Business
374Water Releases Third Quarter 2024 Results and Provides Business Update
New Management Team Advances AirSCWO Technology, Operational in City of Orlando DURHAM, NC / ACCESSWIRE / August 15, 2024 / 374Water Inc. (Nasdaq:SCWO), a
About this update from 374water Inc.
[{"type":"text","content":"New Management Team Advances AirSCWO Technology, Operational in City of Orlando DURHAM, NC / ACCESSWIRE / August 15, 2024 / 374Water Inc. (Nasdaq:SCWO), a global leader in organic waste destruction technology for the municipal, federal, and industrial markets, today provides a business update and reports its financial results for the third quarter and nine months ended September 30, 2024.Chris Gannon, President and CEO of 374Water commented: \"Over the past quarter, we have continued executing on our strategic initiatives, taking major strides toward the commercialization of our AirSCWO technology to capture the expansive and growing market for destruction of organic waste, which is estimated to exceed $250 billion globally. During this period, we also completed our deployment to the City of Orlando where we are now fully operational. This deployment, coupled with our new, expanded state-of-the-art lab facilities, is providing opportunities to showcase the versatility of our technology and its effectiveness across a broad range of waste streams, which we expect will continue to expand visibility for our technology in target markets. We also recently announced further commercial-scale processing of AFFF firefighting foam. The pervasive use of AFFF in state and local fire departments, military bases, airports, refineries, and chemical plants for fire suppression and its subsequent federal and state-level bans create one of many opportunities we believe 374Water is poised to capture. Our vision remains clear and executable: to deliver a scalable solution for organic waste destruction across the municipal, federal, industrial , and TSDF sectors.\"Financial HighlightsFor the three-month period ended September 30, 2024, the Company generated revenue of approximately $81,000 which compares to approximately $12,000 for the three months ending September 30, 2023, an approximate 575% increase.For the nine-month period ended September 30, 2024, the Company generated revenue of approximately $434,000 which compares to approximately $864,000 for the nine months ending September 30, 2023, an approximate 50% decrease.Our revenue is primarily based on progress toward completion of our sold unit and also includes service revenue from the completion of treatability studies. Costs associated with our sold unit have started to decline as we reach t...