Business
374Water Releases Second Quarter 2024 Results and Provides Business Update
New Management Team Advances AirSCWO Technology, Deploys to City of Orlando DURHAM, NC / ACCESSWIRE / August 15, 2024 / 374Water Inc. (NASDAQ:SCWO), a global
About this update from 374water Inc.
[{"type":"text","content":"New Management Team Advances AirSCWO Technology, Deploys to City of Orlando DURHAM, NC / ACCESSWIRE / August 15, 2024 / 374Water Inc. (NASDAQ:SCWO), a global leader in organic waste destruction technology for the federal, municipal and industrial markets, today provides a business update and reports its financial results for the second quarter and six months ended June 30, 2024.Chirs Gannon, President and CEO of 374Water commented: \"In just one quarter as a new executive leadership team, we have made significant progress on our path towards commercializing our AirSCWO technology by taking meaningful steps in the four priority areas outlined when I took the helm as CEO: (1) fulfill contractual commitments to demonstrate the efficacy of our AirSCWO technology; (2) commercialize our AirSCWO system and expand our market opportunity; (3) secure strategic TSDF partnerships; and (4) expand our manufacturing and engineering capabilities. Notably, we deployed our AirSCWO system to the City of Orlando where we will treat biosolids waste and complete previously announced PFAS destruction demonstrations for federal agencies. This deployment aligns with our broader strategy to address the pressing need for effective, clean waste destruction solutions. We have made substantial progress in our AirSCWO product development activities and have seen material improvements in our technology. We believe deploying to Orlando will showcase our technology's versatility and effectiveness, accelerate the path towards commercialization, and provide the foundation to achieve our near and long-term goals. We estimate the global market opportunity for our waste destruction technology across our municipal, federal and industrial markets to be measured in the hundreds of billions of dollars and we are committed to efficiently scaling our technology while creating value for our stakeholders.\"Financial HighlightsFor the three-month period ended June 30, 2024, the Company generated revenue of approximately $37,000 which compares to approximately $50,000 for the three months ending June 30, 2023, a 26% decrease.For the six-month period ended June 30, 2024, the Company generated revenue of approximately $352,000 which compares to approximately $851,000 for the six months ending June 30, 2023, a 59% decrease.Our revenue is primarily based on progress toward complet...