% | -34.38% | -82.86% | 58.25% | -2306.06% | 98.14% | 39.73% | 57.46% | 76.1% | -83.33% | - |
| Net Income (Continuing) | -21.85M | -20.98M | -12.43M | -8.1M | -4.69M | -3.16M | 40.34K | -514.92K | -679.08K | 404.35K | -123.76K | -426.63K | -565.91K | -1.05M | -4.76M | -2.55M | -308.35K | -890.98K | -829.56K | -92.94K | -92.89K | -69.12K | -37.8K | -90.54K | -3.76K | -202.19K | -335.49K | -788.55K | -3.3M | -1.8M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1.25 | -1.38 | -0.92 | -0.62 | -0.37 | -0.34 | 0.01 | -0.17 | -0.21 | 0.10 | -0.04 | -0.13 | -0.19 | -0.39 | -1.80 | -0.97 | -0.11 | -0.32 | -0.58 | -0.05 | -0.91 | -0.68 | -0.37 | -0.89 | -0.04 | -2.00 | -3.50 | -8.80 | -36.80 | -20.10 |
| EPS Growth % | -38.83% | -50% | -48.39% | -67.57% | -8.82% | - | 103.47% | 19.16% | -314% | 356.41% | 70.9% | 27.57% | 52.93% | 78.17% | -85.76% | -772.97% | 65.63% | 43.92% | -1152.17% | 94.95% | -34.37% | -82.75% | 58.22% | -2300% | 98.15% | 42.86% | 60.23% | 76.09% | -83.08% | - |
| EPS (Basic) | - | -1.38 | -0.92 | -0.62 | -0.37 | -0.34 | 0.01 | -0.17 | -0.21 | 0.10 | -0.04 | -0.13 | -0.19 | -0.39 | -1.80 | -0.97 | -0.11 | -0.32 | -0.58 | -0.05 | -0.91 | -0.68 | -0.37 | -0.89 | -0.04 | -2.00 | -3.50 | -8.80 | -36.80 | -20.10 |
| Diluted Shares Outstanding | 17.45M | 15.23M | 13.45M | 13.04M | 12.66M | 9.4M | 2.98M | 3.18M | 3.18M | 3.18M | 3.18M | 3.18M | 3.06M | 2.69M | 2.71M | 2.63M | 2.78M | 2.76M | 1.44M | 2M | 101.91K | 101.91K | 101.91K | 101.92K | 101.61K | 100.12K | 96.45K | 89.7K | 89.7K | 89.7K |
| Basic Shares Outstanding | 17.45M | 15.23M | 13.45M | 13.04M | 12.66M | 9.4M | 2.98M | 3.18M | 3.18M | 3.18M | 3.18M | 3.18M | 3.06M | 2.69M | 2.71M | 2.63M | 2.78M | 2.76M | 1.44M | 2M | 101.91K | 101.91K | 101.91K | 101.92K | 101.61K | 100.12K | 96.45K | 89.7K | 89.7K | 89.7K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Liquidity and commercialization failure
As evidenced by the quarterly income statement data, 374Water's revenue trajectory remains highly volatile, with significant fluctuations such as the reported negative revenue in 2025Q4, suggesting that the company has yet to establish a predictable or sustainable commercial cadence for its AirSCWO technology deployments.
The lack of consistent sequential growth indicates that the company is currently operating on a lumpy, project-based model rather than a recurring revenue stream. Investors should monitor whether future contract wins can stabilize these top-line swings or if the business remains perpetually dependent on sporadic, large-scale equipment deliveries.
According to the provided financial statements, the company's gross margins have oscillated wildly between positive territory and deep negative values, such as the -46.5% recorded in 2025Q2, highlighting the extreme difficulty in achieving consistent unit economics for its specialized supercritical water oxidation hardware.
These erratic margins suggest that the company is struggling with high fixed-cost absorption and potentially unpredictable manufacturing costs for its bespoke units. Until the company can transition to a standardized production process, gross profitability will likely remain highly sensitive to individual project execution and material cost variances.
Based on the reported quarterly figures, SG&A expenses consistently dwarf revenue, with the company spending millions on overhead while generating only fractional sales, which indicates that the current cost structure is not yet aligned with the firm's actual commercial output or market penetration.
The persistent gap between operating expenses and revenue suggests that the company is heavily investing in R&D and administrative infrastructure ahead of meaningful demand. This decoupling of costs from revenue implies that the firm may face significant pressure to rationalize its expense base if commercial milestones are not met.
As reported in the income statement, the company utilizes significant stock-based compensation, including $1.5 million in 2025Q4, which serves to dilute shareholders while the underlying business continues to report substantial net losses and negative operating cash flow across all observed periods.
The reliance on equity-based incentives in the absence of positive net income warrants investigation into the alignment of management compensation with long-term shareholder value. Investors should be wary of how these non-cash charges impact the overall quality of earnings and the potential for future dilution to fund ongoing operations.
Based on the provided data, the company's massive operating losses relative to its cash position suggest a precarious financial runway, indicating that the firm may be forced to seek dilutive financing or strategic capital injections to sustain its current research and development trajectory.
The combination of high cash burn and the absence of a clear path to profitability creates a significant risk of insolvency if the commercial pipeline does not materialize rapidly. Market participants should remain cautious regarding the company's ability to bridge the gap between its current technical development phase and sustainable commercial viability.
Quick answers to the most common questions about buying SCWO stock.
For fiscal year 2025, 374Water, Inc. (SCWO) reported total revenue of $0.2M. This represents a 115.0% increase compared to $0.1M in 1996.
374Water, Inc. (SCWO) reported a net loss of $21.0M for the fiscal year ending 2025.
374Water, Inc. (SCWO) reported an operating income of $-21.1M, resulting in an operating profit margin of -9834.2%. This margin reflects the operational efficiency of the business before interest and taxes.
374Water, Inc. (SCWO) generated $-2.4M in gross profit for the year, representing a gross profit margin of -1093.5%. This demonstrates the company's core pricing power and production efficiency.